Decisions of the annual general meeting of UPM-Kymmene Corporation 1997

Archive 10.4.1997 0:00 EEST

At the Annual General Meeting of UPM-Kymmene Corporation, held on 10 April, 1997, the accounts of the Corporation were approved and the persons responsible were discharged from liability for the financial period. According to the proposal of the Board of Directors it was decided that dividend will be distributed partly in cash and partly as Rauma Oy shares to a total value equivalent to FIM 4.50 per share.
Dividend will be paid on 6 May, 1997. Dividend per share will take the form of FIM 1.50 in cash and FIM 3.00 as Rauma Oy shares. However, those shareholders whose UPM-Kymmene Corporation shares as registered in their book entry accounts on 15 April, 1997, the record date for dividend payment, do not exceed 499 in number will receive the full dividend in cash.
Of the members of the Board of Directors, whose terms were expiring, Mr Jouko K. Leskinen and Mr Iiro Viinanen were re-elected. Mr Jorma Ollila was elected a new member of the Board of Directors, in place of Mr Jorma Routti, the third one whose term was expiring, and who did not desire re-election. At the meeting of the Board of Directors following the Annual General Meeting, Mr L.J. Jouhki was elected Chairman of the Board and Mr Iiro Viinanen and Mr Vesa Vainio Deputy Chairmen. Members of the Board of Directors are Mr Yrjö Niskanen, Mr Casimir Ehrnrooth, Mr Tauno Matomäki, Mr Jouko K. Leskinen, Mr Jorma Ollila and Mr Gustaf Serlachius.
Originally temporary Executive Committee of the Board, which has served its purpose during the past year, has been decided to dissolve. The merger has proceeded well, and there is no longer need to maintain the separate Executive Committee. The respective amendment of the Articles of Association will be prepared during the commenced year.
The auditing company SVH Coopers & Lybrand Oy and Mr. Lars Blomquist, Authorized Public Accountant, were appointed Auditors of the Corporation. The auditing company Coopers & Lybrand Oy and Mr. Tauno Haataja, Authorized Public Accountant, were appointed Deputy Auditors.
The proposal by the Board of Directors to change the company into a public limited company and amendment of the article 1 of the Articles of Association was approved. Therefore the company name will be UPM-Kymmene Oyj in Finnish and UPM-Kymmene Corporation in English.