Alma Media appeals against the Regional State Administrative Agency's decision to adjudge a special audit

Alma Media Corporation Stock Exchange Release September 21, 2011 at 9:15 (EEST)

ALMA MEDIA APPEALS AGAINST THE REGIONAL STATE ADMINISTRATIVE AGENCY'S DECISION TO ADJUDGE A SPECIAL AUDIT

The Regional State Administrative Agency for Southern Finland approved partially in August an application for a special audit on Alma Media, submitted by the company's shareholder Oy Herttaässä Ab. To the extent that the application concerned the actions of the Nomination and Compensation Committee and its predecessor, the Election Committee, and how the principle of equality has been taken into account in the operations of the Committees, the Regional State Administrative Agency approved the application.

However, to the extent that the application by Herttaässä concerned a request on a special audit on the selection criteria for the appointment of the members of the Nomination and Compensation Committee, on the grounds for the determination of the fees paid to the members of the Nomination and Compensation Committee as well as on who have been the members of the Board of Directors and the Nomination and Compensation Committee of the company, The Regional State Administrative Agency rejected the application.

Alma Media has examined the decision and its reasoning carefully and decided to appeal against the decision to the administrative court of Hämeenlinna. In addition to Alma Media's request to overturn the Regional State Administrative Agency's decision, the company also applies for suspension of the enforcement until the handling of the case is finished.

Oy Herttaässä Ab proposed to the Annual General Meeting (AGM) of Alma Media Corporation held on March 11, 2010 that a special audit should be conducted regarding the operations of the Nomination and Compensation Committee of the Board of Directors of Alma Media Corporation during the latest five years. The AGM considered the proposal and as the shareholding of Oy Herttaässä Ab exceeded 10% at the time of the AGM, the proposal was included in the meeting minutes and was disclosed on the same day in a stock exchange release concerning the decisions taken by the AGM.

 

Alma Media Corporation
Rauno Heinonen
VP, Corporate Communications and IR


For further information, please contact:
Mikko Korttila, General Counsel, tel +358 10 665 2201

Distribution: NASDAQ OMX Helsinki, main media

Alma Media in brief

Alma Media is a dynamic media company whose best-known products are Aamulehti, Iltalehti, Kauppalehti and Etuovi.com. Alma Media employs approximately 2,800 professionals. The company's net sales in 2010 totalled MEUR 311.4 with an operating margin of 13.9 per cent. Alma Media's share (ALN1V) is listed in the NASDAQ OMX Helsinki Exchange. Read more at www.almamedia.fi

  • Date: 21.9.2011, 11:15
  • News type: Stock exchange release

Release subscription form

Subscriptions

Language





NOTE. If you fill in your phone number, you will automatically receive the subtitles of the releases also as SMS. If you do not wish to receive SMS's from Alma Media, simply leave the phone number field empty.