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Nokia Oyj:n varsinainen yhtiökokous 2021

8.4.2021

Nokia Oyj:n varsinainen yhtiökokous pidettiin 8.4.2021 yhtiön päätoimipisteessä Espoossa poikkeusjärjestelyin COVID-19-pandemian vuoksi. Kokouksessa oli edustettuna noin 66 300 osakkeenomistajaa, jotka edustivat noin 2 470 miljoonaa osaketta ja ääntä. Yhtiökokous kannatti kaikkia hallituksen yhtiökokoukselle tekemiä ehdotuksia. Yhtiökokous vahvisti yhtiön tilinpäätöksen, myönsi vastuuvapauden hallituksen jäsenille ja toimitusjohtajana toimineille tilikaudelta 2020 sekä kannatti yhtiön palkitsemisraporttia neuvoa-antavassa äänestyksessä.

Sari Baldauf

Pekka Lundmark

agm

Ilmoittautuminen yhtiökokoukseen ja äänestäminen ennakkoon

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Ilmoittautuminen ja ennakkoäänestys alkoi 10.3.2021 klo 10.00 ja päättyi 30.3.2021 klo 16.00.

Osakkeenomistaja, jolla on suomalainen arvo-osuustili, voi ilmoittautua ja äänestää ennakkoon tiettyjen yhtiökokouksen asialistalla olevien asiakohtien osalta seuraavilla tavoilla:

a) Internetpalvelussa

Sähköiseen ilmoittautumiseen ja ennakkoäänestämiseen tarvitaan luonnollisille henkilöille vahva sähköinen tunnistautuminen (esimerkiksi suomalaiset pankkitunnukset). Oikeushenkilöiden osalta tarvitaan Y-tunnus ja arvo-osuustilin numero.

b) Sähköpostitse tai postin kautta

Osakkeenomistaja voi toimittaa ennakkoäänestyslomakkeen Euroclear Finland Oy:lle sähköpostitse osoitteeseen yhtiokokous@euroclear.eu tai postitse osoitteeseen Euroclear Finland Oy, Yhtiökokous/Nokia Oyj, PL 1110, 00101 Helsinki.

Ilmoittautumisen yhteydessä osakkeenomistajan tai asiamiehen tulee ilmoittaa pyydetyt henkilötiedot. Luovutettuja henkilötietoja käytetään vain yhtiökokouksen ja siihen liittyvien tarpeellisten rekisteröintien käsittelyn yhteydessä.

Tutustu tietosuojaselosteeseen

Jos osakkeenomistaja osallistuu yhtiökokoukseen toimittamalla postitse tai sähköpostin kautta ennakkoäänet Euroclear Finland Oy:lle soveltuvien ohjeiden mukaisesti, äänten toimittaminen katsotaan ilmoittautumiseksi yhtiökokoukseen. Muuta ilmoitusta osallistumisesta ei edellytetä.

Lisätietoja myös puhelimitse numerosta 020 770 6870 yhtiökokouksen ilmoittautumisaikana maanantaista perjantaihin klo 9.00–16.00.

AGM

Valtakirjat

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Osakkeenomistaja saa osallistua yhtiökokoukseen asiamiehen välityksellä. Myös osakkeenomistajan asiamiehen on äänestettävä ennakkoon kutsussa kuvatulla tavalla. Osakkeenomistajan asiamiehen on esitettävä päivätty valtakirja tai hänen on muuten luotettavalla tavalla osoitettava olevansa oikeutettu edustamaan osakkeenomistajaa. Mikäli osakkeenomistaja osallistuu yhtiökokoukseen usean asiamiehen välityksellä, jotka edustavat osakkeenomistajaa eri arvopaperitileillä olevilla osakkeilla, on ilmoittautumisen yhteydessä ilmoitettava osakkeet, joiden perusteella kukin asiamies edustaa osakkeenomistajaa. 

Mahdolliset valtakirjat pyydetään toimittamaan Euroclear Finland Oy:lle postitse osoitteeseen Euroclear Finland Oy, Yhtiökokous, PL 1110, 00101 Helsinki tai sähköpostitse osoitteeseen yhtiokokous@euroclear.eu viimeistään 30.3.2021 klo 16.00.


