General Meetings of shareholders
Pursuant to the Limited Liability Companies Act, shareholders exercise their decision-making powers at the general meetings of shareholders. Pursuant to the Limited Liability Companies Act, the annual general meeting of shareholders must be held annually within six months from the end of the financial year. Each share entitles to one vote at the Company’s general meeting of shareholders.
The financial statements, including income statement, balance sheet and cash flow statement with notes to them and the consolidated financial statements, are presented to the annual general meeting for adoption.
At the annual general meeting, the shareholders resolve, among others:
- on the utilization of profit presented in the balance sheet,
- on discharge from liability of the board of directors and the CEO,
- election of members of the board of directors and auditors and their respective remuneration.
An extraordinary general meeting of shareholders shall be held when deemed necessary by the Board of Directors, or when requested in writing by the auditor or by shareholders representing at least one-tenth of all issued and outstanding shares for purposes of dealing with a specific matter.
Pursuant to the Limited Liability Companies Act and the Company’s Articles of Association, notice of a general meeting of shareholders shall be delivered to the shareholders no earlier than three months and no later than three weeks prior to the general meeting, and no later than nine days prior to the record date of the general meeting of shareholders. The notice is delivered to the shareholders by a release published at the Company’s website or in at least one national newspaper designated by the board of directors. A shareholder willing to attend the general meeting shall notify the Company thereof no later than on the date set out in the notice, which date may not be earlier than ten days prior to the meeting.
