Uponor Corporation Stock exchange release 23 February 2017 04.00 EET
Notice to the Annual General Meeting of Uponor Corporation
The shareholders of Uponor Corporation are hereby summoned to the Annual General Meeting to be held on Monday, 20 March 2017 at 15.00 at Helsinki Fair Centre, address Messuaukio 1, Helsinki, Finland. The registration of the attending shareholders and the distribution of voting tickets will commence at 14.00. Coffee will be served after the meeting.
A. Matters on the agenda of the general meeting
At the general meeting the following matters will be considered:
1. Opening of the meeting
2. Calling the meeting to order
3. Election of persons to scrutinise the minutes and to supervise the counting of votes
4. Recording the legality of the meeting
5. Recording the attendance at the meeting and adoption of the list of votes
6. Review of the business in 2016 by the Managing Director
7. Presentation of the financial statements, the consolidated financial statements and the report of the Board of Directors for the year 2016
8. Presentation of the auditor’s report and the consolidated auditor’s report for the year 2016
9. Adoption of the financial statements and the consolidated financial statements
10. Resolution on the use of the profit shown on the balance sheet and the payment of dividend
The Board of Directors proposes that a dividend of €0.46 per share be distributed for the financial period 2016. The dividend will be paid to a shareholder registered as a shareholder in the shareholder register maintained by Euroclear Finland Ltd on the record date of the dividend payment on 22 March 2017. The dividend will be paid on 29 March 2017.
11. Resolution on the discharge of the members of the Board of Directors and the Managing Director from liability
12. Resolution on the remuneration of the members of the Board of Directors
The Nomination Board proposes to the general meeting that no changes would be made to the remuneration of the members of the Board of Directors. The yearly remuneration to the members of the Board of Directors shall be: €88,000 for the Chair of the Board, €49,000 for the Deputy Chair of the Board, €49,000 for the Chair of the Audit Committee and €44,000 for other members of the Board. The Nomination Board proposes that approximately 40% of the remuneration shall be paid by acquiring Uponor Corporation’s shares in public trading and the rest shall be paid in cash. The Nomination Board proposes that travel expenses related to Board meetings shall be paid according to the travel policy of the company.
The Nomination Board further proposes that a remuneration per each actual board and committee meeting (excluding decisions without a meeting) shall be paid to the members of the Board of Directors amounting to €600 for meetings held at the country of residence of the member, €1,200 for meetings held elsewhere on the same continent, and €2,400 for meetings held on another continent. The remuneration for telephone meetings shall be the remuneration for meetings held at the country of residence of the member.
In addition, the Nomination Board proposes that, in compliance with established company policy, the company takes out insurance under the Employees Pensions Act for the members of the Board, who act as persons elected to a position of trust.
13. Resolution on the number of the members of the Board of Directors
The Nomination Board proposes to the general meeting that the number of Board members shall be six.
14. Election of the members and chair of the Board of Directors
The Nomination Board proposes to the general meeting that Mr Jorma Eloranta, Mr Markus Lengauer, Ms Eva Nygren, Ms Annika Paasikivi and Mr Jari Rosendal, currently members of the Board of Directors, be re-elected as members of the Board of Directors and that Ms Pia Aaltonen-Forsell be elected as a new member of the Board of Directors for the following term of office.
M.Soc.Sc. Pia Aaltonen-Forsell (b. 1974) is employed by Munksjö Corporation, a listed company, as Chief Financial Officer and member of the management team.
The Nomination Board further proposes that the general meeting elects Mr Jorma Eloranta as the Chair of the Board.
15. Resolution on the remuneration of the auditor
The Board of Directors proposes to the general meeting that the remuneration to the auditor to be elected shall be paid as per invoice approved by the company.
16. Election of the auditor
The Board of Directors proposes that the current auditor of the company, audit firm Deloitte & Touche Oy, be re-elected as the auditor of the company for the following term of office. The Board of Directors also proposes that the general meeting request the auditor to give a statement in the auditor’s report on the adoption of the financial statements, the granting of discharge from liability and the Board of Directors’ proposal for distribution of funds.
17. Authorising the Board of Directors to resolve on the repurchase of the company’s own shares
The Board of Directors proposes that the general meeting authorises the Board of Directors to resolve on the repurchase of the company’s own shares, in one or several instalments, using distributable earnings from unrestricted equity as follows:
The Board of Directors is authorised to resolve on the repurchase of no more than 3,500,000 of the company’s own shares amounting in total to approximately 4.8 per cent of the total number of the shares of the company at the date of the general meeting.
The Board of Directors shall resolve how the shares shall be repurchased. Shares may be repurchased otherwise than in proportion to the existing shareholdings of the company’s shareholders (directed repurchase). The company’s own shares may be repurchased at the market price quoted at the time of the repurchase through public trading on the trading places where the company’s shares are traded.
This authorisation will revoke the earlier authorisation granted by the general meeting on 10 March 2016 to resolve on the repurchase the company’s own shares.
The authorisation is valid until the end of the next annual general meeting, however, no longer than 18 months from the date of the general meeting.