 

AGM

Vastaehdotukset ja kyselyoikeus

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Osakkeenomistajilla, joilla on vähintään yksi sadasosa yhtiön kaikista osakkeista, oli oikeus tehdä äänestykseen otettava vastaehdotus yhtiökokouksen asialistalla oleviin päätösehdotuksiin toimittamalla vastaehdotus yhtiölle viimeistään 9.3.2021 klo 12.00 mennessä. Yhtiölle ei toimitettu yhtään tällaista vastaehdotusta.

Osakkeenomistaja on voinut esittää osakeyhtiölain 5 luvun 25 §:ssä tarkoitettuja kysymyksiä kokouksessa käsiteltävistä asioista sähköpostitse osoitteeseen agm@nokia.com 19.3.2021 klo 16.00 asti. Yhtiö vastaa kysymyksiin sillä kielellä, jolla kysymykset on esitetty. Kysymyksen 1 esitti yksityishenkilö ja kysymykset 2-5 esitti Nokia French employee mutual fund (FCPAN).

QUESTION 1: What level of balance sheet comfort do we need to reach before dividends will be paid again?

ANSWER 1: On March 18, 2021, Nokia announced its updated dividend policy in its Capital Markets Day event. We noted that Nokia is targeting recurring, stable and over time growing ordinary dividend payments, taking into account the previous year’s earning as well as the company’s financial position and business outlook. As previously announced, Nokia’s Board of Directors did not propose a dividend or dividend authorization for the financial year 2020. After Q4 2021, the Board will assess the possibility of proposing a dividend distribution for the financial year 2021 based on the updated dividend policy.

QUESTION 2: Following the last reorganization, the 4 Business Groups are responsible for their Profit & Loss. However, their accounting systems do not reflect the reality of their production costs. For example, BGs are not accountable for the restructuring costs. Their reorientation or reorganisation decisions are therefore not optimal at the group level. To illustrate this point, it should be recalled that the management of Nokia France invokes a concern for profitability to justify job cuts, without being able to support its decision with any balance sheet that considers the value created in France. An external auditor has established that the loss used to justify the redundancies is organized from an accounting point of view.

The shareholders of the FCPAN would like the Group Management to confirm to them the relevance of the costs incurred to reduce the workforce in France and legitimately question the fact that decisions are taken rationally and optimally at the group level when BGs are not accountable for a significant portion of the costs that their decisions may generate.

ANSWER 2: Actions taken in France were in line with the global cost-saving program with the aim to strengthen the company's competitive position and secure its long-term performance.

At the end of October we announced that we would move to a new operating model from the beginning of 2021 to improve the way we work so we can better align with how customers want to buy and achieve our aim of technology leadership in the areas where we choose to compete. Our four new business groups each have a clear mission and P&L responsibility and need to demonstrate a clear route for delivering shareholder value.

QUESTION 3: A Nokia spokesperson publicly announced that job cuts at Nokia France would be made based on voluntary departures. There is a specific legal procedure for this in France. However, the management of Nokia France implements a completely different legal procedure. It is specifically designed to organize the coercive elimination of jobs and does not correspond to what has been announced. The shareholders of the FCPAN would like to know whether the board validates this coercive procedure of job cuts when a procedure of voluntary departures is legally possible.

ANSWER 3: Nokia takes measures such as restructuring very seriously and continuously assesses, in line with local legislation, options for internal redeployment, voluntary restructuring and other measures where appropriate to limit the effect on employees to the extent possible in France and other jurisdictions.

QUESTIONS 4a-c: Nokia announces conducting an ethical and compliance policy and flatters itself that Nokia has been named by Ethisphere as one of the World’s Most Ethical Companies. However, at the same time:

4a - Nokia is organizing the relocation of its jobs and production from countries where energy is low carbon (e.g. France) to countries where energy is extremely carbon intensive (e.g. Poland or India). Does Nokia consider this increased contribution to CO2 production to be ethical?

ANSWER 4a: The combat against the climate change is a key priority for Nokia. On March 4, 2021, Nokia announced that it will halve emissions across both its operations and products in use by 2030. The company’s new Science Based Targets (SBTs) fulfill its commitment to recalibrate in line with a 1.5°C global warming scenario. Refer to the Press release.

