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 2011.
3. The audited Annual report was presented and approved by the General Meeting.
4. As recommended a payment of dividends for the total amount of DKK 7 million, equivalent to DKK 6.763285 for each share of DKK 100, was approved.
5. The proposed amendments to the Articles of Association of the Company were approved.
Article 1 is now as follows:
The company’s name is ‘P/F Atlantic Airways, Faroe Islands’, with the secondary names Atlantic Airways, Atlantsflog, Atlantic Airport Services, Atlantic Cargo, Atlantic Charter, Atlantic Helicopters, Atlantic Line, Atlantic Tours, Atlantic Travel, Air Faroe, Faroe Air, Faroe Airline, Faroe Airways and Vagar Airport Services.
Article 5 is now as follows:
At the earliest 5 weeks and at the latest 3 weeks 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 7 is now as follows:
The shareholders may bring forward in writing proposals for treatment of a specific subject at the Annual General Meeting, provided the Board of Directors receives the proposals no later than six weeks before the General Meeting. If the Board of Directors receives the proposal later than six weeks prior to the General Meeting, the Board of Directors will decide whether the proposal has been submitted in time for the subject to be included in the agenda for the General Meeting.
Article 8 is now as follows:
An extraordinary General Meeting is held when the Board of Directors, the accountant or a general meeting so demands or when shareholders who together hold 5 % of the share capital in writing so demand for treatment a specific subject which is stated at the same time.
Article 9 is now as follows:
At the latest 3 weeks before every general meeting the agenda and all proposals for the general meeting shall be available to the shareholders for inspection at the company’s office. Furthermore, before an ordinary general meeting the annual accounts shall be available for inspection.
6. The members of the Board of Directors to be elected by the General Meeting were re-elected.
7. As proposed it was decided to re-elect P/f NOTA løggilt grannskoðaravirki, Hoyvíkvsvegur 5, 100 Tórshavn, as auditors for the period until next Annual General Meeting.
8. As proposed the General Meeting approved the updated remuneration policy for Atlantic Airways, Faroe Islands P/f.
These updates are: Board remuneration is stipulated by the policy (remains unchanged since 2008); remuneration for audit committees is stipulated; and board members’ remuneration for ad hoc tasks.
9. The board proposes that the general meeting approves the formation of an election committee, which is to be given the task of preparing proposals for board members, chairman and remuneration for these for the next annual general meeting. The committee must be manned by the chairman of the board together with two board members.