Outokumpu – Revised proposals of the Shareholders’ Nomination Board to the Annual General Meeting 2020

Outokumpu Oyj
Stock exchange release
April 24, 2020 at 1.00 pm EEST

Outokumpu – Revised proposals of the Shareholders’ Nomination Board to the Annual General Meeting 2020

The Shareholders’ Nomination Board of Outokumpu Oyj proposes to the Annual General Meeting 2020, replacing its earlier proposals of December 2, 2019, that the meeting would decide as follows:

1 Number and composition of the Board of Directors (revised)

The Shareholders’ Nomination Board proposes that the Board of Directors would consist of six (6) members and that the current members of the Board of Directors Kati ter Horst, Kari Jordan, Eeva Sipilä, Vesa-Pekka Takala, Pierre Vareille and Julia Woodhouse would be re-elected for the term of office ending at the end of the next Annual General Meeting. Kari Jordan would be re-elected as the Chairman and Eeva Sipilä elected as the Vice Chairman of the Board of Directors.

All of the proposed Board members have given their consents to their appointments.

2 Remuneration for the Board of Directors (unchanged)

The Shareholders’ Nomination Board proposes that the annual remuneration for the Board of Directors would be increased as follows:

Chairman: EUR 163,000 (2019: EUR 160,000)
Vice Chairman and the Chairman of the Board Audit Committee: EUR 91,600

(2019: EUR 90,000)
Other members of the Board of Directors: EUR 71,100 (2019: EUR 70,000)

40% of the annual remuneration would be paid in the Company’s own shares using treasury shares or shares to be purchased from the market at a price formed in public trading and in accordance with the applicable insider regulations.

The Shareholders’ Nomination Board proposes that the meeting fees, which would be paid also for the Board Committee meetings, would be kept at the same level as during the previous term: EUR 600 per meeting for each member of the Board of Directors and EUR 1,200 when travelling to a meeting held outside the Board member’s country of residence.

The Shareholders’ Nomination Board comprised Managing Director Antti Mäkinen from Solidium Oy, CFO Pekka Pajamo from Varma Mutual Pension Insurance Company, President and CEO Jouko Pölönen from Ilmarinen Mutual Pension Insurance Company, Investment Manager Tuula Korhonen from the Social Insurance Institution of Finland and Chairman of the Board of Directors Kari Jordan as an expert member.

For more information:

Reeta Kaukiainen, EVP – Communications and IR, tel. +358 50 522 0924

Outokumpu Oyj

 

Outokumpu is the global leader in stainless steel. We aim to be the best value creator in stainless steel through customer orientation and efficiency. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs 10,000 professionals in more than 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com