15 Apr 2005

Annual general meeting held in Norske Skog

The annual general meeting for Norske Skog took place yesterday, 14 April 2005, at the company's head office just outside Oslo.

The 2004 annual accounts and directors' report for parent company Norske Skogindustrier ASA and the group were approved, and the AGM also approved the board's proposal to pay a dividend of NOK 6 per share. This payout is unchanged from the previous year, and will be paid on 29 April 2005 to shareholders entered in the company's share register on 14 April 2005.
The AGM resolved to delete article 5 in the company's articles of association concerning the transferability of shares. This change means that Norske Skog's articles comply with the Norwegian code of practice on corporate governance, which recommends that shares in listed companies should be freely tradable without restrictions.
Shareholders also approved the board's proposal to amend articles 1 and 9 (now 8) to make it clear that the company is a public limited company and that the general meeting is called in accordance with the deadlines set out in Norway's Act on Public Limited Companies.
The AGM also agreed to amend articles 6, 7, 8 and 9 so that gender-neutral designations are now used for various posts on the company's governing bodies.
Ingrid Wiik and Annette Brodin Rampe were elected by the corporate assembly as new directors representing the shareholders, while Jarle Halvorsen and Stein-Roar Eriksen were elected as new employee directors. Egil Myklebust, Jan Vidar Grini and Robert Svarva (observer) have left the board, which now comprises nine permanent members instead of its previous composition of seven directors and an observer.
Ivar B Korsbakken, Idar Kreutzer, Svein Aaser, Kirsten C Idebøen and Ann Kristin Brautaset were re-elected to the corporate assembly, as recommended by the election committee. Turid Fluge Svenneby was elected as a new member of the corporate assembly, with Svein Haare as first alternate.
Gunn Wærsted was elected to the election committee, which otherwise comprises Ivar B Korsbakken, Idar Kreutzer and Helge Evju. Bjørn Kristoffersen thereby left the committee.
The AGM authorised the board to buy back the company's own shares up to a limit of 10 per cent of the outstanding shares. This authority replaces an earlier one, and will be valid until the 2006 AGM.
Oxenøen, 15 April 2005
Norske Skog
Corporate communications
Further information from:
Hanne Aaberg, senior vice president, corporate communications,
tel: +47 67 59 90 29, mob: +47 91 35 16 81