Resolutions of Annual General Meeting of Shareholders of JSC „Valmieras stikla šķiedra” to be held on May 27, 2016

27. May, 2016

1. Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor, approval of Annual report for the year 2015.

1) To take notice of the Reports of Management Board, Supervisory Board, Audit Committee and statement of Sworn auditor for the year 2015 of joint stock company “VALMIERAS STIKLA ŠĶIEDRA”.

2) To approve the Annual Report of joint stock company “VALMIERAS STIKLA ŠĶIEDRA” for the year 2015 prepared by the Management Board of joint stock company “VALMIERAS STIKLA ŠĶIEDRA” and revised by the Supervisory Board of joint stock company “VALMIERAS STIKLA ŠĶIEDRA”.   

Voting results:  decision is taken with the required majority of votes.                                     

2. Distribution of the profit for the year 2015.

1) To approve the net profit of joint stock company “VALMIERAS STIKLA ŠĶIEDRA” for the year 2015 in the amount of 5 485 542 EUR.

2) To distribute the net profit for the year 2015 of 5 485 542 EUR as follows:

a. To pay 1 645 663 EUR or 0,06884696 EUR per one share to shareholders in dividends, setting October 13, 2016 as the date of calculation of dividends and October 20, 2016 as the date of payment of dividends.

b. To leave undistributed and use 3 839 879 EUR for the development of joint stock company “VALMIERAS STIKLA ŠĶIEDRA” with the aim to increase joint stock company “VALMIERAS STIKLA ŠĶIEDRA” competitiveness.

Voting results:  decision is taken with the required majority of votes.
        
3. Election of the auditor for the audit of Annual Report for the year 2016 and determination of the remuneration for the auditor.

1) To elect audit company “Deloitte Audits Latvia” SIA (commercial company license No. 43) as auditor of the Annual Report of joint stock company “VALMIERAS STIKLA ŠĶIEDRA” for the year 2016.

2) To determine that the remuneration of the auditor for the audit of Annual report for the year 2016 shall be set according to the agreement signed between the auditor and joint stock company “VALMIERAS STIKLA ŠĶIEDRA” on the audit of the Annual Report 2016.

3) To determine that for the duties during the year 2016, each member of the Audit Committee of joint stock company „VALMIERAS STIKLA ŠĶIEDRA” shall receive a remuneration in the amount of 1850,- EUR (one thousand eight hundred fifty euros) for each attended Audit Committee meeting.

Voting results:  decision is taken with the required majority of votes.

4. Determination of the remuneration for Supervisory Board.

1) For the results of the year 2015 of the joint stock company “VALMIERAS STIKLA ŠĶIEDRA” to pay additional remuneration in the amount of 1% of the net profit for the year 2015 to each member of the Supervisory Board.

2) To determine that for the duties during the year 2016, each member of the Supervisory Board of joint stock company „VALMIERAS STIKLA ŠĶIEDRA” shall receive a remuneration in the amount of 3000,- EUR (three thousand euro) for each attended Supervisory Board meeting.                                  

Voting results:  decision is taken with the required majority of votes.


Valmiera, May 27, 2016

Chairman of the Management Board                                                           A.H.Schwiontek

Member of the Management Board                                                             D.Šēnbergs