Exel Composites' Shareholders' Nomination Board's proposal to the Annual General Meeting
EXEL COMPOSITES PLC – – – STOCK EXCHANGE RELEASE – – – 18 JANUARY 2023 at 10:00 EET
Exel Composites Plc’s Shareholders’ Nomination Board presents the following proposals to the Annual General Meeting to be held on 10 May 2023:
Number of members and composition of the Board of Directors
The Nomination Board proposes that the number of members of the Board of Directors shall be confirmed to be five (5) and that Jouni Heinonen, Petri Helsky, Helena Nordman-Knutson, Jouko Peussa and Kirsi Sormunen be re-elected as members of the Board of Directors for the term ending at the closure of the Annual General Meeting of 2024. Of the current members, Reima Kerttula has informed that he is not available for re-election to the Board of Directors.
“I want to thank Reima Kerttula for his significant contribution to the development of Exel Composites. Reima Kerttula has been a Board member since 2009 and has led the Board as Chairman since 2016,” says Kalle Saariaho, Chairman of the Nomination Board.
The Nomination Board further proposes Jouni Heinonen to be elected as Chairman of the Board of Directors for the term ending at the closure of the Annual General Meeting of 2024. Jouni Heinonen has over 25 years of executive-level experience working in Europe, Asia and the Americas in various industrial sectors, and CEO experience from the composites industry. He has been the interim CEO of Exel Composites since October 2022.
Remuneration of the Board of Directors
The Nomination Board proposes that the annual remuneration for the Board members remain unchanged as follows:
- Chairman: Annual remuneration of EUR 45,000 (previous year EUR 45,000) and additionally EUR 1,500 (1,500) for attendance at Board and committee meetings and other similar all-day Board assignments.
- Board member: Annual remuneration of EUR 21,000 (21,000) and additionally EUR 1,000 (1,000) for attendance at Board and committee meetings and other similar all-day Board assignments. For committee meetings, the meeting fee for the committee chairman shall be EUR 1,500 (1,500).
- Travel expenses and other out-of-pocket expenses due to Board work shall be compensated in accordance with the Company’s established practice and travel rules.
Out of the yearly remuneration 60% would be paid in cash and 40% in Exel Composites Plc shares.
The Nomination Board’s proposals will be included in the notice to convene the Annual General Meeting to be published at a later date.
Composition of the Shareholders’ Nomination Board
The composition of the Nomination Board preparing the proposal for the Annual General Meeting 2023 was the following:
- Kalle Saariaho, OP Fund Management Company, as Chairman of the Nomination Board
- Malin Björkmo, Handelsbanken Fonder
- Markus Lindqvist, Aktia Mikro Markka
- Caroline Sjösten, Swedbank Robur Fonder
- Reima Kerttula, Chairman of the Board of Directors, as expert member
For further information, please contact:
Kalle Saariaho, Chairman of the Nomination Board, tel. +358 10 252 8374
Exel Composites in brief
At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.
Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs approximately 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.
Exel Composites Plc