Announcement from P/f Atlantic Airways
Result of Annual General Meeting on 25 March 2010
1. Djóni Thomassen was elected chairman of the General Meeting.
2. The Chairman of the Board presented the Board of Directors' statement of the
company's activity during 2009.
3. The audited Annual report was presented and approved by the General Meeting.
4. As recommended no dividend was paid out and the result was transferred to
the following year.
5. The proposed amendments to the Articles of Association of the Company were
approved.
Article 5 is now as follows:
“At the earliest 28 days and at the latest 14 days prior to the general
meeting, the Board of Directors gives notice of the general meeting with
specification of time, place and agenda. The notice shall be in writing to each
shareholder to the address latest registered in the share register, or by
announcement in a Faroese public gazette. The notice may be given by e-mail and
it is the responsibility of the shareholders to ensure that the management of
the company has a valid e-mail address.”
Article 6, no. 2 is now as follows:
“Presentation of audited annual report for approval.”
Article 10, paragraph 1, last sentence, is now as follows:
“A written authority to vote by proxy cannot be given for a period longer than
12 months. A proxy to the Board of Directors can only be given for a specific
general meeting with a beforehand known agenda.”
Article 15, paragraph 1, is now as follows:
“The Board of Directors consists of 4 members appointed by the General Meeting.
The Board of Directors is supplemented by members required by legislation.”
Article 15, paragraph 5, is now as follows:
“If a member retires from the Board of Directors in the mandate period the
Board of Directors will call for a extraordinary general meeting within 4 weeks
for the election of a new member for the remaining of the mandate period. The
Board of Directors may - if the Board can form a quorum - postpone the question
of the election of a new member to the following annual meeting.”
Article 17, first sentence, is now as follows:
“In order to form a quorum a majority of the Board members must be present at
the meeting.”
Article 18, paragraph 2, is now as follows:
“Minutes of the board meetings are kept and are signed by all participants. A
participant, who does not agree with a decision of the Board of Directors, may
have his opinion written in the minutes.”
Article 19, second sentence, is now as follows:
“The accountant must be authorized.”
Article 21 is now as follows:
“Auditing of the annual report is performed by the accountant elected by on
General Meeting.”
6. The members of the Board of Directors to be elected by the General Meeting
were re-elected apart from Petur Eiriksson who did not stand for re-election.
In his place Tezz Tordsdotter Ohlsson was elected.
Education: University education in various business subjects
Principal occupation: CEO of Svenska Direktflyg AB
Date of first election to the Board: 25 March 2010
7. As proposed it was decided to re-elect P/f NOTA løggilt grannskoðaravirki,
Hoyvíksvegur 5, 100 Tórshavn, as auditors for the period until next Annual
General Meeting.
8. The following issues were discussed without voting:
Public statements made by the majority shareholder that Atlantic Airways is too
expensive and that more competition is needed.
The relationship between the Airline and the Airport Authority, and the
potential for conflict of interest as the majority shareholder diverts money
from the airline to other majority state-owned organisations.
What effect would shareholder litigation have on the airline were it to occur.
What is the Board's vision for the airline? How does this match with the
majority shareholder's wishes?
