Dividend of EUR 0.40 per share; Board and Committee members elected
Nokia Corporation
Stock Exchange Release
May 3, 2011 at 20:00 (CET +1)
Espoo, Finland -The Annual General Meeting of Nokia Corporation held on May 3, 2011 (the AGM) resolved to distribute a dividend of EUR 0.40 per share for 2010. The dividend ex-date is May 4, 2011 and the record date May 6, 2011. The dividend will be paid on or around May 20, 2011.
Board and Committee members elected
The AGM resolved to elect eleven members to the Board of Directors. The following members of the Nokia Board were re-elected for a term until the close of the Annual General Meeting in 2012: Prof. Dr. Bengt Holmstr�m, Prof. Dr. Henning Kagermann, Per Karlsson, Isabel Marey-Semper, Jorma Ollila, Dame Marjorie Scardino and Risto Siilasmaa. Stephen Elop, Jouko Karvinen, Helge Lund and Kari Stadigh were elected as new members of the Board for the same term. The resum�s of the elected Board members are available at www.nokia.com/about-nokia/corporate-governance/board-of-directors.
In its assembly meeting, the Board of Directors elected Jorma Ollila as Chairman of the Board, and Dame Marjorie Scardino as Vice Chairman of the Board.
The Board of Directors also elected the members of the Board Committees. Henning Kagermann was elected as Chairman and Per Karlsson, Helge Lund, Marjorie Scardino and Kari Stadigh as members of the Personnel Committee. Risto Siilasmaa was elected as Chairman and Jouko Karvinen and Isabel Marey-Semper as members of the Audit Committee. Marjorie Scardino was elected as Chairman and Henning Kagermann and Risto Siilasmaa as members of the Corporate Governance and Nomination Committee.
The AGM resolved the following annual fees to be paid to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2012: EUR 440 000 for the Chairman, EUR 150 000 for the Vice Chairman and EUR 130 000 for each member. Stephen Elop, President and CEO of Nokia, will not receive any remuneration pursuant to his membership in the Board of Directors. In addition, the AGM resolved that the chairmen of the Audit Committee and the Personnel Committee will each be paid an additional annual fee of EUR 25 000, and other members of the Audit Committee an additional annual fee of EUR 10 000 each. The AGM also resolved, in line with the past practice, that approximately 40% of the remuneration will be paid in Nokia shares purchased from the market, which shares shall be retained until the end of the board membership in line with the Nokia policy (except for those shares needed to offset any costs relating to the acquisition of the shares, including taxes).
Other resolutions of the Annual General Meeting
The AGM re-elected PricewaterhouseCoopers Oy as the external auditor for Nokia for the fiscal period of 2011.
The AGM authorized the Board of Directors to resolve to repurchase a maximum of 360 million Nokia shares. The shares may be repurchased in order to develop the capital structure of the Company, finance or carry out acquisitions or other arrangements, settle the Company's equity-based incentive plans, be transferred for other purposes, or be cancelled. The authorization is effective until June 30, 2012. The Board has no current plans for repurchases during 2011.
As part of the Nokia 2011 Equity Program announced in January 2011, the AGM also resolved that selected personnel of Nokia Group will be granted a maximum of 35 million stock options until the end of 2013. The stock options will entitle the recipients to subscribe in the aggregate for a maximum of 35 million Nokia shares over the life of the Stock Option Plan. The stock options will have a term of approximately six years and they will vest three or four years after their grant. The 2011 Stock Option Plan succeeds the previous 2007 Stock Option Plan which has not been available for further grants after 2010.
About Nokia
Nokia is committed to connecting people to what matters to them by combining advanced mobile technology with personalized services. More than 1.3 billion people connect to one another with a Nokia, from our most affordable voice-optimized mobile phones to advanced Internet-connected smartphones sold in virtually every market in the world. Through Ovi (www.ovi.com), people also enjoy access to maps and navigation on mobile, a rapidly expanding applications store, a growing catalog of digital music, free email and more. Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, and Nokia Siemens Networks is one of the leading providers of telecommunications infrastructure hardware, software and professional services globally.
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