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Lehto Group Plc: Shareholders’ Nomination Committee’s proposals to the Annual General Meeting 2022

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Lehto Group Plc
Stock exchange release
1 February 2022 at 3.30 p.m (EET)

Lehto Group Plc Annual General Meeting is planned to be held on 31 March 2022. The Shareholder Nomination Committee’s gives the following proposals to the Annual General Meeting regarding the number, the composition, and the remuneration of the Members of the Board of Directors.

The number of the Members of the Board of Directors

The Shareholders’ Nomination Committee proposes that the number of Board members is five (5).

The composition of the Members of the Board of Directors

The Shareholders’ Nomination Committee proposes that, at their consent, the following persons should be re-elected as members: Anne Korkiakoski, Helena Säteri, Hannu Lehto and Jani Nokkanen.

Current members Seppo Laine and Raimo Lehtiö have announced to the Shareholders’ Nomination Committee that they will not be available for re-election in the next Annual General Meeting.

The Shareholders’ Nomination Committee proposes Eero Sihvonen at his consent as the new member of the Board of Directors.

Eero Sihvonen

Eero Sihvonen (M.Sc. Economics) has previously served as the Chief Financial Officer at Citycon Plc for 16 years and over 10 years also as the Executive Vice President. Currently Sihvonen is working as a Senior Advisor at Citycon Plc. He has an especially strong background in financing of real estate and other business. Sihvonen has previously been a member of RAKLI Ry’s board of directors for several years.

The nominee is independent of the Company and its significant shareholders.

The Shareholders’ Nomination Committee proposes that Hannu Lehto would be elected as the Chairman of the Board of Directors.

Remuneration of the Members of the Board of Directors

The Shareholders’ Nomination Committee proposes that the remuneration of the members of the Board of Directors is proposed to be given in a combination of Lehto Group Plc shares and cash. The yearly remuneration that would be paid in such a way would remain the same as last year:

  • Chairman of the Board of Directors EUR 69,000
  • Deputy Chairman and members of the Board of Directors EUR 34,500

The remuneration of the members of the Board of Directors shall be made in Lehto Group Plc shares and in cash, with approximately 40 per cent of the remuneration paid in shares and the remainder in cash. The Members of the Board of Directors shall be given either shares that are in the Company’s possession or alternatively the shares shall be acquired from the regulated market (Nasdaq Helsinki Ltd) at a price determined by public trading, in the name and on behalf of the Member of the Board of Directors. The shares shall be acquired as soon as possible from the Annual General Meeting accepting the proposal.

The amount of the shares to be transferred from the Company’s possession would be calculated by dividing the remuneration determined based on the medium rate of a share during the ten following banking days from the Annual General Meeting accepting the proposal and rounding the amount down to the next whole number.

The Members of the Board shall not dispose such shares during his/her membership or before six months has passed from the expiry of the said membership.

Shall the member of the Board of Directors notify the CFO of the Company within three banking days from the Annual General Meeting, in writing, that he/she shall abstain from accepting the Lehto Group Plc shares, the remuneration shall be paid entirely in cash. The yearly remuneration that would be paid in such case would remain the same as last year:

  • Chairman of the Board of Directors EUR 55,200
  • Deputy Chairman and members of the Board of Directors EUR 27,600

The attendance fee for the members of the Board of Directors for each Board meeting attended by the member, with the exception of meetings held via telephone or email, would remain the same as last year:

  • Chairman of the Board of Directors EUR 1,500
  • Deputy Chairman and members of the Board of Directors EUR 750

The attendance fee for the members of the committees of the Board of Directors for each committee meeting attended by the member, with the exception of meetings held via telephone or email, would remain the same as last year:

  • Chairman of the committee EUR 600
  • Members of the committee EUR 400

Reasonable travel expenses caused by Board meetings or committee meetings is proposed to be paid in accordance with the instructions of the tax authority. The per diem allowances are included in the attendance fee.

Further information:

Veli-Pekka Paloranta
Chief Financial Officer
Tel. +358 400 944 074

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