Notulen of the Meeting of Certificaathouders of ... - Triodos Bank

to the vote. Although it is possible to vote by acclamation, the meeting preferred to vote
electronically. The chairman noted that the meeting of depositary receipt holders had approved
the proposed first phase of the change to the SAAT board's remuneration with 141,709 votes in
favour, 123 votes against and 1,145 abstentions.
The chairman then moved on to point 6 on the agenda:
6. Any other business
Mr Van der Veer asked whether the mass migration from North African countries to Europe is
influencing Triodos Bank’s policy. Although this was not strictly speaking a question for this
meeting, Mr Blom replied that this was not the case.
Mr But remarked that the pay-out ratio of the dividend is very high this year. 80% has been
paid out in dividend, as a result of which only 20% has been added to the reserves. He felt that
a pay-out ratio of 75% was really the maximum in order to keep the equity up to the required
level.
Mr Blom replied that the profit allocation had been discussed this morning at the General
Meeting of Shareholders. Mr Aeby explained then that Triodos Bank believes in a stable
dividend. That is the reason why the pay-out ratio is 80% this year, whilst the bank’s policy is
to pay out 50% to 70% in dividend.
Since there were no further questions, the chairman moved on to point 7 on the agenda:
7. Close
The chairman closed the meeting. He expressed his appreciation for the way in which the
depositary receipt holders had shared their questions and comments with the board of SAAT.
He thanked those present for their contribution, which is very important for the functioning of
the SAAT board.
M. Rutgers van Rozenburg E.L. Verheul
Chairman of the board of Minute-taker
Stichting Administratiekantoor
Aandelen Triodos Bank
Minutes of the Meeting of Depositary Receipt Holders of Stichting Administratiekantoor Aandelen Triodos Bank [Foundation for the Administration of
Triodos Bank Shares], held on 21 May 2010 in Zeist
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