RAUTE CORPORATION'S BOARD OF DIRECTORS' INDEPENDENCE AND BOARD COMMITTEES
RAUTE CORPORATION STOCK EXCHANGE RELEASE 13 April 2011 at 8.00 p.m.
RAUTE CORPORATION'S BOARD OF DIRECTORS' INDEPENDENCE AND BOARD COMMITTEES
The Board of Directors elected by Raute Corporation's Annual General Meeting on 13 April 2011 has held its organizational meeting.
Based on the evaluation of independence, Chairman of the Board, Mr. Erkki Pehu-Lehtonen, and members Mr. Risto Hautamäki, Mr. Ilpo Helander, Mr. Mika Mustakallio, and Mr. Pekka Suominen are independent of the company. Vice-Chairman of the Board, Ms. Sinikka Mustakallio, who has been Chairman of Raute Corporation’s Supervisory Board 1996-1998 and member of the Board of Directors since 1998, is dependent on the company. Chairman of the Board, Mr. Erkki Pehu-Lehtonen, and two of the Board members, Mr. Ilpo Helander and Mr. Risto Hautamäki, are independent of major shareholders.
Raute Corporation’s Board of Directors has an Appointments Committee and a Working Committee.
Mr. Erkki Pehu-Lehtonen is Chairman of the Appointments Committee, and Ms. Sinikka Mustakallio and Mr. Ville Korhonen, a representative selected by and from among the major shareholders, are its members. Raute deviates from recommendation 22 of the Finnish Corporate Governance Code 2010 for listed companies issued by the Securities Market Association on June 15, 2010 concerning election of members to the Appointments Committee in that one member to the Committee is elected from outside the Board of Directors, as per the company’s Administrative Instructions, from among the representatives of major shareholders who have significant voting rights. The Board views this exception as justified, taking into consideration the company’s ownership structure and the possibility to consider the expectations of major shareholders as early as in the preparation phase of selecting members of the Board of Directors.
Mr. Erkki Pehu-Lehtonen is Chairman of the Working Committee, and Ms. Sinikka Mustakallio and Mr. Risto Hautamäki are its members.
The Audit Committee’s tasks are handled by the Board of Directors.
According to the plan, the Board of Directors will convene nine times during the term of office which commenced on 13 April 2011 and will hold additional meetings if necessary.
RAUTE CORPORATION
Erkki Pehu-Lehtonen
Chairman of the Board
FURTHER INFORMATION:
Mr. Erkki Pehu-Lehtonen, Chairman of the Board, mobile +358 400 468 084
Ms. Arja Hakala, Secretary of the Board of Directors, mobile +358 400 710 387
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute’s customers are companies operating in the wood products industry that manufacture veneer, plywood and LVL (Laminated Veneer Lumber). The technology offering covers machinery and equipment for the entire production process. As a supplier of mill-scale projects Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute’s full-service concept includes services ranging from repairs and spare parts deliveries to regular maintenance and equipment modernizations. Raute’s head office is located in Nastola, Finland. Its other production plants are in the Vancouver area of Canada, in the Shanghai area of China, and in Kajaani, Finland. Raute’s net sales in 2010 were EUR 62.9 million. The Group’s headcount at the end of 2010 was 495.
More information on the company can be found at: http://www.raute.com/.