Minutes of AGM 2010

27-03-2010
Minutes of AGM 2010

The Annual General Meeting was held in Torshavn on 27 March. The Articles of Association were amended, and for the very first time a foreigner has been elected member of the Board of Directors of Eik Banki P/F

The meeting was held according to the previously announced agenda:

The Board of Directors' Report on the company's activities in the past financial year was approved.
The audited Annual Report was approved.
Resolution on loss appropriation in accordance with the adopted Annual Report. No dividend is distributed to shareholders.
Proposal to authorize the Board of Directors to buy own shares in the period till the next Annual General Meeting was adopted.
Proposed amendments to the §§ 15.1 and 15.2 in Articles of Association for Eik Banki P/F regarding a reduction of boardmembers elected by the General Meeting from 7 to 6, and to change the election period from 4 years to 3 years were approved.
Mr Jacob Leth was elected new member of the Board of Directors.
State authorised auditor Hans Laksá and state authorised auditing company Deloitte, Denmark were appointed independent auditors.

At the board meeting held immediately after the General meeting, Mr Frithleif Olsen was re-elected Chariman and Odd Bjellvåg was re-elected Deputy Chairman of the Board of Directors.

New Boardmember

Mr Jacob Leth was elected new member of the Board of Directors. Mr Leth is Danish and thus the first non-Faroese citizen ever to be elected boardmember of Eik Banki P/F. Mr Leth is, however, no stranger to the Faroe Islands or Eik Banki. He has previously lived and worked in the Faroe Islands, and until January 2009, he was the CEO of Danish Savings bank Sparekassen Kronjylland, which co-operates with Eik Banki.

Jacob Leth holds a Master of Law degree, was born on 2 March 1946 and holds and has held the following positions of Trust: