Glaston Corporation’s Nomination Board has made a series of proposals regarding the Annual General Meeting and the number of Members of the Board of Directors.
The Nomination Board, established by Glaston Corporation’s Annual General Meeting, proposes to the Annual General Meeting to be held on 26 March 2015 that the number of Members of the Board of Directors be confirmed as six.
The Nomination Board proposes that the company’s present Members of the Board of Directors, Andreas Tallberg, Teuvo Salminen, Claus von Bonsdorff, Pekka Vauramo, Anu Hämäläinen and Kalle Reponen, be re-elected as Members of the Board of Directors for a term of office that expires at the end of the 2016 Annual General Meeting.
Information on the proposed Members of the Board can be found on Glaston’s website www.glaston.net/Investors/Corporate Governance/Board of Directors. All candidates have given their consent to their candidature.
The Nomination Board proposes that the annual remuneration of the Members of the Board of Directors remain unchanged and that accordingly the annual remuneration of the Members of the Board of Directors be as follows: Chairman of the Board EUR 40,000, Deputy Chairman of the Board EUR 30,000 and the other Members of the Board EUR 20,000 and that the meeting fees for each meeting of the Board of Directors that a Member of the Board has attended be for the Chairman of the Board EUR 800 and for the other Members of the Board EUR 500. In addition, it is proposed that each Member of the Board be compensated for direct expenses arising from their work for the Board of Directors. Furthermore, it was decided to propose that the company will continue to arrange voluntary pension insurance for Members of the Board based on the above remuneration.
The Nomination Board consists of the representatives of the four largest shareholders and also, as an advisory member, the Chairman of the Board of Glaston Corporation. The largest shareholders were determined according to the ownership situation on 1 September 2014. The Nomination Board that made the proposals to the 2015 Annual General Meeting consists of: Jari Puhakka (Etera Mutual Pension Insurance Company), Ari Saarenmaa (Oy G.W.Sohlberg Ab), Mikko Koivusalo (Varma Mutual Pension Insurance Company), Kimmo Viertola (Finnish Industry Investment Ltd) and Chairman of the Board Andreas Tallberg (advisory member).
The Nomination Board made all of its proposals unanimously. Chairman of the Board Andreas Tallberg did not participate in decision-making when the Nomination Board made its proposal on the number of Members of the Board and the Board of Director’s composition and remuneration.