Alma Media Corporation Stock Exchange Release August 24, 2011 at 20:15 (EEST)
THE REGIONAL STATE ADMINISTRATIVE AGENCY FOR SOUTHERN FINLAND PARTIALLY APPROVED HERTTAÄSSÄ'S APPLICATION FOR A SPECIAL AUDIT ON ALMA MEDIA
Oy Herttaässä Ab proposed to the Annual General Meeting (AGM) 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.
The Regional State Administrative Agency for Southern Finland has considered the application for a special audit on Alma Media, submitted by Herttaässä. 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 has approved the application.
However, to the extent that the application 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 has rejected the application.
Alma Media will examine the decision and its reasoning carefully and then decides whether it shall appeal against the decision to the administrative court.
Alma Media announced that Herttaässä has requested the special audit on April 15, 2010 via a stock exchange release.
Alma Media Corporation
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