18. Authorising the Board of Directors to resolve on the issuance of shares
The Board of Directors proposes to the general meeting to authorise the Board of Directors to resolve on issuing new shares or transferring the company’s own shares on one or more occasion as follows:
By virtue of the authorisation, the Board of Directors is entitled to resolve on issuing a maximum of 7,200,000 new shares or transferring the company’s own shares, amounting in total to approximately 9.8 per cent of the total number of the shares of the company. The Board of Directors is authorised to resolve on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders’ pre-emptive rights (directed issue). The authorisation includes the possibility to issue own shares to the company for free.
This authorisation is valid until the end of the next annual general meeting.
19. Closing of the meeting
B. Documents of the general meeting
The above mentioned resolution proposals relating to the agenda of the general meeting as well as this notice are available for shareholders’ inspection on the company’s website at investors.uponor.com. Uponor Corporation’s Financial Statements will be available on the website no later than 27 February 2017. The proposals for decisions and the other above-mentioned documents are also available at the general meeting. Copies of these documents will be sent to a shareholder upon request. The minutes of the general meeting will be available on the above-mentioned website on 3 April 2017, at the latest.
No separate invitation to the Annual General Meeting will be sent.
C. Instructions for the participants in the general meeting
1. Shareholders registered in the shareholders’ register
A shareholder, who on the record date of the general meeting, 8 March 2017, is registered in the shareholders’ register of the company, held by Euroclear Finland Ltd., has the right to participate in the general meeting. A shareholder, whose shares are registered on his/her personal Finnish book-entry account, is registered in the shareholders’ register of the company.
A shareholder who is registered in the shareholders’ register of the company and who wants to participate in the general meeting, shall register for the meeting no later than Wednesday 15 March 2017 at 10.00 EET (Finnish time), by which time the registration shall arrive at the company. The registration can be made:
- via the company’s website at investors.uponor.com or
- by fax +358 20 129 2851 or
- by telephone +358 20 770 6883 on week days from 9.00 to 16.00 EET (Finnish time) or
- by mail addressed to Uponor Corporation, Legal Services, P.O. Box 37, FI-01511 Vantaa, Finland.
In connection with the registration, a shareholder shall notify his/her name, the personal identification number, address, telephone number and the name of a possible assistant or proxy representative and the personal identification number of a proxy representative in question. The personal data given to Uponor Corporation is used only in connection with the general meeting and with the processing of related registrations.
The shareholder, his/her authorised representative or proxy representative shall, if necessary, be able to prove his/her identity and/ or right of representation in the meeting venue.
2. Holders of nominee registered shares
Holders of nominee registered shares have the right to participate in the general meeting by virtue of any shares that would entitle him/her to be registered in the shareholders’ register of the company held by Euroclear Finland Ltd. on the record date of the general meeting, i.e. 8 March 2017. The right to participate in the general meeting requires, in addition, that the shareholder, on the basis of such shares, has been registered in the temporary shareholders’ register held by Euroclear Finland Ltd. at the latest by 15 March 2017 at 10.00 EET (Finnish time). This constitutes the required registration for the general meeting for nominee registered shares.
A holder of nominee registered shares is therefore advised to request from his/her custodian bank, without delay, any necessary instructions regarding the registration in the temporary shareholders’ register of the company, the issuing of proxy documents and the registration for the general meeting. The account management organisation of the custodian bank has to register a holder of nominee registered shares who wants to participate in the general meeting in the temporary shareholders’ register of the company at the latest by the time stated above.
3. Proxy representative and powers of attorney
A shareholder may participate in the general meeting and exercise his/her rights at the meeting by way of proxy representation. A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the general meeting. When a shareholder participates in the general meeting represented by several proxy representatives who each have shares in different securities accounts, each proxy representative’s shares shall be identified in connection with the registration for the general meeting.
Possible proxy documents are requested to be delivered in original copy to Uponor Corporation, Legal Affairs, P.O. Box 37, FI-01511 Vantaa, Finland, before the final date for registration.
4. Other instructions and information
Pursuant to chapter 5, section 25 of the Companies Act, a shareholder who is present at the general meeting has the right to request information with respect to the matters to be considered at the meeting.
On the date of release of this notice to the general meeting, the total number of shares in Uponor Corporation is 73,206,944, each of which represents one vote. The total number of shares, on the date of the release, includes 57 818 shares held by Uponor Corporation, which do not have a voting right at the general meeting. Accordingly, the maximum total number of votes available at the general meeting amounts to 73 149 126.
The voting ticket to the shareholder or proxy representative will be handed out upon registration at the general meeting.
Vantaa 13 February 2017
Uponor Corporation
Board of Directors
Uponor Corporation
Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852
DISTRIBUTION:
Nasdaq Helsinki
Media
www.uponor.com
Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 3,900 employees in 30 countries, mainly in Europe and North America. In 2016, Uponor's net sales totalled €1.1 billion. Uponor is based in Finland and listed on Nasdaq Helsinki. www.uponor.com