At the Annual General Meeting (AGM) of Suominen Corporation, the company reached a conclusion on the annual remuneration payable to members of its board of directors for 2015.
As per a Suominen press release, the chairman will receive €50,000 per annum, the deputy chairman €37,500 and other members €28,000.At the Annual General Meeting (AGM) of Suominen Corporation, the company reached a conclusion on the annual remuneration payable to members of its #
Further, it was decided that 40 per cent of the annual remuneration shall be paid in shares of Suominen Corporation.
The number of shares to be given will be determined based on the share value in the stock exchange trading maintained by NASDAQ OMX Helsinki Ltd.
It will be calculated as the trade volume weighted average quotation of the share during the one month period immediately following the date on which the interim report of January-March 2015 is published.
The shares will be given out of the own shares held by the company through the decision of the board of directors.
As per the formula, the aggregate number of shares to be transferred to the members of the board of directors as their remuneration payable is 86,989 shares at a value of €79,800 or €0.91736 per share.
These shares have been granted out of the Company’s own shares after the resolution adopted by the board of directors.
“The resolution was based on the AGM’s authorisation for the board of directors to decide on a share issue,” the nonwovens producer added.
“Since the decision taken by the directors was an execution of a resolution taken by the AGM, the board did not exercise independent discretion when it decided on the transfer of the shares,” Suominen informed.
The company held 1,000,875 own shares before the transfer of shares and after the transfer now holds 913,886 of its own shares.
Suominen manufactures nonwovens as roll goods for wipes as well as for medical and hygiene products and are used in end products like wet wipes, feminine care products and swabs.
Suominen employs around 600 people in Europe and in the Americas and its net sales in 2014 amounted to €401.8 million and operating profit excluding non-recurring items amounted to €26.9 million. (AR)
Fibre2fashion News Desk - India
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