Nokia Corporation had its Annual General Meeting or AGM at Nokia’s HQ in Espoo on 5 April 2022. Nokia has 3 063 million which are held by approximately 60 000 shareholders, and all of them were represented at the meeting according to the press release.
The Board of Directors decided to distribute EUR 0.08 per share as a dividend from the retained earnings and/or as assets from the invested unrestricted equity fund. The payment dates are set for May, August and November 2022, and February 2023. At the meeting, the shareholders also were discussing the annual fees to be paid to the members of the Board for the term ending at the close of the next Annual General Meeting. The Chair of the Board will get EUR 440 000, and approximately 40% of the annual fee will be paid in Nokia shares.
Shareholders voted for the new arrangement of the Board. Actually, seven members were reelected and some new members were chosen. The following seven that were reelected for the term ending at the close of the next Annual General Meeting are Sari Baldauf, Bruce Brown, Thomas Dannenfeldt, Jeanette Horan, Edward Kozel, Søren Skou and Carla Smits-Nusteling. The new members are Lisa Hook, Thomas Saueressig and Kai Öistämö.
It is interesting to see Kai Öistämö here since he used to be a Nokia employee for years when Nokia was ruling the (smart)phone business. He used to be the Chief Development Officer from 2010 till 2014 when he left the company.
Kai Öistämö was also elected as Chair of the Corporate Governance and Nomination Committee with Sari Baldauf, Bruce Brown and Carla Smits-Nusteling as members. I’m not sure if his comeback will have anything to do with Nokia’s stronger influence in the licensing deals for phones, smartphones and tablets, but anything is possible.