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Proposal of Glaston Corporation’s Nomination Board for the composition and remuneration of the Board of Directors

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Glaston Corporation                     Stock Exchange Release    11.1.2017 at 12.00

 

Proposal of Glaston Corporation’s Nomination Board for the composition and remuneration of the Board of Directors


Proposal for the composition of the Board of Directors
The Nomination Board of Glaston proposes to the next Annual General Meeting, which is planned to be held on April 4, 2017 that the number of members of the Board of Directors until closing of the Annual General Meeting 2018 will be seven and that

  • Andreas Tallberg, Teuvo Salminen, Claus von Bonsdorff, Sarlotta Narjus, Pekka Vauramo and Anu Hämäläinen are re-elected as Members of the Board of Directors
  • Kai Mäenpää is elected as new Member of the Board of Directors

Kalle Reponen, member of the Board of Directors of Glaston, has informed Glaston’s Nomination Board that he will not be available in the election of the Board of Directors in the next Annual General Meeting. Kalle Reponen has served as a member of Glaston’s Board of Directors since 2014.


Kai Mäenpää has worked as Valmet Technologies Oy’s Vice President, Energy Sales and Services Operations, EMEA, since 2014. Prior to this, he served in a number of different positions in international technology, project and service operations with, among others, Metso Power, Kvaerner Power and Tampella Power. 

Information on the proposed Members of the Board can be found on Glaston’s website www.glaston.net/Investors/Corporate 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 remain unchanged and that accordingly the annual remuneration of the Members of the Board of Directors be as follows:

  • Chairman of the Board EUR 40,000,
  • Deputy Chairman of the Board EUR 30,000,
  • other Members of the Board EUR 20,000.
     

In addition, the Nomination Board proposes that the meeting fees for each meeting of the Board of Directors that a Member of the Board has attended continues to be for the Chairman of the Board EUR 800 and for the other Members of the Board EUR 500. In addition, it is proposed that each Member of the Board be compensated for direct expenses arising from their work for the Board of Directors. Furthermore, it was decided to propose that the company will continue to arrange voluntary pension insurance for Members of the Board based on the above remuneration.

Nomination Board
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. In accordance with the ownership situation on 1 September 2016, the Nomination Board of Glaston Corporation consists of: Chairman Ari Saarenmaa (Oy G.W.Sohlberg Ab) and members Stefan Björkman (Etera Mutual Pension Insurance Company), Markku Seppälä (Hymy Lahtinen Oy) and Mikko Koivusalo (Varma Mutual Pension Insurance Company) as well as Andreas Tallberg (advisory member).

The Nomination Board made all of its proposals unanimously. Chairman of the Board Andreas Tallberg did not participate in decision-making when the Nomination Board made its proposal on the number of Members of the Board and the Board of Director’s composition and remuneration.

Further information:
Taina Tirkkonen, General Counsel and SVP, HR, Glaston Corporation, tel. +358 10 500 500
Ari Saarenmaa, Chairman of Glaston’s Nomination Board, tel. +358 40 503 2053



GLASTON CORPORATION
Agneta Selroos
Communications Director

Glaston Corporation
Glaston is a leading company in glass processing technologies. We provide high-quality heat treatment machines and services for architectural, solar, appliance and automotive applications. We are committed to our customers’ success over the entire lifecycle of our offering. Moreover, we continuously innovate and develop technologies to enable the glass processing industry to reach ever higher standards in quality and safety. Glaston’s shares (GLA1V) are listed on NASDAQ Helsinki Ltd. Further information is available at www.glaston.net

 

Distribution: NASDAQ Helsinki, key media, www.glaston.net

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