Decisions of Annual General Meeting of shareholders of JSC “Valmieras stikla šķiedra”

Hereby we are informing that Annual General Meeting of shareholders of JSC “Valmieras stikla šķiedra” took place on May 29, 2009. Shareholders meeting approved following decisions:

1.        The Reports of the Management Board, the Supervisory Board and the statement of the sworn auditor, approval of Annual report for the year 2008.

1)      To take notice of the report of the Management Board, the report of the Supervisory Board and the statement of the sworn auditor of joint stock company “Valmieras stikla šķiedra”.                                                    

2)      To approve the Annual Report of JSC “Valmieras stikla šķiedra” for the year 2008 prepared by the Management Board of JSC “Valmieras stikla šķiedra” and revised by the Supervisory Board of JSC “Valmieras stikla šķiedra”.                                                                     

2.        Distribution of profit for the year 2008.

1)      To approve the net profit of JSC “Valmieras stikla šķiedra” for the year 2008 of LVL 505 594.

2)      To distribute the net profit for the year 2008 of LVL 505 594 as follows:

1. To pay 1% of the net profit for the year 2008 to each member of the Management Board and each member of the Supervisory Board of the JSC “Valmieras stikla šķiedra” for the results of the year 2008.                                                      
2. To use LVL 438 466 for the development of JSC “Valmieras stikla šķiedra” with the aim to increase JSC “Valmieras stikla šķiedra” competitiveness.                                

3.      Election of the auditor for the audit of Annual Reports for the year 2009 and determination of the remuneration for the auditor.

1)      To elect audit company “Deloitte Audits Latvia” SIA (commercial company licence No. 43) as auditor of the Annual Report of JSC “Valmieras stikla šķiedra” for the year 2009.

2)      To determine that the remuneration of the auditor for the audit of Annuals report for the year 2009 shall be set according to the agreement signed between the auditor and JSC “Valmieras stikla šķiedra” on the audit of the Annual Report 2009.

4.      Determination of the remuneration for members of the Supervisory Board.

1)      To determine that for the duties during the year 2009, each member of the Supervisory Board of JSC „Valmieras stikla šķiedra” shall receive a remuneration of LVL 6,000 (six thousand) lats.                                 

2)      If a member of the Supervisory Board does not participate at any of the 4 (four) mandatory Supervisory Board meetings, then the remuneration shall be   diminished by LVL 1,000 (one thousand lats) for every meeting missed.          

3)      To decide about an additional remuneration in the amount of 1% of the net profit for the year 2009 for each Supervisory Board member of the JSC “Valmieras stikla šķiedra” after approval of the Annual report for the year 2009 when deciding about the distribution of the profits for the year 2009.              

5.      Amendments of Articles of association.

1)      To approve the Articles of Association of JSC „Valmieras stikla šķiedra” in new edition.

2)      If state notary of the Register of Enterprises of the Republic of Latvia (an administrative institution of the Commercial Register) has made the decision to refuse the registration of new wording of the Articles of Association of JSC “Valmieras stikla šķiedra”, authorise Management Board of JSC “Valmieras stikla šķiedra” with its resolution to eliminate reasons of the  refusal, which are mentioned in the decision of the state notary of the Register of Enterprises of the Republic of Latvia (an administrative institution of the Commercial Register).

6.      Election of Audit committee.

1)      To elect for the office of the member of JSC “Valmieras stikla šķiedra” Audit Committee for the term three years, starting on  29 May 2009:

1.                  Guntis Strazds,

2.                  Stefens Preiss-Daimlers,

3.                  Florians Krome.

2)      To determine 500 LVL as the annual remuneration for the members of the Audit Committee and to authorize the chairperson of the Audit Committee to determine the distribution of the remuneration between the members of the Audit Committee.

Valmiera, 29 May, 2009

JSC “Valmieras stikla šķiedra”

Chairman of the Board                                                           A.O.Brutāns                                             

Member of the Board                                                             I.Saulītis