Decision on dividend payment to be postponed to continuation AGM
The Board of Directors of Landsbankinn will propose that the Bank’s AGM on 27 March postpone the decision on payment of dividend from the past financial year to a continuation AGM, to be held within two months of the AGM.
Helga Björk Eiríksdóttir, Chairman of the Board of Directors: “In light of the current economic uncertainty caused by the outbreak of Covid-19, the Board of Directors now proposes deferment of the decision on dividends to a continuation AGM. Just under 40% of Icelanders and around a third of all domestic companies bank with Landsbankinn. The Bank is well positioned to handle the challenges society now faces and postponement of the decision to pay dividends to a continuation AGM further increases the Bank’s capacity to support its customers.”
The Board of Directors had previously stated its intent to propose that the AGM approve a dividend of ISK 0.40 per share, to be paid to shareholders for the operating year 2019 in two equal payments in 2020. The total dividend would be ISK 9,450 million, corresponding to 52% of the consolidated profit in 2019. Since 2013, Landsbankinn has paid a total of ISK 142 billion in dividends which accrue largely to the National Treasury.
The proposal of the Board of Directors further moves that no changes be made to the composition of the Board and that Helga Björk Eiríksdóttir remain its Chair. It is further proposed that no changes be made to remuneration to Directors of the Board.
Information about the annual general meeting of Landsbankinn to be held on 27 March