Tikkurila Nomination Board's proposals for the members of the Board of Directors and their remuneration
Tikkurila Oyj
Stock Exchange Release
January 29, 2019 at 9:00 a.m. (CET+1)
Tikkurila Nomination Board's proposals for the members of the Board of Directors and their remuneration
The Nomination Board of Tikkurila proposes to the Annual General Meeting, which is planned to be held on April 11, 2019, that the number of Board members would be six and that of the present members Riitta Mynttinen, Jari Paasikivi, Catherine Sahlgren, Petteri Walldén and Heikki Westerlund would be re-elected and that Lars Peter Lindfors would be elected as a new member. Harri Kerminen and Pia Rudengren have announced that they are not available for re-election. Board members' term lasts until the end of the next Annual General Meeting. All the nominees have given their consent to the position.
Lars Peter Lindfors (b. 1964), Doctor of Technology with Honors, MBA, serves as Senior Vice President - Technology and member of the Executive Committee in Neste Corporation. Previously, he has had several executive positions in Neste and Perstorp AB. He is also a Board Member in several foundations for technology and science. He is a Finnish citizen.
In addition, the Nomination Board proposes that Jari Paasikivi would be elected as Chairman and Petteri Walldén as Vice Chairman of the Board of Directors.
The Nomination Board proposes to the Annual General Meeting that the remuneration of the members of the Board of Directors would stay at the current level. The suggested annual remuneration would be as follows: EUR 64,000 for the Chairman, EUR 40,000 for the Vice Chairman and the Chairman of the Audit Committee, and EUR 32,000 for other members of the Board of Directors. Approximately 40 percent of the annual remuneration would be paid in Tikkurila Oyj's shares acquired from the market and the rest in cash. The shares would be acquired directly on behalf of the Board members within two weeks from the release of the business review for January 1-March 31, 2019.
Furthermore, a meeting fee for each meeting of the Board and its Committees (excluding decisions without a meeting) would be paid to the members of the Board of Directors as follows: EUR 600 for meetings held in the home state of a member and EUR 1,200 for meetings held outside the home state of a member. If a member participates in a meeting via telephone or video connection the remuneration would be EUR 600. Travel expenses would be paid according to the travel policy of the company.
The members of the Tikkurila Nomination Board are:
- Annika Paasikivi, President & CEO, Oras Invest Ltd
- Reima Rytsölä, Deputy CEO, Investments, Varma Mutual Pension Insurance Company
- Mikko Mursula, Deputy CEO, Investments, Ilmarinen Mutual Pension Insurance Company
- Jari Paasikivi, Chairman of the Board of Directors, Tikkurila Oyj (expert member of the Nomination Board)
Tikkurila Oyj
Elisa Markula, CEO
For further information, please contact:
Annika Paasikivi, Chairman of the Tikkurila Nomination Board, tel. +358 (0)10 2868 100
Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in around ten countries and our 3,000 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2017, our revenue totaled EUR 582 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.