ORION CORPORATION STOCK EXCHANGE RELEASE 20 MARCH 2018 at 16.15 P.M. EET
Orion Corporation: Decisions by the AGM on 20 March 2018
At the Annual General Meeting of Orion Corporation held today, the following decisions were made:
- A dividend of EUR 1.45 per share was confirmed to be paid. The record date for the dividend payment is 22 March 2018 and the payment date is 29 March 2018.
- The proposals concerning the election and remuneration of the Board of Directors and the auditor and the number of the members of the Board of Directors were approved.
- Sirpa Jalkanen, Ari Lehtoranta, Timo Maasilta, Hilpi Rautelin, Eija Ronkainen, Mikael Silvennoinen and Heikki Westerlund were re-elected to the Board of Directors. Heikki Westerlund was re-elected as Chairman.
The Annual General Meeting of Orion Corporation was held today in Helsinki. The following matters were handled at the meeting:
Adoption of the Financial Statements for 1 January – 31 December 2017
The AGM confirmed the Financial Statements of the parent company and the Group as per 31 December 2017.
Dividend EUR 1.45 per share
The AGM resolved, in accordance with the proposal by the Board of Directors, that a dividend of EUR 1.45 per share will be paid on the basis of the Balance Sheet confirmed for the financial year that ended on 31 December 2017. The record date for the dividend payment is 22 March 2018 and the payment date is 29 March 2018.
Discharge from liability
The members of the Board of Directors and the President and CEO were discharged from liability for the financial period of 1 January – 31 December 2017.
Remunerations to be paid to the Board of Directors
The AGM decided that the following remunerations will be paid to the Board of Directors:
As an annual fee, the Chairman shall receive EUR 84,000, the Vice Chairman shall receive EUR 55,000 and the other members shall receive EUR 42,000 each. As a fee for each meeting attended, the Chairman shall receive EUR 1,200, the Vice Chairman shall receive EUR 900 and the other members shall receive EUR 600 each. The travel expenses of the Board members shall be paid in accordance with previously adopted practice. The aforementioned fees shall also be paid to the Chairmen and to the members of the committees established by the Board, for each committee meeting attended.
Of the annual fee, 60% shall be paid in cash and 40% in Orion Corporation B-shares, which shall be acquired to the members during 25 April – 2 May 2018 from the stock exchange in amounts corresponding to EUR 33,600 for the Chairman, EUR 22,000 for the Vice Chairman and EUR 16,800 for each of the other members. The part of the annual fee that is to be paid in cash corresponds to the approximate sum necessary for the payment of the income taxes on the fees and shall be paid no later than 31 May 2018. The annual fees encompass the full term of office of the Board of Directors.
In addition, the AGM decided that the Company shall pay the transfer tax related to the part of the annual fee of the Board of Directors paid in shares.
Composition of the Board of Directors
The number of members in the Board of Directors was confirmed to be seven. Sirpa Jalkanen, Ari Lehtoranta, Timo Maasilta, Hilpi Rautelin, Eija Ronkainen, Mikael Silvennoinen and Heikki Westerlund were re-elected as members to the Board of Directors for the next term of office. Heikki Westerlund was re-elected as Chairman.
Auditor and their remuneration
Authorised Public Accountants KPMG Oy Ab were elected as the Company’s auditor. The remunerations to the Auditor shall be paid on the basis of invoicing approved by the Company.
The minutes of the AGM will be provided in Finnish only, and they will become available on Orion’s website, http://www.orion.fi/en/agm2018, no later than 3 April 2018.
President and CEO
SVP, Corporate Functions
Olli Huotari, Senior VP, Corporate Functions, phone +358 50 966 3054
Orionintie 1A, FI-02200 Espoo, Finland
Orion is a globally operating Finnish pharmaceutical company – a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion’s pharmaceutical R&D are central nervous system (CNS) disorders, oncology and respiratory for which Orion develops inhaled Easyhaler® pulmonary drugs. Orion’s net sales in 2017 amounted to EUR 1,085 million and the company had about 3,500 employees. Orion’s A and B shares are listed on Nasdaq Helsinki.