Ahlstrom Corporation STOCK EXCHANGE RELEASE 25.3.2009
Ahlstrom Corporation's Annual General Meeting of Shareholders (AGM) was held today March 25, 2009.
Resolution on the distribution of profits
The AGM resolved to distribute a dividend of EUR 0.45 per share for the fiscal year that ended on December 31, 2008 from the retained earnings in accordance with the proposal of the Board of Directors. The dividend record date is March 30, 2009 and the pay date April 6, 2009. In addition, the AGM resolved to reserve EUR 35,000 to be used for the public good at the discretion of the Board of Directors.
Approval of the Financial Statements
The AGM approved the financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 - December 31, 2008.
Remuneration and election of the Board of Directors
The AGM confirmed the number of Board members unchanged at seven. Thomas Ahlström, Sebastian Bondestam, Jan Inborr, Martin Nüchtern, Bertel Paulig and Peter Seligson were re-elected as members of the Board of Directors and Anders Moberg, born in 1950, was elected as a new member as proposed by the Compensation and Nomination Committee of the Board. The term of the Board of Directors will expire at the close of the next Annual General Meeting.
It was decided that the Chairman of the Board of Directors will receive a remuneration of EUR 5,400 per month. For the members of the Board of Directors, the remuneration was decided to be EUR 2,700 per month. In addition, the remuneration for attendance at the meetings of the permanent Board committees was decided to be EUR 1,150 per meeting. Travel expenses are reimbursed in accordance with Ahlstrom's travel policy.
Remuneration and election of the auditor
PricewaterhouseCoopers Oy was elected as Ahlstrom's auditor as recommended by the Audit Committee. PricewaterhouseCoopers Oy has designated Authorized Public Accountant Eero Suomela as auditor in charge. The auditor's remuneration will be paid according to invoicing.
Authorization to repurchase Ahlstrom shares
The AGM authorized the Board of Directors to repurchase Ahlstrom shares as proposed by the Board of Directors. The maximum number of shares to be repurchased is 4,500,000 corresponding to less than 10% of all issued Company shares. The authorization is valid for 18 months from the close of the Annual General Meeting but will, however, expire at the close of the next Annual General Meeting, at the latest. The shares may be repurchased only through public trading at the prevailing market price by using unrestricted shareholders' equity.
Authorization to distribute Ahlstrom shares held by the Company
The AGM authorized the Board of Directors to resolve to distribute a maximum of 4,500,000 own shares held by the Company as proposed by the Board of Directors. The Board of Directors is authorized to decide to whom and in which order the shares will be distributed. The Board of Directors may decide on the distribution of its own shares otherwise than in proportion to the existing pre-emptive right of shareholders to purchase the Company's own shares.
The shares may be used as consideration in acquisitions and in other arrangements as well as to implement the Company's share-based incentive plans in the manner and to the extent decided by the Board of Directors. The Board of Directors has also the right to decide on the distribution of the shares in public trading for the purpose of financing possible acquisitions.
The authorization is valid for 18 months from the close of the Annual General Meeting but will, however, expire at the close of the next Annual General Meeting, at the latest.
Decisions taken by the Board of Directors
After the AGM, the organization meeting of the Board of Directors elected Peter Seligson as Chairman and Bertel Paulig as Vice Chairman of the Board.
The Board of Directors also appointed the members of the permanent committees. The members of the Audit Committee are Bertel Paulig (Chairman), Thomas Ahlström and Martin Nüchtern. The members of the Compensation and Nomination Committee are Peter Seligson (Chairman), Sebastian Bondestam and Jan Inborr.
President & CEO
President & CEO
For further information, please contact:
Jan Lång, President & CEO, tel. +358 10 888 4700
Gustav Adlercreutz, Senior Vice President, Administration, General Counsel, tel +358 10 888 4727
NASDAQ OMX Helsinki
Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of high performance fiber-based materials. Nonwovens and specialty papers, made by Ahlstrom, are used in a large variety of everyday products, such as filters, wipes, flooring, labels, and tapes. Based upon its unique fiber expertise and innovative approach, the company has a strong market position in several business areas in which it operates. Ahlstrom's 6,400 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2008, Ahlstrom's net sales amounted to EUR 1.8 billion. Ahlstrom's share is quoted on the NASDAQ OMX Helsinki. The company website is at www.ahlstrom.com.