General meeting 2019

General Meeting 2019

The Annual General Meeting of Bittium Corporation was held on April 10, 2019, at 1pm at the University of Oulu, Saalastinsali, Pentti Kaiteran katu 1, 90570 Oulu, Finland.

Decisions of Bittium Corporation´s Annual General Meeting

The Annual General Meeting approved the annual accounts for the financial year 2018 and discharged the company’s management from liability.

The Annual General Meeting decided in accordance with the proposal of the Board of Directors to pay EUR 0.05 per share as dividend based on the adopted balance sheet for the financial period of January 1, 2018 – December 31, 2018, representing approximately half of the result of the financial period, and in addition, EUR 0.10 per share as additional dividend, totaling altogether to EUR 0.15 per share. The dividend will be paid to the shareholders who are registered as shareholders in the company’s register of shareholders as maintained by Euroclear Finland Ltd on the dividend record date, April 12, 2019. The dividend will be paid on April 23, 2019.

The Annual General Meeting decided that the Board of Directors shall comprise six (6) members. Ms. Riitta Tiuraniemi, Mr. Seppo Mäkinen, Mr. Juha Putkiranta, Mr. Petri Toljamo and Mr. Erkki Veikkolainen were re-elected as members of the Board of Directors for a term of office expiring at the end of the next Annual General Meeting. Further, Mr. Pekka Kemppainen was elected as the new member of the Board of Directors for a corresponding term of office.

At its assembly meeting held on April 10, 2019, the Board of Directors has elected Mr. Erkki Veikkolainen Chairman of the Board. Further, the Board has resolved to keep the Audit Committee. Mr. Juha Putkiranta (Chairman of the committee) and Ms. Riitta Tiuraniemi were elected as members of the Audit Committee and authorized public accountant Seppo Laine was invited to the Audit Committee as external advisor of the Board of Directors.

The following monthly remuneration shall be paid to the members of the Board of Directors: to the chairman of the Board of Directors EUR 3,150 and to the other members of the Board of Directors EUR 1,800 each. In addition, the members of the Board of Directors are entitled to compensation for attending Board meetings as follows: the chairman of the Board EUR 875 for each meeting and other members EUR 500 for each meeting. In addition, the members of the Board of Directors are entitled to compensation for attending Committee meetings as follows: the chairman of the Committee EUR 600 for each meeting and other Committee members EUR 400 for each meeting. Travel expenses of the members of the Board of Directors shall be reimbursed in accordance with the Company’s travel policy. The General Meeting also decided that 50 percent of the total amount of the monthly remuneration will be paid at once as Bittium Corporation’s shares acquired for the price formed in public trading, and the shares will be acquired according to the share purchase program of the company.

Ernst & Young Oy, authorized public accountants, was re-elected auditor of the Company for a term of office ending at the end of the next Annual General Meeting. Ernst & Young Oy has notified that Mr. Jari Karppinen, authorized public accountant, will act as responsible auditor. It was decided that the remuneration to the auditor shall be paid against the auditor’s reasonable invoice.

The General Meeting authorized the Board of Directors to decide on the repurchase of the Company’s own shares.

The General Meeting authorized the Board of Directors to decide on the issuance of shares and special rights entitling to shares.

Read more: The decisions of the Annual General Meeting 2019 (stock exchange release, April 10, 2019)