Decisions taken by Ahlstrom's Annual General Meeting of Shareholders and Board of Directors
Ahlstrom Corporation STOCK EXCHANGE RELEASE 30.3.2007 at 15.15
Ahlstrom Corporation's Annual General Meeting of Shareholders (AGM) was held today March 30, 2007 at 1:00 p.m.
Resolution on the distribution of profits
The AGM resolved to distribute a dividend of EUR 1,00 per share for the fiscal year that ended on December 31, 2006 in accordance with the proposal of the Board of Directors. The dividend record date is April 4, 2007 and the pay date April 13, 2007. In addition, the AGM resolved to reserve EUR 70,000 to be used for the public good at the discretion of the Board of Directors.
Approval of the Financial Statements and Consolidated Financial Statements
The AGM approved the financial statements and consolidated financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1-December 31, 2006.
Remuneration and election of the Board of Directors
The AGM confirmed the number of Board members unchanged at seven. Sebastian Bondestam, Jan Inborr, Urban Jansson, Bertel Paulig, Peter Seligson and Willem F. Zetteler were re-elected as members of the Board of Directors and Thomas Ahlström was elected as a new member as proposed by the Nomination Committee of 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
KPMG Oy Ab was re-elected as Ahlstrom's auditor as proposed by the Audit Committee. KPMG Oy Ab has designated Authorized Public Accountant Sixten Nyman 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, taking into account the limitations set forth in the Companies' Act. The maximum number of shares to be repurchased is 4,500,000, corresponding to less than 10% of all issued Company shares.
The authorization will be valid for 18 months from the close of the Annual General Meeting but will 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 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 compensation 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 will be valid for 18 months from the close of the Annual General Meeting but will expire at the close of the next Annual General Meeting, at the latest.
Amendments to the Articles of Association
The Annual General Meeting resolved to amend the Articles of Association in accordance with the proposal by the Board of Directors.
Decisions taken by the Board of Directors
After the AGM, the organization meeting of the Board of Directors elected Peter Seligson as Chairman and Urban Jansson 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 Willem F. Zetteler. The members of the Compensation Committee are Peter Seligson (Chairman), Jan Inborr and Urban Jansson.
Jukka Moisio, President & CEO
For further information, please contact:
Jukka Moisio, President & CEO, tel. +358 10 888 4700
Gustav Adlercreutz, Senior Vice President, Administration, General Counsel, tel +358 10 888 4727
Helsinki Stock Exchange
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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, e.g. in filters, wipes, flooring, labels, and tapes. The company has a strong market position in several business areas in which it operates, built upon the company's unique fiber expertise and innovative approach. Ahlstrom's 5,700 employees serve customers via sales offices and production facilities in more than 20 countries on six continents. In 2006, Ahlstrom's net sales amounted to EUR 1.6 billion. Ahlstrom's share is listed on the Helsinki Stock Exchange. The company website is www.ahlstrom.com.