The principles of diversity for the Board of Directors

Exel Composites’ shareholders’ Nomination Board prepare and presents to the AGM a proposal on the members of the Board of Directors of the company in accordance to the company’s approved remuneration policy. The Board of Directors of the company shall have sufficient expertise, knowledge of and competence in the company’s field of business and industry.

To achieve a diverse and balanced composition of the Board of Directors, when electing its members, attention is paid to the following aspects of the members’ personal qualities and background:

• Educational background
• Professional experience and know-how
• International background and general viewpoint
• Age
• Gender

The target is to have both genders as members.

The Board of Directors shall also have relevant experience and knowledge in sustainability issues in the company’s operations. In addition, at least one member of the Board of Directors shall have expertise in accounting or audit.

The majority of the Board members must be independent of the company and at least two of said majority must be independent of the company’s significant shareholders.

Changes to these principles of diversity

It is the task of the shareholder’s Nomination Board of Exel Composites to review and approve the principles concerning the diversity of the board of directors.

In case of any changes done, the Chairman of the Nomination Board shall provide the company with the revised and approved version of the principles in English together with the related meeting minutes. He shall do so at the same time as he informs the company concerning the Nomination Board’s proposal for the Board of Directors.