Decisions of the constitutive meeting of Finnair Plc Board of Directors
Finnair Plc Stock Exchange Release 9 June 2020 at 7.00 p.m. EEST
In its constitutive meeting held today, the Board of Directors elected Colm Barrington the Vice Chairman of the Board of Directors. The Board also appointed members to its Audit Committee and People and Remuneration Committee.
Jukka Erlund was elected Chairman of the Audit Committee and Colm Barrington, Montie Brewer and Henrik Kjellberg as other members of the Audit Committee.
Jaana Tuominen was elected Chairman of the People and Remuneration Committee and Tiina Alahuhta-Kasko, Mengmeng Du and Maija Strandberg as other members of the People and Remuneration Committee.
The Board of Directors assessed the independence of its members and concluded that all members, except Jukka Erlund and Maija Strandberg, are independent of the company and its significant owners. Erlund is not deemed to be independent of the company, because Piia Karhu (employed by Finnair until 30 June 2020), Finnair’s Senior Vice President, Customer Experience, is member of the Board of Directors of Kesko Corporation, which is Mr Erlund’s employer. Ms Strandberg is not deemed to be independent of the company’s significant owner as she is a civil servant of the government of Finland.
The Board of Directors also resolved to forego the increase of the annual fees decided by the Annual General Meeting 2020 and that its existing annual fees would be reduced by 15 %. Thus, the annual fees of the Board of Directors shall be as follows until the next Annual General Meeting:
Chairperson 52,020 euros;
- Vice Chairperson 27,540 euros;
- Chairpersons of the Audit Committee and the People and Remuneration Committee 27,540 euros, where these individuals are neither the Chairperson nor the Vice Chairperson of the Board of Directors; and
- other members 25,500 euros.
Finnair communications, 358 9 818 4020, email@example.com
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Finnair is a modern premium network airline, specialising in passenger and cargo traffic between Asia and Europe. Helsinki’s geographical location gives Finnair a competitive advantage, since the fastest connections between many European destinations and Asian megacities fly over Finland. Finnair is the only Nordic network carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2019, Finnair’s revenues amounted to EUR 3,098 million and it carried over 14.7 million passengers. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.