Fortum Corporation Stock Exchange Release
25 March 2004 1(3)
FORTUM’S ANNUAL GENERAL MEETING CONFIRMS DIVIDEND TO BE EUR 0.42
Fortum Corporation’s Annual General Meeting, which was held in
Helsinki on 25 March 2004, adopted the income statement and
balance sheet of the parent company and the Group for 2003,
discharged Fortum’s Supervisory Board, Board of Directors and the
President and CEO from liability for 2003, and decided to pay a
dividend of EUR 0.42 per share for 2003, or a total of EUR 357
million. The rest of the distributable equity will be carried over
to retained earnings. The record date for dividend payment is 30
March 2004 and the dividend will be paid on 6 April 2004.
The proposal by the shareholder George Jauhiainen to abolish the
Supervisory Board was not accepted.
The number of the members of Fortum’s Supervisory Board was
confirmed to be 12. The following persons were re-elected to the
Supervisory Board: Members of Parliament Satu Hassi, Klaus
Hellberg, Rakel Hiltunen, Mikko Immonen and Ben Zyskowicz,
Industrial Councellor Kimmo Kalela, Director General Jorma
Huuhtanen and Chairman of the Town Executive Board Juha Mikkilä.
Members of Parliament Lasse Hautala, Timo Kalli, Kimmo Kiljunen
and Jari Koskinen were elected as new members. Timo Kalli was
elected as Chairman and Klaus Hellberg as Deputy Chairman of the
Supervisory Board. The Supervisory Board was elected until the end
of the following Annual General Meeting.
The Annual General Meeting confirmed the following remunerations
for Supervisory Board service:
Chairman EUR 1,000/month
Deputy Chairman EUR 600/month
Members EUR 500/month
Meeting fee EUR 200/meeting
In addition the members are entitled to travel expense
compensation in accordance with the company's travel rules.
The following persons were re-elected to the Board of Directors:
Peter Fagernäs (Chairman), Heikki Pentti (Deputy Chairman),
Birgitta Kantola, Lasse Kurkilahti, Antti Lagerroos and Erkki
Virtanen. Birgitta Johansson-Hedberg was elected as new member.
The Board of Directors was elected until the end of the following
Annual General Meeting.
The Annual General Meeting confirmed the following remuneration
for Board Service:
Chairman EUR 49,500 /year
Deputy Chairman EUR 38,500/year
Members EUR 27,500/year
Meeting fee EUR 500/meeting
In addition a meeting fee of EUR 500 is paid for the Board
The members are entitled to travel expense compensation in
accordance with the company's travel rules.
Authorised Public Accountant PricewaterhouseCoopers Oy was re-
elected as auditor with Juha Tuomala, Authorised Public
Accountant, having the principal responsibility.
The Annual General Meeting appointed a Nomination Committee to
prepare proposals concerning board members and their emoluments
for the following Annual General Meeting. The Nomination Committee
will consist of the representatives of three biggest shareholders
and the Chairman of the Board of Directors as an expert member.
Those three shareholders, whose share of the total votes of all
the shares of the company is largest on December 1 preceding the
Annual General Meeting, are entitled to appoint the members
representing the shareholders. Nomination Committee will be
convened by the Chairman of the Board of Directors and the
Committee chooses a chairman from among themselves. The Nomination
Committee should give its proposal to Fortum's Board of Directors
no later than 1 February preceding the Annual General Meeting.
Senior Vice President, Corporate Communications
APPENDIX Members of the Board of Directors
Fagernäs, Peter, born 1952, Managing Director of Hermitage & Co.
Oy. Mr Fagernäs has worked as member of the Board of Directors in
Kansallis-Osake-Pankki and Merita Bank, and as Chairman of the
Board of Directors in Conventum Oyj and Pohjola Group plc. A
member of Board of Directors in Finnlines Plc. He has been
Chairman of the Board of Directors since 2004.
Johansson-Hedberg, Birgitta, born 1947. She was the President and
CEO of Foreningssparbanken and before that Resident Director for
Scandinavia in the Dutch listed company Wolters Kluwer. She has
been a member of the boards of Skandia and Sveaskog and the
chairman of Lindex. She is also a member of Aktiemarknadsnämnden.
New member of the Board of Directors.
Kantola, Birgitta Master of Laws, born 1948. Former Executive Vice
President (Finance) of Nordic Investment Bank (1991–1995) and Vice
President and CFO of International Finance Corporation, Washington
D.C. (1995–2000). Currently she is a Director of Vasakronan AB,
Akademiska Hus AB, Nordea AB and Varma Mutual Pension Insurance
Company. She has been member of the Board of Directors since 2001.
Kurkilahti, Lasse BSc (Econ), born 1948. President and CEO of
Kemira Oyj. Former President and CEO of Elcoteq Network
Corporation (2002–2004), President of Raisio Group (2000–2001) and
President of Nokian Tyres plc (1988–2000). He is also Chairman of
the Boards of Fintra and Fountain Park Oy and a Director of
Lassila & Tikanoja plc. He has been member of the Board of
Directors since 2002.
Lagerroos, Antti Licentiate in Laws, born 1945. Mr Lagerroos is
President and CEO of Finnlines Plc, as well as a member of the
Board of Directors in the same company. He is Chairman of Wärtsilä
Corporation and a member of the Supervisory Board of Ilmarinen
Mutual Pension Insurance Company. He has been member of the Board
of Directors since 2002.
Pentti, Heikki BSc (Econ) MBA, born 1946. Mr Pentti is Chairman of
Lemminkäinen Corporation. He is also a Director of Myllykoski
Corporation. He has been member of the Board of Directors since
Virtanen, Erkki MSc (Social Sciences), born 1950. Mr Virtanen is
Permanent Secretary at the Ministry of Trade and Industry and
Deputy Chairman of Sitra, the Finnish National Fund for Research
and Development. He has been member of the Board of Directors