General

Resolutions by the Annual General Meeting of Municipality Finance Plc held on 24 March 2022 – Yahoo Finance

Kuntarahoitus Oyj

Municipality Finance Plc
Stock exchange release
24 March 2022 at 2.00 p.m. (EET)

Resolutions by the Annual General Meeting of Municipality Finance Plc held on 24 March 2022

The Annual General Meeting (hereinafter the AGM) of Municipality Finance Plc (MuniFin) held on 24 March 2022 adopted the company’s financial statements and discharged the members of the Board of Directors (the Board), the CEO, and the Deputy to the CEO from liability for the financial year 2021.

Use of profit shown on the balance sheet
The Annual General Meeting decided that a dividend of EUR 1.03 per share, totalling 40,235,711.94 EUR shall be paid out. Dividends will be paid on 5 April 2022 to each shareholder recorded in the company’s list of shareholders on 31 March 2022.

Remuneration and composition of the Board
The AGM decided on the remuneration for the members of the Board for the term from the closing of the 2022 AGM, to the closing of the next AGM (the Term 2022–2023) as follows:

  • annual remuneration of a Board member EUR 23,000;

  • annual remuneration of the Vice Chair of the Board EUR 26,000;

  • annual remuneration of the Chair of the Risk or Audit Committee EUR 28,000;

  • annual remuneration of the Chair of the Board EUR 40,000; and

  • to the members, a fee of EUR 500 per each Board and each committee meeting attended; and to the chairs, EUR 800 per each meeting attended. Such fees are also paid per each meeting required by authorities.

The annual remuneration of the Chair of the Board was increased by EUR 5.000 and the annual remunerations of the other positions were increased by EUR 3.000.

The AGM decided to elect eight members to the Board for the Term 2022–2023 and to re-elect the following current members: Ms. Maaria Eriksson, Mr. Markku Koponen, Mr. Kari Laukkanen, Ms. Vivi Marttila, Mr. Tuomo Mäkinen, Ms. Minna Smedsten, Mr. Denis Strandell and Ms. Leena Vainiomäki. No new members were elected to the Board.

The CEO’s review
Esa Kallio, the President and CEO of MuniFin, discussed the development of the company in 2021 and noted that the business has remained strong. Although the crisis in Ukraine has increased the uncertainty of the operating environment in 2022, MuniFin has been able to operate without disruptions. It is too early to assess the overall impact of the crisis to MuniFin’s operating environment.

Election and remuneration of the Auditor
KPMG Oy Ab was elected as the company’s auditor with Tiia Kataja, Authorized Public Accountant, as the principal auditor. The auditor’s fees will be paid against the invoices approved by the company.

Amending the composition of the Shareholders Nomination Committee
The AGM decided that the composition of the Shareholders’ Nomination Committee will be completed with a fifth member representing the municipal sector.

The Shareholders’ Nomination Committee has consisted of four members. The three largest shareholders (Keva, the Republic of Finland and the City of Helsinki) and the Association of Finnish Local and Regional Authorities have each appointed one member to the Nomination Committee. In accordance with the AGM’s decision, the composition of the Shareholders’ Nomination Committee will be completed with a fifth member. The next five largest shareholders (following the three largest shareholders) together have the right to appoint the fifth member. The ownership is considered based on the total ownership of a local authority corporation. With the current ownership structure, the following municipalities together receive the right to appoint: the City of Espoo, the City of Vantaa, the City of Tampere, the City of Oulu and the City of Turku.

Constitutive Meeting of the Board
At its constitutive meeting, the Board appointed Kari Laukkanen as the Chair and Maaria Eriksson as the Vice Chair of the Board. The following persons were appointed to the Remuneration Committee: Kari Laukkanen as the Chair, and Leena Vainiomäki and Maaria Eriksson as members. The following persons were appointed to the Audit Committee: Markku Koponen as the Chair, and Vivi Marttila, Minna Smedsten and Denis Strandell as members. The following persons were appointed to the Risk Committee: Leena Vainiomäki as the Chair, and Maaria Eriksson, Kari Laukkanen and Tuomo Mäkinen as members.

Additional information on the company’s operations in 2021 is available in the company’s Annual Report, which is available for downloading in PDF format at the company website www.munifin.fi.

MUNICIPALITY FINANCE PLC

Esa Kallio
President and CEO
tel. +358 50 337 7953

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. MuniFin Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd. The Group’s balance sheet is over EUR 46 billion.

MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers are Finnish municipalities, municipal federations, municipally controlled entities and non-profit housing organisations. Lending is used for environmentally and socially responsible investment targets such as public transportation, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: www.munifin.fi

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