The following proposals submitted to the Annual General Meeting of Straumur-Burdaras Investment Bank hf., on Tuesday 15 April 2008, were approved. Submission of the annual accounts of the Company, together with the auditor's report, for approval The Company's annual accounts and the auditor's report were approved. Decision on the disposal of the Company's earnings in the accounting year It was approved to pay EUR 48.9 million in dividends to shareholders. The dividend corresponds to 30% of the Company's earnings for 2007 after taxes and approximately EUR 0.0047 per share. The dividend shall be paid to shareholders in the form of shares in Straumur-Burdaras Investment Bank hf. on 13 May 2008 and the price of the shares shall take account of average price of trading in the Bank's shares on the day of the AGM and the Euro rate shall take account of the Central Bank of Iceland's official exchange rate for Euro on that same day. The record date is 18 April 2008 but the ex-date is 16 April 2008. The remainder of the year's earnings shall be accrued to the Bank's equity. Decision on remuneration to the members of the Board of Directors for the next year of operation and of the Auditor for the preceding year of operation The following remuneration to the members of the Board of Directors for the coming operating year was approved: Chairman of the Board, EUR 9,300 per month; Vice-chairman of the Board, EUR 6,200 per month; Other members of the Board, EUR 3,100 per month; Alternate members of the Board, EUR 850 per meeting attended; Board members participating in Board sub-committees, EUR 850 per meeting attended. Further, it was approved that the remuneration to the Bank's auditors for the preceding operating year should be paid according to invoice. Proposal on the Company's remuneration policy The Company's remuneration policy, submitted by the Board of Directors pursuant to Article 79 of the Companies Act No. 2/1995, as amended, was approved. (See attached file.) Elections to the Board of Directors The following candidates were elected to the Board of Directors: Board Members: Björgólfur Thor Björólfsson, id. no.190367-3749, London, United Kingdom Birgir Már Ragnarsson, id. no. 020574-5699, London, United Kingdom Guðmundur Kristjánsson, id. no. 220860-4429, Granaskjól 64, 107 Reykjavík Friðrik Hallbjörn Karlsson, id. no. 180366-4909, Bjarmaland 23, 108 Reykjavík James Leitner, New York, USA Alternates: Edgar Alden Edmonds, New York, USA Vilhjálmur Þorsteinsson, id. no. 301265-5309, Baugatangi 6, 101 Reykjavík Heiðar Már Guðjónsson, id. no. 220472-3889, London, United Kingdom Jóhann Páll Símonarson, id. no. 110451-3939, Stakkhamrar 4, 112 Reykjavík Þórunn Guðmundsdóttir, id. no. 090757-4319, Laugavegur 61, 101 Reykjavík Election of an auditor or auditing firm KPMG hf. was reelected as the Company's auditor for the year 2008. Proposals on amendments of the Articles of Association of the Company The following proposals on amendments of the Articles of Association of the Company were approved: (a) The second sentence of Article 3 to be amended by substituting the word "banks" for the words "investment banks". (b) A new article, Article 15(a), to be inserted, as follows: "Each shareholder has the right to speak at shareholders' meetings. In the event that the Board of Directors has made a decision to hold a meeting partially by electronic means, shareholders so participating in the meeting should submit questions concerning the agenda or submitted documents etc. in connection with the meeting no later than five days prior to the meeting." (c) A new paragraph to be inserted following paragraph 2 of Article 18, as follows: "The Board of Directors may resolve that shareholders should be permitted to participate by electronic means in the proceedings of shareholders' meeting, including voting, without being present at the venue of the meeting. However, shareholders must be permitted to vote on items of business on the agendas of shareholders by mail or electronically." (d) The word "working" in the third sentence of paragraph 1 of Article 19 to be deleted. Proposal for renewed authorisation for the Company to buy shares in itself. It was approved to renew the authorisation of the Board of Directors pursuant to Article 8 of the Company's Articles of Association to own and accept as security shares in itself pursuant to the provisions of Chapter VIII of Act No. 2/1995 on limited liability companies and Article 29 of Act No. 161/2002 on financial undertakings. This authorisation shall be effective for 18 months, with the restriction that the total shares so acquired or accepted as collateral shall not exceed 10% of the total shares in the Bank at each time. The purchasing price shall at a maximum amount to 20% over the average selling price of shares in the Company posted in the OMX Nordic Exchange in Iceland hf. in the two weeks preceding the acquisition. With the approval of this proposal, the earlier authorisation to purchase the Company's own shares, which was approved at the last Annual General Meeting, shall expire. --- Company's Board Meeting was held following the Annual General Meeting where responsibilities were allocated and Mr. Björgólfur Thor Björgólfsson was elected chairman of the Board and Mr. Birgir Már Ragnarsson was elected vice-chairman of the Board.
Results of Straumur-Burdaras Investment Bank's Annual General Meeting April 15 2008
| Source: Straumur-Burðarás Fjárfestingabanki hf.