The Supervisory Board has at its meetings on 26th of March passed resolutions on:

Approval of the annual accounts for 2014, including distribution of the profitfor the year.
The Supervisory Board voted that the annual accounts as presented and withadditional information should be adopted as the Bank's annual accounts for 2013.
 
The Supervisory Board resolved that the profit for the year should be distributed as follows:
 
Dividend on ECs (NOK 2,25 per EC)                      NOK 292 m
Transferred to equalisation fund                               NOK 679 m
Transferred to ownerless capital                               NOK 372 m
Allocated to non-profit causes                                  NOK 160 m
 

The Board of Directors further recommends that NOK 120m of the amount for gifts for non-profit purposes be donated to the foundation Sparebankstiftelsen SMN, and that the remaining NOK 40m be allocated to other non-profit purposes, an increase from NOK 35m in 2014.

The Supervisory Board resolves, in accordance with the the Board of Directors' recommendation, that SpareBank 1 SMN shall make a group contribution totalling NOK 218,624,794.

 
The Board of Directors is authorised to distribute the amount allocated to non-profit causes.
 
Note was taken of the following: the report of the Board of Directors,
information on senior employees' terms and conditions, the audit report, the control committee's report and the corporate governance report.
 

Authorisation to issue subordinated debt
The Supervisory Board authorises the Board of Directors to raise subordinatedloans, collectively or separately, in Norwegian currency or the equivalent in foreign currency, distributed as follows:

 
Dated subordinated debt                                    NOK 1,000m
Perpetual subordinated debt                               NOK 1,000m
Hybrid capital                                                     NOK 1,000m
 
This authorisation remains valid until the final accounts for 2015 are adopted.
 

Authorisation to acquire and establish a security interest in the Bank's own equity certificates

           

The Supervisory Board unanimously authorises the Board of Directors to purchase,and to establish a security interest in, the Bank's treasury ECs in a totalnominal amount of NOK 200m within the limits set forth in law and regulationsand on the following terms:
 
     I.          The overall holding of ECs owned by the Bank and/or in which it has aconsensual security interest may not exceed 10 per cent of the Bank's
issued EC capital.
  II.          The smallest amount payable for ECs is NOK 1 and the highest amount is NOK 200.
III.          This limit also applies to any consensual security interest such that theclaim which the security interest is to cover must be within the said amount limits.
IV.          Purchase of ECs shall take place in the securities market via Oslo Børs. Disposal shall take place on the same market, in the event as a placing with employees in accordance with applicable laws and regulations.
  V.          The authorisation is valid for 13 months as from 26 of  March 2015.
VI.          The authorisation replaces the existing repurchase authorisation.
 
 
Election of deputy chair of the Supervisory Board
Berit Tiller was elected as deputy chair for a period of two year.
 
Election of members and alternates to the Board of Directors
Kjell Bjordal was re-elected as Board member for a period of two years.
Paul E. Hjelm-Hansen was re-elected as Board member for a period of two years.
Bård Benum was re-elected as Board member for a period of two year.
Morten Loktu  was re-elected as Board member for a period of two years.
Bente Karin Trana was re-elected as 1st alternate for a period of one year.
Pål Hofstad was elected as new 2nd alternate for a period of one year.
Erik Gunnes was elected as new regularly attending alternate for the employees for a period of one year.
 
Election of chair of the Board of Directors
Kjell Bjordal was re-elected as deputy chair of the Board of Directors for a period of two years.
 
Election of Control Committee
Terje Lium was re-elected as member of the Control Committee for a period of two years.
Terje Ruud was re-elected as member of the Control Committee for a period of two years.
 
Ingvild Kjerkol was re-elected as 2nd alternate to the Control Committee for a period of two years.
 
Election to the Supervisory Board's Election Committee
As member:
Lars B. Tvete was re-elected as representative for the EC holders for a period of two years.
Jonny Meland was re-elected as representative for the public appointees for a period of two years.
 
As alternate:
Jan Yngvar Kiel was elected as alternate for the depositors for a period of two years.
Rolf Bratlie was elected as alternate for the employees for a period of two years.
 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire
HUG#1906741

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