Annual General Meeting in Schibsted ASA was held today, 13 May 2002.
The Annual General Meeting approved the annual accounts and the Board of Directors´ annual report for Schibsted ASA. The Board´s proposal for allocation of the profit for the year, a dividend of NOK 2 per shares, except for those shares owned by Schibsted ASA, was approved. The Annual General Meeting also approved the fee to the members of the Board of Directors and to the company´s auditor.
The Annual General Meeting decided give the Board a renewed proxy to acquire shares in Schibsted ASA in accordance with the law of 13 June 1997, no. 45 on the following conditions:
1. The proxy is valid for an 18-month period from 13 March 2002.
2. The nominal value of stock acquired in accordance with the proxy must not at any time exceed 10% of the total share capital.
3. The lowest nominal amount that is to be paid per share is NOK 50. The highest nominal amount that is to be paid per share is NOK 500.
4. The Board is free to act with regards to acquisition and possible resale of the shares as it finds appropriate, as long as the principle of equal rights among shareholders is maintained.
Four shareholder elected members of the Board of Directors were to be elected this year, including the chairman of the Board Tinius Nagell-Erichsen and their deputies. The chairman of the Board had notified the Board that he would not enter a reelection for chairman. The vice chairman, Ole Lund, had notified the Election Committee that he after 14 years of service on the Board of Directors wished to step back and thus not be reelected for the Board.
The Election Committee proposal was approved. That is the Board of Directors from now on consists of the following shareholder elected members: Ole Jacob Sunde (chairman), Tinius Nagell-Erichsen (vice chairman), Cato A. Holmsen, Jan Reinås, Jan-Fredrik Wilhelmsen, Lars M. Berg and Alexandra Bech.
Ole Jacob Sunde, Tinius Nagell-Erichsen, Cato A. Holmsen and Jan Reinås were all elected for a period of 2 years. Jan-Fredrik Wilhelmsen replaces Ole Lund during the remaining one year of the election period through by-election. Lars M. Berg and Alexandra Bech were both elected on the Annual General Meeting 2001 and thus have both one year left of their service period.
Following the Election Committee proposal it was decided to discontiune the present regulation of personal deputies for shareholder elected board members and introduce an order of ordinary deputies. The change does not require any change in the company´s articles of association. Following the Election Committee proposal, the following shareholder elected deputies were elected for a service period of two years: 1st deputy: Christian Ringnes, 2nd deputy: John Rein, 3rd deputy: Guri Scotford.
The employee representatives of the Board of Directors and their respective personal deputies were all elected for a service period of two years at the Annual General Meeting in 2001.
Following the proposal of the main shareholder Blommenholm Industrier AS, the following Election Committee was elected for a service period of two years: Lars A. Christensen (chairman of the committee), Tinius Nagell-Erichsen (member), Grete Faremo (member), Kjell Aamot (deputy).
The changes in the company´s Articles of Association were made in line with the suggestions included in the notice of the Annual General Meeting. Regulations, as of after the changes ruled by today´s Annual General Meeting, are enclosed with this press release.
All decisions at today´s Annual General Meeting were unanimous.
Oslo, 13 May 2002
President and CEO
Appendices: regulations for Schibsted ASA as of 13 May 2002