Stockholm, 2011-05-26 18:00 CEST (GLOBE NEWSWIRE) -- RusForest's annual general meeting on 26 May 2011 resolved in accordance with the following
Adoption of the annual accounts etc.
- The annual general meeting adopted the income statements and balance sheets for the parent company and the group for the year 2010, and resolved that the result of the year in addition to retained earnings shall be carried forward. It was further resolved to discharge the board members and the managing director from liability.
Board of directors and auditors etc.
- The annual general meeting resolved, in accordance with the nomination committee's proposal, that the fees to each board member who does not draw any salary from the company shall amount to SEK 150,000. The fee to the chairman of the board of directors shall however amount to SEK 300,000. Fees to the audit committee and operational committee established by the board of directors, consisting of up to three board members each, will amount to SEK 100,000 to the chairman and SEK 75,000 each to the other committee members. It was noted that after the last year's expansion and acquisitions, the company is in need of reinforcement in terms of operational and financial planning and that the proposed board members possess skills that could benefit the company also aside from the regular board and committee work. It was resolved to authorise the board of directors, when needed, to engage one or more of the board members to strengthen the company's management, for which work such board member will be entitled to a fixed fee of SEK 10,000 per person and day.
- It was resolved that the auditor's fee shall be paid on account approved by the board of directors.
- The annual general meeting resolved, in accordance with the nomination committee's proposal, that the number of board members shall be five (5) without any deputy board members and that Franz Bergstrand, Per Brilioth and Jerker Karlsson be re-elected as board members and that Kenneth Eriksson and Camilla Öberg be elected as new board members. Kenneth Eriksson was elected as chairman of the board of directors.
- The annual general meeting further resolved, in accordance with the nomination committee's proposal, that the audit committee shall consist of Camilla Öberg (chairman), Kenneth Eriksson and Per Brilioth. The operational committee shall consist of Kenneth Eriksson (chairman), Franz Bergstrand and Jerker Karlsson. The composition of the committees may be altered upon the resolution of the board of directors.
Amendment in the articles of association
- The annual general meeting resolved, in accordance with the board of director's proposal, to amend article 11 § of the articles of association so that the stipulated time for the last day of notification for attending the shareholders' meeting is removed.
For further information please contact:
Martin Hermansson, CEO, phone: +7 903 015 64 65, +7 985 921 92 32
or
Erik Löfgren, External Relations, phone: +46 705 45 34 20
About RusForest AB (publ)
RusForest is forestry and sawmilling company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long term forest leases with an annual allowable cut of approximately 2.8 million m³, and utilizes these resources to produce a wide range of sawnwood products. Eastern Siberia is renowned for its Pine and Larch of exceptional quality, while the Arkhangelsk Region in northwest Russia has high quality spruce and pine forests similar to those found in northern Sweden.
RusForest's goal is to develop into a leading independent integrated forestry and sawmilling company in Russia, with an annual harvest of 2.7-2.9 million m³ and an annual sawnwood production of 800,000-850,000 m³ during the coming four to five years.
RusForest AB’s Certified Adviser on First North is E. Öhman J:or Fondkommission AB
