Decisions of Elcoteq SE's Annual General Meeting

Tuesday, 25. March 2008 17:31
Elcoteq SE
Stock Exchange Release
March 25, 2008 at 6.30 pm (EET)


Elcoteq SE's Annual General Meeting took place in Luxembourg today,
on March 25, 2008 with a remote access from Helsinki, Finland. The
Meeting confirmed the consolidated and parent company's income
statements and balance sheets for the financial year 2007 and
discharged the members of the Board of Directors and of the statutory
auditor from liability for the financial year.

Amendments to the Articles of Association

The Meeting approved the Board's proposal to amend the first sentence
of Article 30 of the Articles of Association whereby the number of
directors in the Board of Directors shall not be less than four (4)
and not more than ten (10).

The Meeting also approved the Board's proposal to amend the second
paragraph of Article 54 of the Articles of Association whereby should
the Annual General Meeting day, March 23, be a legal or bank holiday
in Luxembourg or Finland, the meeting shall be held on the second
following business day. The new Articles of Association can be found
at company's website at

Composition of the Board of Directors and Fees

The Meeting elected eight members to the Board of Directors. All
current members were re-elected and the Meeting elected one new
member, Mr. François Pauly, General Manager of Sal. Oppenheim Jr. &
Cie S.C.A, to the Elcoteq's Board of Directors. The following persons
will continue as members: President Martti Ahtisaari; Mr. Heikki
Horstia, Vice President, Treasurer, Wärtsilä Corporation; Mr. Eero
Kasanen, Rector of the Helsinki School of Economics; Mr. Antti
Piippo, principal owner and founder-shareholder of Elcoteq SE; Mr.
Henry Sjöman, founder-shareholder of Elcoteq SE; Mr. Juha Toivola,
Master of Arts; and Mr. Jorma Vanhanen, founder-shareholder of
Elcoteq SE. The terms of office of the Board members extend until the
end of the following Annual General Meeting. Ahtisaari, Horstia,
Kasanen, Pauly and Toivola are independent Board members, and they
represent more than half of the Board's members.

The Meeting approved the Nomination Committee's proposal to pay the
Board members an annual fee of 60,000 euros. Sixty percent of this
fee is to be paid in cash and forty percent in shares; with respect
to the latter payment, the Elcoteq shares must be acquired between
April 24 and May 8, 2008 within the limits set by rules governing
insider trading. The acquired shares may not be surrendered before
the following Annual General Meeting unless the individual's Board
membership ends earlier.

The Meeting also decided that the Full-time Chairman of the Board
will be paid an additional fee of 45,000 euros per month and the
Deputy Chairman an additional fee of 10,000 euros per month.


On the proposal of the Board's Audit Committee, the firm of
authorized public accountants KPMG Audit S.à.r.l. under the
supervision of Mr. Philippe Meyer was appointed as the Company's
auditor for the financial year ending on December 31, 2008. The
auditors are paid a fee appropriate to the scope of their work.

Final Accounts

The Final Accounts relating to the transfer of domicile were


The Meeting approved the Board's proposal that no dividend will be
distributed for the financial year January 1 - December 31, 2007.

The minutes of the Annual General Meeting will be on display for
inspection by shareholders at Elcoteq SE's offices in Luxembourg and
in Espoo, Finland from April 8, 2008.


Tuula Hatakka
Senior Vice President, Treasury and Investor Relations

Further information:
Markus Kivimäki, Vice President, Corporate Legal Affairs, tel. +358
10 413 1248

About Elcoteq:
Elcoteq SE is a leading electronics manufacturing services (EMS)
company in the communications technology field. Elcoteq's global
service offering covers the entire lifecycle of products, from
product development to after-market services. By further combining
mechanics expertise into its service offering, Elcoteq's vision is to
be a leading integrated electronics manufacturing services (IEMS)

Elcoteq provides global end-to-end solutions consisting of product
development services, supply chain management, NPI, manufacturing,
and after-market services for the whole lifecycle of its customers'
products. These products include Personal Communications products
such as mobile phones and their parts, Home Communications products
such as set-top boxes and electronics for flat screen TVs as well as
Communications Networks products such as base-stations, tower-top
amplifiers, and microwave systems.

Elcoteq operates in 15 countries on four continents and employs some
24,000 people. The Group's consolidated net sales for 2007 totaled
4.0 billion euros. Elcoteq SE is listed on the OMX Nordic Exchange
Helsinki. For more information visit the Elcoteq website at
Related Links: Elcoteq Network SE
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.