At 10:00 am on April 6th you can watch live streaming of the Ordinary Shareholders Meeting through the following link.
Ordinary Shareholders Meeting Minutes
Related to the Board compensation, it is proposed to the shareholders meeting an increase in the current compensation of 25%, in other words, the payment of UF125 (One hundred and twenty five Unidades de Fomento) for the board members and UF 250 (Two hundred and fifty Unidades de Fomento) for the president of the board. It was also proposed that the compensation be paid on a monthly basis, independent of the number of ordinary or extraordinary sessions that the directors attend in a month. However, in the even that a director receives fees from the company or its subsidiaries for functions different than performing his function as a board member, as well as in the case that a company in which the director has a majority participation and receives fees related to a contract or agreement between the company and its subsidiaries, it is proposed that the director receive, directly or indirectly, only the amount that is greater between the director compensation or the agreed upon fee, as long as the latter is valid.
Related to the designation of the company’s risk rating agencies, taking in to account the main risk rating agencies that comply with the excellence criteria that the Company requires, and allowing an appropriate negotiation with each of the those with respect to the price of their services, the Board agreed to propose to the Shareholders allowing the company to designate at last two of the following companies: “Feller – Rate Clasificadora de Riesgo Ltda.”, “Fitch Chile Clasificadora de Riesgo Ltda.”, “Clasificadora de Riesgo Humphreys Limitada” and “ICR Clasificadora de Riesgo Ltda.”
Related to the Director’s Committee Compensation, the Board agreed to propose to the Shareholders Meeting to maintain the current compensation, with monthly gross payment amounting to UF 65 (sixty five “Unidades de Fomento”), independent of the number of ordinary or extraordinary sessions that the directors attend during a single month.
Similarly, the Board agreed to propose to the Shareholders Meeting maintaining the expense budget for an amount totaling Ch$ 10.000.000 (ten million pesos) annually, or an amount equivalent to the total compensation of the Committee, if this is greater, in order to appropriately perform their functions.
The year ended December 31, 2016 resulted in a profit attributable to the shareholders of MMCh$ 70,114 (seventy thousand, one hundred and fourteen million Chilean pesos). According to circular letter 1945 from the Superintendency of Securities and Insurance issued on September 29, 2009, which establishes the standards to determine the distributable profits from the year, the effects of the controlled fair value net of deferred taxes should be discounted from the profits attributable to the shareholders, which amounts to ChMM$ 30,566 (thirty thousand, five hundred and sixty six million Chilean pesos. As a consequence, the distributable profit amounts to MMCh$ 39,548 (thirty nine thousand, five hundred and forty eight million Chilean pesos).
Considering the previous and according the company’s dividend distribution policy, the board agreed to propose to the Shareholders meeting to distribute a dividend amounting to Ch$ 32 (thirty two Chilean pesos) per share, which amounts to MMCh$ 28,605 (twenty eight thousand six hundred and five million pesos), which is approximately 72% of the distributable profit. This amount is made up of Ch$ 13 pesos relating to the minimum obligatory dividend and Ch$ 19 pesos related to an additional dividend, amounting to a total of Ch$ 32 pesos per share.
Finally, related to the dividend distribution policy, the Board proposed to recommend to the Shareholder Meeting to maintain the policy to distribute dividends to the shareholders for an amount no less than 30% of the distributable profit of the year.
Note. Amounts are calculated using the total shares as of 2/28/2017.
Details of related party transactions for the years ended December 31, 2016 and 2015, are as follows:
It is proposed that the Diario Financiero will be the source for company announcements.