The Annual General Meeting is held each year within six months after the end of the financial period. An Extraordinary General Meeting is held if required by the decision-making process.
At the Annual General Meeting matters according to the Articles of Association and other possible proposals to the General Meeting are handled.
The most important matters respective to the decision-making power of the General Meeting are:
- deciding on the number of Board members
- electing the Chair and members of the Board
- deciding on remuneration and financial benefits for the Board and members of its committees
- deciding on the appointment of auditor and his/her remuneration
- approving the financial statements
- deciding on exemption from liability of the Board and President and CEO
- amending the Company’s Articles of Association
- deciding on the raising of share capital
- deciding on the distribution of corporate assets, such as profit distribution.
General Meetings are convened by the Company Board of Directors. The invitation is sent to the one and only shareholder. The shareholder representative is granted power of attorney for the task at hand. Minutes of the General Meeting are kept and archived at the Company headquarters. The Company informs on the decisions made at the General Meeting in its published announcements.