Elcoteq Announces the Decisions of Its Annual Meeting

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Helsinki, Finland -- Elcoteq Network Corp.'s Annual General Meeting took place in Helsinki, Finland, on March 26, 2003.

The meeting confirmed the consolidated and parent company's income statements and balance sheets for the financial year 2002 and discharged the members of the Board of Directors and the president and CEO from liability for the financial year.

The meeting also approved the Board's proposal to distribute a dividend of 0.40 euros per share on the financial year January 1 - December 31, 2002.

The meeting elected seven members to the Board of Directors. The following were re-elected:

  • President Martti Ahtisaari
  • Heikki Horstia, Vice President, Treasurer, Wärtsilä Corp.
  • Eero Kasanen, Ph.D., Rector of the Helsinki School of Economics and Business Administration
  • Henry Sjöman
  • Juha Toivola, MSc
  • Jorma Vanhanen. Elcoteq's principal shareholder

Antti Piippo was elected to the Board as its new member. The terms of office of the Board members extend until the end of the following Annual General Meeting.

Convening after the meeting, the Board of Directors elected Antti Piippo as its chairman and Juha Toivola as the Deputy Chairman. The Board of Directors elected Juha Toivola as chairman and Martti Ahtisaari, Heikki Horstia and Eero Kasanen as members of the Review and Compensation Committee. Antti Piippo was elected as Chairman of the Working Committee and Henry Sjöman, Jorma Vanhanen, Juha Toivola and Lasse Kurkilahti as its other members.

Elcoteq Network Corp. is the largest European electronics manufacturing services (EMS) company and one of the global leaders in its field. For more information, visit www.elcoteq.com.



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