Shareholders' Nomination Board's proposal for the composition of Neste's Board of Directors
The Shareholders’ Nomination Board, established by Neste Corporation’s Annual General Meeting (AGM) on 4 April 2013, will propose to the AGM to be held on 30 March 2016 that the company’s Board of Directors should comprise the following members:
Mr. Jorma Eloranta should be re-elected as Chair and Ms. Maija-Liisa Friman as Vice Chair of the Board. In addition, Board members Ms. Laura Raitio, Mr. Jean-Baptiste Renard, Mr. Willem Schoeber, Ms. Kirsi Sormunen and Mr. Marco Wirén should be re-elected for a further term of office.
All those concerned have given their consent to serving on the Board and are considered independent of the company and its major shareholders.
The Shareholders’ Nomination Board will also propose that the remuneration paid to the Board of Directors for their following term of office should remain unchanged and be as follows:
Chair, EUR 66,000/year
Vice Chair, EUR 49,200/year
Member, EUR 35,400/year.
In addition to the annual fee, members of the Board of Directors would receive a meeting fee of EUR 600 for each meeting held in the member’s home country and EUR 1,200 for each meeting held in another country, plus compensation for expenses pertaining to the company’s travel guidelines. The meeting fee for telephone meetings will be paid according to the fee payable for meetings held in each member’s home country.
The Shareholders’ Nomination Board was appointed on 3 September 2015. In accordance with a decision made by the AGM, the Nomination Board consisted of representatives of the company’s three largest shareholders as of the first weekday in September: Eero Heliövaara, Director General of the Prime Minister’s Office’s Ownership Steering Department (Chair); Mikko Mursula, Chief Investment Officer of Ilmarinen Mutual Pension Insurance Company; Reima Rytsölä, Chief Investment Officer of Varma Mutual Pension Insurance Company; and Jorma Eloranta, the Chair of Neste’s Board of Directors.
The Nomination Board was unanimous in all its proposals. As Chair of the Board of Directors, Jorma Eloranta did not take part in the decision-making on the Nomination Board’s proposal related to the Chair of the Board and the remuneration payable to the Chair.
Source: Neste Corporation
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