03/28/2018 - 17:00

Resolutions by the Annual General Meeting of Municipality Finance Plc held on 28 March 2018

Municipality Finance Plc
Stock exchange release
28 March 2018 at 5:00 p.m. (EET)

Resolutions by the Annual General Meeting of Municipality Finance Plc held on 28 March 2018

The Annual General Meeting of Municipality Finance Plc held on 28 March 2018 adopted the company's financial statements and discharged the members of the Board of Directors, the CEO, and the Deputy to the CEO from liability for the financial year 2017.

Use of profit shown on the balance sheet

The Annual General Meeting decided that dividend amounting to EUR 0.16 per share, totalling EUR 6,250,207.68, shall be paid out, and that the remainder of distributable funds of EUR 89,206,444.47 be retained in equity. Dividends will be paid on 9 April 2018 to each shareholder recorded in the company's list of shareholders on 4 April 2018.

Remuneration and composition of the Board of Directors

The Annual General Meeting decided the following remuneration for the members of the Board of Directors for the term 2018-2019: annual remuneration of a Board member EUR 20,000; annual remuneration of the Vice Chairperson of the Board EUR 23,000; annual remuneration of the Chairperson of the Board EUR 35,000; to the members, a fee of EUR 500 per Board and committee meeting attended; and to the chairpersons, EUR 800 per meeting attended. The annual remuneration with respect to the Chairperson, Vice Chairperson as well as the members was raised by EUR 5,000 in comparison to the annual remuneration for the preceding term. Further, the Annual General Meeting decided that such fees shall also be paid per each meeting required by the authorities.

The Annual General Meeting decided that eight members will be elected to the Board of Directors for the term 2018-2019 and that the following current members will be re-elected: Mr. Fredrik Forssell, Ms. Minna Helppi, Mr. Jari Koskinen, Ms. Vivi Marttila, Ms. Tuula Saxholm and Ms. Helena Walldén. The Annual General Meeting confirmed the election of Mr. Markku Koponen and Mr. Kari Laukkanen as new members of the Board of Directors.

The CEO's review

Esa Kallio, the President and CEO of Municipality Finance, noted in his speech that the Finnish municipal sector and non-profit housing entities are currently going through a period of steady growth and that the need for reasonably-priced housing is constantly increasing in the growing Finnish cities. After the Regional government, health and social services reform enters into force it is the long-term goal of MuniFin to offer financing also for the investments of the counties, Mr Kallio said.

Operations of the Shareholders' Nomination Committee

The Annual General Meeting decided that with respect to forthcoming general meetings the Shareholders' Nomination Committee shall provide the Board of Directors with the Committee's proposal on a date agreed separately with the Chairperson of the Board of Directors, in order to appropriately include the proposal to the summons to the general meeting.

Election and remuneration of the Auditor

KPMG Oy Ab, Authorized Public Accountants, was elected as the company's auditor with Marcus Tötterman, Authorized Public Accountant, as the principal auditor. The auditor's fees will be paid against the invoices approved by the company.

Constitutive Meeting of the Board of Directors

At its constitutive meeting, the Board of Directors appointed Helena Walldén as the Chairperson and Tuula Saxholm as the Vice Chairperson of the Board. The following persons were appointed to the Remuneration Committee: Helena Walldén as the Chairperson, and Tuula Saxholm, Markku Koponen and Jari Koskinen as members. The following persons were appointed to the Audit Committee: Markku Koponen as the Chairperson, and Kari Laukkanen and Vivi Marttila as members. The following persons were appointed to the Risk Committee: Fredrik Forssell as the Chairperson, and Minna Helppi and Kari Laukkanen as members.

Additional information on the company's operations in 2017 is available in the company's Annual Report, which can be downloaded in PDF format from the company website at www.munifin.fi.

MUNICIPALITY FINANCE PLC

Esa Kallio
President and CEO
tel. +358 50 337 7953

Measured by the balance sheet, MuniFin (Municipality Finance Plc) is Finland's second largest credit institution: the company's balance sheet totals nearly EUR 35 billion. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.

MuniFin's mission is to build a better future in line with the principles of responsibility and in cooperation with its customers. MuniFin's customers are Finnish municipalities, municipal federations, municipally controlled companies and non-profit housing cor­porations. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centers, schools and day care centers, and homes for people with special needs.

MuniFin's customers are domestic but the company operates in a completely global business environment. It is the most active Finnish bond issuer in international capital markets and the first Finnish green bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

The Municipality Finance Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd.

Read more: www.munifin.fi