Exel Composites' Shareholders' Nomination Board's proposal to the Annual General Meeting 2025

EXEL COMPOSITES PLC        STOCK EXCHANGE RELEASE       10 JANUARY 2025 at 10:00 EET

Exel Composites Plc’s Shareholders’ Nomination Board presents the following proposals to the Annual General Meeting 2025:

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 the current members of the Board of Directors Jouni Heinonen, Helena Nordman-Knutson, and Kirsi Sormunen be re-elected as members of the Board of Directors and Christian Busdiecker and Elisabeth Larsson be elected as new members of the Board of Directors for the term ending at the closure of the Annual General Meeting of 2026. Of the current members, Petri Helsky and Jouko Peussa have informed that they are not available for re-election to the Board of Directors for the new term.

The Nomination Board further proposes Jouni Heinonen to be re-elected as Chairman of the Board of Directors for the term ending at the closure of the Annual General Meeting of 2026.

All persons proposed for Board service have given their consent to serving on the Board and are considered to be independent of the Company and its shareholders.

Proposed new members

Christian Busdiecker (born 1979, German citizen) is Managing Partner at Greentech Partners in Germany. He has previously held several leadership positions in service business, technology management and business development at Nordex, among others. He holds a Master’s degree in Business Administration and Mechanical Engineering.

Elisabeth Larsson (born 1970, Swedish citizen) is Senior Vice President, Sales and Services at Volvo Energy in Sweden, and has previously held several other leadership positions at Volvo Group in Europe and Asia. She holds a Master’s degree in Business Administration and Economics.

The CV information of the proposed new Board members is attached to this release. The proposed current members of the Board of Directors are presented on Exel Composites’ website at www.exelcomposites.com.

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 each Board and committee meeting and for each other similar all-day Board assignment.
• Board member: Annual remuneration of EUR 21,000 (21,000) and additionally EUR 1,000 (1,000) for attendance at each Board and committee meeting and each other similar all-day Board assignments. In addition, for each committee meeting, the meeting fee for the committee chairman shall be
  EUR 1,500 (1,500).
• Travel expenses and other out-of-pocket expenses arising from the Board work will 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 Company’s shares.

The Annual General Meeting is planned to be held on 26 March 2025. The proposals will also be included in the Notice to the Annual General Meeting 2025 to be published at the later date. 

Composition of the Shareholders’ Nomination Board

The composition of the Nomination Board preparing the proposal for the Annual General Meeting 2025:

• Markus Lindqvist, Aktia, Chairman of the Shareholders' Nomination Board
• Matias Arola, Danske Invest Finnish Equity Fund
• Jukka Vähäpesola, Elo Mutual Pension Insurance Company
• Petteri Vaarnanen, Sp-Fund Management Company and
• Jouni Heinonen, Chairman of the Board of Directors, Exel Composites Plc, as an expert member of the Shareholders' Nomination Board

For further information, please contact:

Lilli Riikonen, Head of Investor Relations
investor@exelcomposites.com
tel. +358 50 351 1128

Exel Composites in brief

Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. 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 in diverse industrial sectors such as wind power, transportation and building and infrastructure.

Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' 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 over 600 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