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Nokia Annual General Meeting
March 25, 1997
Dividend FIM 3.50
At Nokia Corporation´s Annual General Meeting (AGM) held on Tuesday, March 25, 1997, the Board of Directors´ proposal to pay a dividend of FIM 3.50 per share for 1996 was accepted. The AGM approved Nokia Group financial statements and discharged from liability those persons accountable.
The record date for the dividend is April 1, 1997. In accordance with the book entry system, the dividend will be paid upon expiry of the settlement period on April 8, 1997 in Finland and in other countries on April 8, 1997 or later.
According to the earlier decision by the Board of Nokia Corporation, a Global Bonus Plan will be implemented covering all Nokia personnel. In addition, the AGM decided on the bonds with warrants in the aggregate amount of FIM 2 375 000 will be offered to approximately 2 000 key persons. The term of the bonds is three years with no interest paid. The warrants pertaining to the bonds confer the right to subscribe to a maximum of 9 500 000 new A shares with the nominal value of FIM 5. The subscription price is FIM 307.
The AGM decided to change Nokia´s Company Form into a public limited company with the name Nokia amended so that abbreviation Oyj in Finnish and Abp in Swedish be added to the name. In English, the name remains to be Nokia Corporation. The change will come into force simultaneously with the amendment to the Finnish Companies Act on September 1, 1997. To reflect Nokia´s current areas of business activity, the cable and machine industry was deleted from the object of the Company. In addition, the AGM decided to increase the capital of the Nokia Corporation Foundation to FIM 20 million.
Ollila predicts new opportunities for Nokia
In his speech at the AGM Mr. Jorma Ollila said that on the one hand, deregulation of telecommunications and, on the other, the convergence of it, which is progressing between wireless and wireline networks and between voice and data, will create new opportunities for Nokia in the near future. "It is an area where Finland has a lot of pioneering spirit, illustrated by last week’s international interest in connection with the Helsinki summit. To ensure our future competitiveness, we are strongly investing in new growth areas that encompass wireless data communications, broadband and fixed wireless solutions as well as Internet-based network solutions."
"Our market climate has remained favorable during recent months, and we have a good and competitive product selection. Furthermore, in the early part of 1997 we launched or introduced a host of new products that will vitalize our competitiveness during the year. We thus have a solid foundation also for future success; we look to the future with confidence," said Mr Jorma Ollila.
Casimir Ehrnrooth continues as Chairman of the Nokia Board of Directors
The AGM re-elected Mr Jouko K. Leskinen, President and CEO, Sampo Insurance Company Ltd to the Nokia Board of Directors. Mr. Yrjö Niskanen, Chairman of the Board, UPM-Kymmene Corporation was elected a new member to the Nokia Board of Directors. The other Board members are Ms Pirkko Alitalo, Senior Vice President (Investments), The Pohjola Group, Professor Edward Andersson, Helsinki University, Mr Casimir Ehrnrooth, Vice Chairman of the Board of Directors, UPM-Kymmene Corporation, Mr Ahti Hirvonen, Doctor of Economics h.c., Mr Jorma Ollila, President and CEO, Nokia Corporation, Mr Vesa Vainio, President and CEO, Merita Ltd and Mr Iiro Viinanen, President, Chairman of the Boards, The Pohjola Group.
The AGM nominated Mr Eric Haglund, Authorized Public Accountant, as auditor and KPGM Wideri Oy Ab, Authorized Public Accountants, as his deputy as well as Mr Lars Blomquist, Authorized Public Accountant, as auditor and Coopers & Lybrand Oy, Authorized Public Accountants, as his deputy.
At its first meeting the Board of Directors re-elected Mr Casimir Ehrnrooth as Chairman and Mr Iiro Viinanen as Vice Chairman.
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