Page 75 - Restamax Plc Annual Report 2017

with valid decrees concerning the recycling and sorting Board of Directors’ authorisations
of waste. The Group estimates that the amount of food
waste in its entire restaurant segment is approximately On 26 April 2017, the Annual General Meeting author-
0.1-0.2% of turnover per year. In 2018, Restamax Group ised the Board to decide on using the company’s unre-
has introduced the Hävikkimestari (waste master) stricted equity to purchase no more than 800,000 of the
programme together with L&T, by which it aims to company’s own shares in one or several tranches, taking
minimise food waste. into account the stipulations of the Limited Liability
Companies Act regarding the maximum number of shares
In purchasing for Restamax’s restaurant operations, in possession of the company and under the following
different packaging material accumulates and efforts are terms: The company’s own shares shall be purchased
made to recycle it. Restamax’s environmental impact also with the funds from the company’s unrestricted equity,
concerns energy consumption on its premises, among decreasing the distributable profits of the company. The
other things. According to an estimate by Restamax, its shares shall be purchased in trading on the regulated
own operations involve no fundamental risks to the envi- market in the Helsinki Stock Exchange, and therefore
ronment. In 2017, electricity consumption was approxi- the purchase takes place by private placing and not
mately €1.6 million in the entire Group. in relation to the shares owned by the shareholders.
The sum paid for the shares is the price announced on
Social and personnel matters the acquisition day for Restamax Plc’s shares on the
regulated market on the stock list of Helsinki Stock
In personnel policy, Restamax aims to provide equal Exchange. The shares are purchased in trading organised
opportunities for all employees, ensure equal treatment by Nasdaq Helsinki Oy in accordance with its rules and
and pay, as well as good working conditions. During regulations. The shares can be purchased for financing
spring 2018, Restamax will commission an even more or carrying out possible corporate acquisitions or other
extensive job satisfaction survey of personnel than arrangements, to implement incentive schemes within
before. Occupational well-being and recreational activi- the company, or for other purposes decided upon by the
ties for personnel are an essential part of employee Board of Directors. The maximum amount of the shares
comfort and ability to cope. Restamax encourages to be purchased is equivalent to approximately 4.8% of
and supports its personnel to cope better at work and all the shares and votes of the company calculated using
to maintain their working capacity through partner the share count on the publication date of the notice
benefits, among other things. of the Annual General Meeting, so the purchase of the
shares does not have a significant influence on the share
Restamax’s restaurant segment annually employs ownership and the distribution of voting rights in the
approximately 800 people converted into full-time company. The Board of Directors shall decide on the
employees, as a result of which the equal treatment and other matters related to the purchase of the company’s
maintenance of occupational well-being of personnel own shares. The authorisation will expire at the end of
are important values for the Group. the 2018 Annual General Meeting, however no later than
18 months of the Annual General Meeting’s authorisa-
In cooperation with Tredu (Tampere Vocational College), tion decision.
Restamax also organises the Restamax Academy. The
aim of the Academy is to maintain the skills and constant The Annual General Meeting of 26 April 2017 authorised
development of personnel. The aim is also to offer the Board of Directors to decide upon a share issue on the
personnel development opportunities and more diverse following terms: With this authorisation, the Board may
career paths. At Group level, the aim is to construct decide to issue a maximum of 1,500,000 new shares, and
career paths more systematically. to transfer no more than 800,000 of the company’s own
shares held by the company (“Share Issue Authorisa-
Respect of human rights tion”). The new shares can be issued and the company’s
own shares held by it can be assigned in one or more
Restamax supports human rights and principles instalments, either with or without payment. The new
concerning the development of working conditions. shares can be issued and the company’s own shares
Respect of human rights concerns, among other things, held by it can be assigned to company shareholders in
the company’s personnel and procurement policy. proportion to the company shares that they already
Restamax Group does not buy products or services from own or, deviating from the shareholders’ pre-emptive
suppliers that violate or neglect national or international right, in a special share issue if, from the company’s
human rights conventions. Restamax’s aim is to provide perspective, there is a justified financial reason for it,
all employees with equal opportunities and treatment. such as the financing or implementation of corporate
acquisitions or other arrangements, development of
Prevention of corruption and bribery the company’s equity structure, improvement of share
liquidity or the implementation of company incentive
Restamax does not accept bribery in any form in its oper- schemes. The issue of new shares or transfer of the
ations. All the Group’s financial transactions are entered company’s own shares held by the company can also
in the accounts. The Group’s financial transactions are take place against apport property or by using a claim
audited through internal controls and in the annual audit. for the company held by the subscriber to redeem the
The Group’s accounts are transparent for the financial amount to be paid for the issue price or the price to be
management. paid for the shares. A special issue may only be arranged
without payment if a justified financial reason exists in

CONSOLIDATED FINANCIAL STATEMENTS 75