Proposal of the Glaston Corporation’s Nomination Board for the composition and remuneration of the Board of Directors
Glaston Corporation Stock Exchange Release 31.1.2018 at 12.30
Proposal for the composition of the Board of Directors
The Nomination Board of Glaston Corporation proposes to the Annual General Meeting, due to be held on 10 April 2018, that the number of members of the Board of Directors be seven until closing of the Annual General Meeting 2019, and that
- Teuvo Salminen, Sarlotta Narjus, Anu Hämäläinen, Kai Mäenpää and Tero Telaranta be re-elected as Members of the Board of Directors, and
- Antti Kaunonen and Sebastian Bondestam be elected as new Members of the Board of Directors.
Andreas Tallberg, Claus von Bonsdorff and Pekka Vauramo, Members of the Board of Directors of Glaston, have informed Glaston’s Nomination Board that they will not be available in the election of the Board of Directors at the next Annual General Meeting. Andreas Tallberg has served as Chairman of the Board of Directors since 2007, Claus von Bonsdorff as Member of the Board of Directors since 2006 and Pekka Vauramo as member of the Board of Directors since 2011.
Sebastian Bondestam has been President of Uponor Infra Oy since 2013. He has strong production-supply chain expertise and experience of acquisitions and related restructurings. He previously served as Uponor Corporation's Executive Vice President, Supply Chain, and in Tetra Pak Group in a number of management positions in Europe, Asia and the United States. Bondestam has long experience of serving on the boards of directors of listed companies.
Antti Kaunonen has been President of Cargotec’s Kalmar business area since 2016. He has extensive experience of maintenance and automation business as well as digitalisation. Kaunonen has a strong international network and has served in many different positions with, among others, Voith Paper and Metso Group.
As, according to the Company’s Articles of Association, the Board of Directors elects from among its members a Chairman and Deputy Chairman, the Nomination Board recommends that the Board of Directors elect from among its members Teuvo Salminen as Chairman and Sebastian Bondestam as Deputy Chairman.
Teuvo Salminen has been a member of Glaston Corporation’s Board of Directors since 2010 and was elected Deputy Chairman of the Board of Directors in 2014.
Information on the proposed Members of the Board can be found on Glaston’s website http://www.glaston.net/investors/Governance/Annual General Meeting. All candidates have given their consent to their candidature.
Proposal for the remuneration of the Board of Directors
The Nomination Board proposes to the Annual General Meeting that the annual remuneration of the Members of the Board of Directors be increased by 15 per cent and that accordingly the annual remuneration of the Members of the Board of Directors be as follows:
- Chairman of the Board EUR 46,000,
- Deputy Chairman of the Board EUR 34,500,
- other Members of the Board EUR 23,000.
In addition, the Nomination Board proposes that meeting fees be paid, in accordance with earlier practice, for each meeting of the Board of Directors that a Member of the Board has attended, such that the Chairman of the Board is paid EUR 800 and the other Members of the Board EUR 500. Furthermore, it is proposed that each Member of the Board be compensated for direct expenses arising from their work for the Board of Directors. It has also been decided 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 expert member, the Chairman of the Board of Glaston Corporation. Based on the ownership situation on 1 September 2017, Glaston’s Nomination Board consists of the following members: Thomas Ahlström (AC Invest Eight B.V.), Jaakko Kurikka (Hymy Lahtinen Oy), Kalle Saariaho (OP-Finland Small Firms) and Stefan Björkman (Etera Mutual Pension Insurance Company/Ilmarinen Mutual Pension Insurance Company) as well as Andreas Tallberg as an expert member.
For further information, please contact:
Thomas Ahlström, Chairman of Glaston’s Nomination Board, tel. +358 50 550 2330
Glaston is a frontrunner in glass processing technologies and services. We respond globally to the most demanding glass processing needs of the architectural, solar, appliance and automotive industries. Additionally, we utilise emerging technologies that integrate intelligence and sustainability to glass. We are committed to providing our clients with both the best know-how and the latest technologies in glass processing. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd. Further information is available at www.glaston.net
Distribution: NASDAQ Helsinki Ltd, key media, www.glaston.net