AGM resolved to approve the activities of TSE, and to approve the 1999 financial reports, management report, auditor’s report and proposal for profit allocation.
According to the proposal for profit allocation, net profit earned by TSE in 1999 in the amount EEK 998,123 will be assigned as follows: to assign 5% of the amount of net profit earned in 1999, or EEK 49,906, to the account of mandatory legal reserve; to carry the proceeds from penalties in the amount EEK 237,000 to guarantee fund; to assign 1999 the undistributed sum in the amount EEK 711,217 to the account of retained earnings.
AGM resolved to appoint Urmas Kaarlep and Aivo Kangust of PriceWaterhouseCoopers to audit the financial reports of TSE in year 2000.
AGM resolved to approve the amendments to TSE Articles of Association. According to the amendments, the TSE Supervisory Board members are appointed for tenure of two years, instead of three years as previously. The amendments will also allow non-monetary payments to TSE share capital.
The Estonian version of the new Articles of Association is available on TSE internet homepage, under links Rules and Regulations/ Additional Documents. The English version will be available shortly.
AGM resolved to approve changes in the TSE Supervisory Board.
AGM appointed the following current TSE Supervisory Board members for next tenure of two years: Helo Meigas (Vice President of Central Bank of Estonia), Rain Lõhmus (Chairman of Management Board at LHV) and Kalev Tanner (Partner in Baltic Cresco Investment Group).
AGM appointed the following new Supervisory Board members: Sven Kunsing (Head of Market Analysis Division of Investment Banking at Eesti Ühispank), Arvo Juhkami (Head of Operations at Optiva Pank), Allan Martinson (Chairman of Management Board at Microlink) and Andres Lipstok (Member of Parliament).
AGM recalled the following Supervisory Board members: Tarmo Jüristo, Tarmo Pedjasaar and Toomas Tsopp.
Other members of the TSE Supervisory Board are Supervisory Board chairman Peeter Saks (Chairman of Management Board of Suprema Securities) and Priit Põldoja (Head of Hansabank Markets).
AGM resolved to increase the share capital of TSE from the current level of EEK 3.3 million, up to EEK 6.6 million, through issue of 330 new shares to the shareholders of Estonian Central Depository for Securities (ECDS). The directed issue is a precondition for creation of TSE and ECDS-based group, which will be the focal point of the Estonian securities market infrastructure.
