Skeljungur hf. - Decisions of general meeting

Skeljungur hf.: Results of Skeljungur's AGM 2018

Skeljungur hf. held its Annual General Meeting today, Tuesday March 20, 2018 at
Hilton Reykjavik Nordica at 16:00. Chairman of the Board Jón Diðrik Jónsson
addressed the meeting on behalf of the Board, and CEO Hendrik Egholm reviewed
Skeljungur's earnings report and the highlights of operations in 2017.

All proposals that were put forward on the meeting can be found on the company's
website: https://www.skeljungur.is/annualgeneralmeeting2018



1.      Annual accounts for 2017
Annual General Meeting approved the Financial Statements for 2017.



2.      Allocation of profits and payment of dividends 2017
The  meeting approved the Board's  proposal that the Company  pays a dividend of
ISK  500 million  to  shareholders  for  the  year 2017, which is about 0,24 per
outstanding  share, according to the Company's dividend policy, which amounts to
43.7% of  the Company's  profits in  2017. Payment date  is April 6, 2018, March
21, 2018 is the ex-date and March 22, 2018 is the record date.



3.      Remuneration Policy
The Board's proposal to have the current Remuneration Policy unchanged was
approved at the meeting. The Remuneration Policy
is available on https://www.skeljungur.is/lisalib/getfile.aspx?itemid=939276e3-
1702-11e8-8103-005056a6135c


4.      Remuneration of Board Members, Sub-Committees and the Accountant
The Board's proposal on remuneration of Board Members, Sub-Committees and
Accountant was approved.

This proposal is a part of restructuring of boards and committees in the group
where most of Magn's tasks are transferred to Skeljungur's Board. Overall board
and committee salaries are lowered by 8,4% in the group.



5.      Election to the Board of Directors
Following individuals were elected at the meeting to server on the Board of
Directors of the Company until next Annual General Meeting:

 - Birna Ósk Einarsdóttir
 - Gunn Ellefsen
 - Jens Meinhard Rasmussen
 - Jón Diðrik Jónsson
 - Baldur Már Helgason



6.      Election of the Nomination Committee
Following individuals were elected at the meeting to serve on the Nomination
Committee:

 - Katrín S. Óladóttir
 - Trausti Fannar Valsson



7.      Election of auditors
The meeting approved to re-elect KPMG ehf., Borgartún 27, 105 Reykjavík, as the
Company's auditing firm for the year 2018.



8.      Other matters
No other matters were lawfully brought up at the meeting. Meeting dismissed at
17:12.



The Annual Report is available on http://arsskyrsla.skeljungur.is/annual-report-
2017/


Other relevant documents from the Annual General Meeting are available on
https://www.skeljungur.is/annualgeneralmeeting2018



                         *             *             *



Following the Annual General Meeting of the Board of Directors met and decided
on allocation of responsibilities.

Jón Diðrik Jónsson was re-elected as Chairman of the Board and Birna Ósk
Einarsdóttir was elected as Vice Chairman.

Helena Hilmarsdóttir, Baldur Már Helgason and Jens Meinhard Rasmussen took place
in the Audit Committee. In the Remuneration Committee, Jón Diðrik Jónsson and
Birna Ósk Einarsdóttir were appointed. Then Jens Meinhard Rasmussen was
nominated as a member of the Board of Directors to take place in the Nomination
Committee.



For  further  information:  Hendrik  Egholm, CEO, fjarfestar@skeljungur.is, tel:
444-3000 / 840-3002.



Skeljungur  is an  energy company  with operations  in Iceland  and in the Faroe
Islands. Skeljungur sells fuel and oil to consumers and businesses in fisheries,
agriculture,   transportation,   aviation  and  construction  under  the  brands
Skeljungur,  Orkan  and  OrkanX.  The  company  also  sells fertilizer and other
chemical products. In Iceland the Company runs 65 gas stations and 4 oil depots.
Magn  P/F, Skeljungur's subsidiary in the Faroe Islands, runs 11 retail and gas-
stations  and 2 oil depots. Magn also serves and sells oils for house heating to
individuals  and companies in  the Faroe Islands.  Skeljungur's goal is to serve
the energy needs of consumers and businesses in an efficient and safe way and in
harmony with the environment.

www.skeljungur.is

https://www.linkedin.com/company/skeljungur-hf/




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