Skeljungur hf. held its Annual General Meeting today, Tuesday March 26, 2019 at Hilton Reykjavik Nordica at 16:15. Chairman of the Board Jón Diðrik Jónsson addressed the meeting on behalf of the Board, and CEO Hendrik Egholm presented Skeljungur's financial results and went over the s highlights of the operations in 2018.
All proposals that were put forward in the meeting can be found on the company's website: https://www.skeljungur.is/annualgeneralmeeting2019
1. Annual accounts for 2018
The meeting approved the Financial Statements for 2018.
2. Allocation of profits 2018
The meeting approved the Board's proposal that no dividend for the year 2018 will be paid out to shareholders in the year 2019. According to the Company’s approved dividend policy, the Company aims to pay annually to shareholders 30-50% of profits in the form of dividend or repurchase of shares. The Board will put forth a proposal to repurchase own shares for up to ISK 550 million of market value.
3. Remuneration Policy
The Board's proposal to have the current Remuneration Policy unchanged was approved at the meeting. The Remuneration Policy is available on Skeljungur’s website: https://www.skeljungur.is/annualgeneralmeeting2019
At the meeting, the Board of Directors, announced that the Board had decided to change the remuneration system of key managers for 2019 so the maximum payments from the bonus system for the operating year 2019 will be a 25% extra on wages. Furthermore, the Board informed that it had decided to review the company’s Remuneration Policy during the year, but it is expected that the new policy will include, among other things, a more detailed explanation of maximum bonuses.
4. Remuneration of Board Members, Sub-Committees and the Accountant
The Board’s proposal that the remuneration remains unchanged was approved at the meeting.
5. Election to the Board of Directors
Following individuals were elected at the meeting to serve on the Board of Directors of the Company until next Annual General Meeting:
- Ata Maria Bærentsen
- Baldur Már Helgason
- Birna Ósk Einarsdóttir
- Jens Meinhard Rasmussen
- Kjartan Örn Sigurðsson
6. Election of the Nomination Committee
Following individuals were elected at the meeting to serve on the Nomination Committee:
- Katrín S. Óladóttir
- Sigurður Kári Árnason
7. Election of auditors
The meeting approved to re-elect KPMG ehf. as the Company's auditing firm for the year 2019.
8. Other matters
No other matters were lawfully brought up at the meeting. Meeting dismissed at 17:55.
The Annual Report is available on http://arsskyrsla.skeljungur.is/arsskyrsla-2018
Other relevant documents from the Annual General Meeting are available on https://www.skeljungur.is/annualgeneralmeeting2019
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Following the Annual General Meeting the Board of Directors met and decided on allocation of responsibilities.
Jens Meinhard Rasmussen was elected as Chairman of the Board and Birna Ósk Einarsdóttir was elected as Vice Chairman.
Helena Hilmarsdóttir, Baldur Már Helgason and Ata Maria Bærentsen took place in the Audit Committee. In the Remuneration Committee, Jens Meinhard Rasmussen and Birna Ósk Einarsdóttir were appointed. Then Kjartan Örn Sigurðsson was nominated as a member of the Board of Directors to take place in the Nomination Committee.
For further information please contact Hendrik Egholm, CEO, investors@skeljungur.is, tel: +354-444-3000 / +354-840-3002.
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Skeljungur is an energy company which sells products and services in Iceland, the Faroe Islands and in the N-Atlantic. Skeljungur’s main activities are import, storage, sales and distribution of fuel and fuel related products. The Company operates 76 gas stations and 6 oil depots in Iceland and the Faroe Islands. In addition, the Company operates convenience stores and provides services and sells oils for house heating in the Faroe Islands and sells fertilizer and other chemical products in Iceland. The Company’s customer base spans from individuals to institutions and companies in the fishing industry, agriculture, transport and contractors. Skeljungur owns the brand names Skeljungur, Orkan and OrkanX in Iceland and Magn in the Faroe Islands. Skeljungur’s goal is to fulfil the energy needs of individuals and companies in an effcient and safe way, in harmony with the environment.
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