Proposals to the Annual General Meeting of Municipality Finance Plc
April 26 2024 - 3:00AM
UK Regulatory
Proposals to the Annual General Meeting of Municipality Finance Plc
Municipality Finance Plc
Stock Exchange Release
26 April 2024 at 11:00 am (EEST)
Proposals to the Annual General Meeting
of Municipality Finance Plc
Municipality Finance Plc’s (hereinafter MuniFin) Board of
Directors (the Board) and the Shareholders’ Nomination Committee
(the Nomination Committee) have made the following proposals to the
Annual General Meeting (the AGM) convening on 17 May 2024 at 10:00
(EET):
Use of profit shown on the balance sheet and the
distribution of dividend
MuniFin has distributable funds of EUR
365,610,693.66 of which the profit for the financial year totaled
EUR 67,416,447.86.
In accordance with the dividend policy adopted
by the AGM in March 2023, MuniFin’s aim is to pay 30-60% of the
Group’s financial year’s profit in dividends. The Board proposes to
the AGM that a dividend of EUR 1.69 per share, totaling EUR
66,017,818.62 shall be distributed based on the balance sheet to be
adopted for 2023.
MuniFin’s profit for the financial year is
strong. The Board considers the proposed payment of dividend
justified. MuniFin clearly fulfils all the prudential requirements
set to it. No substantial changes in the company’s financial
position have occurred after the end of the financial year and the
Board estimates that the distribution of dividends will not place
the fulfilment of the capital requirements or the company's
liquidity in jeopardy nor is it incompatible with the legislation
applicable to MuniFin.
The dividend is paid to a shareholder who is
registered in the company's shareholder register maintained by
Euroclear Finland Ltd on the record date of dividend payment on 21
May 2024. The Board proposes that the dividend be paid 28 May 2024
or as soon as possible thereafter.
Remuneration and composition of the Board
The Nomination Committee proposes to the AGM the following
remuneration of the Board for the term from the closing of the 2024
AGM to the closing of the next AGM (the Term 2024–2025):
- annual fixed remuneration of a Board
member EUR 25,000;
- annual fixed remuneration of the
Vice Chair of the Board EUR 29,000;
- annual fixed remuneration of the
Chair of the Risk or Audit Committee EUR 31,000;
- annual fixed remuneration of the
Chair of the Board EUR 45,000; and
- for each Board and committee meeting
as well as for each meeting required by the authorities, to the
members, a fee of EUR 600 per meeting attended and to the chairs,
EUR 950 per meeting attended.
The proposed remuneration means an increase of EUR 3,000 to the
annual fixed remuneration of the Chair of the Board, an increase of
EUR 1,500 to the annual fixed remuneration of the Vice Chair of the
Board and the Chairs of the Risk and Audit Committees and an
increase of EUR 1,000 to the annual fixed remuneration of a Board
member.
The Nomination Committee proposes to the AGM that eight members
will be elected to the Board for the Term 2024–2025. The Nomination
Committee proposes that the following current members will be
re-elected: Kari Laukkanen, Maaria Eriksson, Markku Koponen, Tuomo
Mäkinen, Denis Strandell, Leena Vainiomäki and Arto Vuojolainen. In
addition, the Nomination Committee proposes that Elina Stråhlman
will be elected to the Board as a new member. Minna Smedsten, a
current member of the Board, is no longer available to the Board
for the next term.
Elina Stråhlman serves as the Chief Financial Officer of Enento
Group Plc. Stråhlman has extensive expertise particularly in
financial reporting and auditing.
The Nomination Committee proposes to the Board to be elected by
the AGM to reappoint Kari Laukkanen as the Chair and Maaria
Eriksson as the Vice Chair.
Election and remuneration of the auditor
The Board proposes to the AGM to elect PricewaterhouseCoopers Oy
as the company’s auditor for the Term 2024–2025.
PricewaterhouseCoopers Oy has announced that in the event they are
elected as the company’s auditor, Jukka Paunonen, APA, will act as
the principal auditor. The Board proposes to the AGM that the
auditor’s fees will be paid against reasonable invoices.
The invitation to the AGM, including relevant appendices, is
available on MuniFin’s website in Finnish.
MUNICIPALITY FINANCE PLC
Further information:
Esa Kallio
President and CEO
tel. +358 50 337 7953
MuniFin (Municipality Finance Plc) is one of Finland’s
largest credit institutions. The owners of the company include
Finnish municipalities, the public sector pension fund Keva and the
Republic of Finland. The Group’s balance sheet totals close to EUR
50 billion.
MuniFin builds a better and more sustainable future with its
customers. Our customers include municipalities, joint municipal
authorities, wellbeing services counties, joint county authorities,
corporate entities under the control of the above-mentioned
organisations, and affordable social housing. Lending is used for
environmentally and socially responsible investment targets such as
public transportation, sustainable buildings, hospitals and
healthcare centres, schools and day care centres, and homes for
people with special needs.
MuniFin’s customers are domestic but the company operates in
a completely global business environment. The company is an active
Finnish bond issuer in international capital markets and the first
Finnish green and social bond issuer. The funding is exclusively
guaranteed by the Municipal Guarantee Board.
Read more: www.munifin.fi
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