Decisions taken at Cargotec's Annual General Meeting 2020
CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 27 MAY 2020 AT 2:30 PM (EEST)
Decisions taken at Cargotec's Annual General Meeting 2020
Cargotec Corporation's Annual General Meeting was held today, 27 May 2020 in Helsinki.
The Annual General Meeting approved a distribution of dividends by paying the dividend in two instalments, the first instalment being paid directly based on the decision of the Annual General Meeting and the second instalment based on a possible decision of the Board.
The first instalment of the dividend distribution is a dividend of EUR 0,59 for each of class A shares and a dividend of EUR 0,60 for each of class B shares outstanding. The dividend shall be paid to shareholders who on the record date of dividend distribution, 29 May 2020, are registered as shareholders in the company's shareholder register. The dividend payment day is 5 June 2020.
The second instalment of the dividend will be paid on the basis of a possible decision of the Board of Directors, i.e., the Annual General Meeting authorises the Board of Directors to decide on the payment of the second instalment. The second instalment may not exceed EUR 0.60 for each class A share and EUR 0.60 for each class B share outstanding. Based on the authorisation, the Board of Directors is allowed to decide on the amount of the second instalment of dividend distribution within the above-mentioned maximum amounts, the record and the payment date of dividend distribution and other measures required by the matter. On the basis of the authorisation, the second instalment of the dividend distribution that may be paid will be paid to shareholders who are registered in the company's shareholder register on the record date of the dividend payment. The authorisation is valid until the beginning of the next Annual General Meeting.
The meeting adopted the financial statements and consolidated financial statements and the remuneration policy. The meeting granted discharge from liability to the CEO and the members of the Board of Directors for the financial year 1 January–31 December 2019.
The number of the Board members was confirmed at eight. The current Board members Tapio Hakakari, Ilkka Herlin, Peter Immonen, Teresa Kemppi-Vasama, Johanna Lamminen, Kaisa Olkkonen, Teuvo Salminen and Heikki Soljama were re-elected to the Board of Directors. The yearly remunerations stayed unchanged: EUR 85,000 will be paid to the Chairman of the Board, EUR 60,000 to the Vice Chairman, EUR 60,000 to the Chairman of the Audit and Risk Management Committee and EUR 45,000 to the other Board members. In addition, members are paid EUR 1,000 for attendance at board and committee meetings. 30 percent of the yearly remuneration will be paid in Cargotec's class B shares and the rest in cash and Cargotec will cover the transfer taxes related to the Board remuneration paid in shares.
The Annual General Meeting elected accounting firm PricewaterhouseCoopers Oy as the company’s auditor. The fees to the auditors were decided to be paid according to their invoice reviewed by the company
The Annual General Meeting authorised the Board of Directors to decide on the repurchase and/or on the acceptance as pledge of Cargotec's shares with non-restricted equity. Altogether no more than 6,400,000 shares in the company may be purchased and/or accepted as pledge, of which no more than 952,000 are class A shares and 5,448,000 are class B shares. This authorisation shall remain in effect for a period of 18 months from the resolution by the general meeting and it will supersede the previous one.
For further information, please contact:
Mikko Puolakka, Executive Vice President and CFO, tel. 5
Outi Aaltonen, Senior Vice President, General Counsel, tel. 0
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totalled approximately EUR 3.7 billion and it employs around 12,500 people.