4b - Nokia’s accounting system organises the transfer of the value created in subsidiaries to the headquarters. This allows Nokia to avoid taxes in the countries of these subsidiaries while benefiting from the various advantages they offer: high-level universities that train highly qualified engineers and researchers, the legal security of a state governed by the rule of law, a reliable logistics environment, or even direct subsidies. Even though these practices may not explicitly contravene law or OECD rules, does Nokia consider this predation policy to be ethical?

ANSWER 4b: The foundation of Nokia’s tax policy is to pay the right amount of tax that is legally due in the correct jurisdiction. Furthermore, we observe all applicable rules and regulations in every country where we operate, and we follow the rules set by the relevant authorities. We also follow a global transfer pricing policy that is based on the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations issued by the Organisation for Economic Cooperation and Development (OECD). Nokia’s business operations and related investments do require a great number of legal entities, so we do have entities in countries with different tax regimes. Tax transparency is discussed in our sustainability reporting which is continuously developed.

4c - The FCPAN representatives wrote last year to the new Chairman of the Nokia Board of Directors on his taking office to congratulate him. They also reminded him of the commitments made by Nokia to its shareholders and the French government at the time of the merger with Alcatel-Lucent:

  • A major organization in charge of strategic innovation, including network research and Bell Labs, will be piloted from France and will employ key leaders. Thus, Nokia plans to locate in France its top executive in charge of network technologies and innovation. This leader (who is expected to hold the title of Chief Technology Officer) and some of the members of his team will be in charge of cutting-edge research and innovation in France.
  • Locate worldwide centres of technological expertise in France following the completion of the operation, particularly in the areas of Bell Labs.
  • Nokia is committed to supporting the ecosystem through leading experts based in France (e.g. Bell Labs France) and to continuing Alcatel-Lucent’s participation in major initiatives such as the Systematic Competitiveness Clusters, Cap Digital, and Images and Networks. Nokia will participate in collaborative R&D projects consistent with the scope of these overall commitments, and to open up new business opportunities and technological developments.

In view of these commitments, the FCPAN decided to contribute its shares to this merger. The representatives are surprised not to have received a response regarding the actual implementation of these commitments by the new Management. Does Nokia consider that not answering the legitimate questions of one of the group’s main shareholders is ethical?

ANSWER 4c: As noted in the answer to the similar question from FCPAN in the 2020 AGM, Nokia has delivered on the commitments that were due to be completed at this point in time and has engaged in regular, systematic follow-up of with the French Government. In particular, we reached the committed target of the R&D headcount in June 2019 and recruited more than 900 engineers.  We have also met broader employment level goals and commitments in the areas of telecom and academic ecosystem development, technology centers and site presence. In the area of investments into the French digital ecosystem, the commitment was not time-bound and is still in progress.

QUESTION 5: Some weeks ago we have asked the new Director of Strategy and Technology if he could elaborate on how he sees Strategy & Technology future in France and how company will respect its commitments in the next coming months. He referred us to a country officer with no responsibility for the strategy or organization of the group. According to this answer we understand that the new Director of Strategy and Technology considers that he is not concerned within the scope of his responsibilities by the concrete implementation of the commitments made by Nokia. Do you confirm that the Nokia group does not consider its commitments when defining its strategy?

ANSWER 5: We can confirm that Nokia considers its commitments when defining its strategy. 

 

AGM

Tärkeitä päivämääriä

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Määräaika vähintään 1 % yhtiön osakkeista omistavien vastaehdotuksille

9.3.2021 klo 12.00

Ilmoittautuminen ja ennakkoäänestys alkaa

10.3.2021 klo 10.00

Määräaika osakkeenomistajien kysymyksille

19.3.2021 klo 16.00  

Vastaukset osakkeenomistajien kysymyksiin nähtävillä yhtiön internetsivuilla 

24.3.2021

Täsmäytyspäivä 

25.3.2021

Ilmoittautuminen ja ennakkoäänestys päättyy

30.3.2021 klo 16.00

Yhtiökokouspäivä

8.4.2021

Yhtiökokouksen pöytäkirja nähtävillä yhtiön internetsivuilla viimeistään 22.4.2021