Decisions Of Elcoteq SE's Annual General Meeting And The Constitutive Board Meeting

Monday, 23. March 2009 14:45
Elcoteq SE
Stock Exchange Release
March 23, 2009 at 3.45 pm (EET)


Elcoteq SE's Annual General Meeting took place today, on March 23,
2009, in Luxemburg. The Meeting confirmed the consolidated and parent
company's income statements and balance sheets for the financial year
2008 and discharged the members of the Board of Directors and of the
statutory auditor from liability for the financial year.

Composition of the Board of Directors and Fees

The Meeting re-elected the following persons to the Board of
Directors: President Martti Ahtisaari; Mr. Eero Kasanen, Rector of
the Helsinki School of Economics; Mr. Heikki Horstia, Vice President,
Treasurer, Wärtsilä Corporation; Mr. François Pauly, General Manager
of Sal. Oppenheim jr. & Cie S.C.A; Mr. Antti Piippo, principal
shareholder of Elcoteq SE; Mr. Henry Sjöman, founder-shareholder of
Elcoteq SE; Mr. Juha Toivola, MSc; and Mr. Jorma Vanhanen,
founder-shareholder of Elcoteq SE. President Ahtisaari, Mr. Horstia,
Mr. Kasanen, Mr. Pauly and Mr. 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 to
each member of the Board of Directors an annual fee of 60,000 euros,
of which 60% will be paid in money and 40% in Elcoteq shares that
have to be acquired April 30 - May 15, 2009. The shares are not
allowed to be transfered before the next Annual General Meeting,
unless the person's membership in the Board of Directors ends prior
to that.

The Meeting also decided that the Chairman of the Board of Directors
will be paid a fee of 45,000 euros per month and the Deputy Chairman
of the Board of Directors will be paid a fee of 10,000 euros per
month.

Auditor

The Meeting approved the proposal of the Audit Committee of the Board
of Directors to appoint the firm of authorized public accountants
KPMG Audit S.à.r.l under the supervision of Mr. Philippe Meyer as the
Company's auditors for the financial year ending on December 31,
2009. The fee of auditors will be paid as per the appropriate
invoice.

Dividend

The Meeting approved the Board's proposal that no dividend will be
distributed for the financial year January 1 - December 31, 2008.

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 and on company's website latest on Monday, April 6,
2009.

The Decisions of the Constitutive Board Meeting

Convening after the Annual General Meeting in Luxembourg, the Board
of Directors elected Mr. Antti Piippo as its Chairman and Mr. Juha
Toivola as the Deputy Chairman.

Mr. Piippo was elected Chairman of the Nomination Committee and the
Working Committee and Mr. Henry Sjöman, Mr. Juha Toivola and Mr.
Jorma Vanhanen as members of these committees.

Mr. Toivola was elected Chairman of the Compensation Committee and
the Audit Committee and President Martti Ahtisaari, Mr. Heikki
Horstia, Mr. Eero Kasanen and Mr. Pauly as members of these
committees.


ELCOTEQ SE

Minna Aila
Director, Investor Relations and Corporate Responsibility

Further information:
Markus Kivimäki, SVP, 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)
company.
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 flat panel 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
19,000 people. The Group's consolidated net sales for 2008 totaled
3.4 billion euros. Elcoteq SE is listed on the Nasdaq OMX Helsinki
Ltd. For more information visit the Elcoteq website at
www.elcoteq.com.


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