Tikkurila Nomination Board's proposals for the members of the Board of Directors and their remuneration
Stock Exchange Release, January 30, 2020 at 4.45 p.m. (CET+1)
Tikkurila Nomination Board's proposals for the members of the Board of Directors and their remuneration
The Nomination Board of Tikkurila proposes to the Annual General Meeting, which is planned to be held on March 24, 2020, that the number of Board members would be seven and that the present members Lars Peter Lindfors, Riitta Mynttinen, Jari Paasikivi, Catherine Sahlgren, Petteri Walldén and Heikki Westerlund would be re-elected and that Andrey Pantyukhov would be elected as a new member. Board members' term lasts until the end of the next Annual General Meeting. All the nominees have given their consent to the position.
Andrey Pantyukhov (b. 1972), MBA, serves as Executive Vice President, Nokian Tyres plc and General Manager, Russia and Asia business area. He has been with the company from 2004 and a member of management team since 2009. Previously, he has worked as a consultant for The Boston Consulting Group (BCG) and as a Marketing & Sales Manager for Kombinova Teplotechnica (KTT) Ltd. He is a Russian citizen.
In addition, the Nomination Board proposes that Jari Paasikivi would be elected as Chairman and Petteri Walldén as Vice Chairman of the Board of Directors.
The Nomination Board proposes to the Annual General Meeting an increase in the annual remuneration of the Board of Directors as follows: EUR 68,000 (2019: 64 000 eur) for the Chairman, EUR 43,000 (2019: 40 000 eur) for the Vice Chairman and the Chairman of the Audit Committee, and EUR 34,000 (2019: 32 000 eur) for other members of the Board of Directors. Approximately 40 percent of the annual remuneration would be paid in Tikkurila Oyj's shares acquired from the market and the rest in cash. The shares would be acquired directly on behalf of the Board members within two weeks from the release of the business review for January 1 - March 31, 2020.
Furthermore, a meeting fee for each meeting of the Board and its Committees (excluding decisions without a meeting) would be paid to the members of the Board of Directors as follows: EUR 600 for meetings held in the home state of a member and EUR 1,200 for meetings held outside the home state of a member. If a member participates in a meeting via telephone or video connection the remuneration would be EUR 600. Travel expenses would be paid according to the travel policy of the company.
The members of the Tikkurila Nomination Board are:
- Annika Paasikivi, President & CEO, Oras Invest Ltd
- Reima Rytsölä, Deputy CEO, Investments, Varma Mutual Pension Insurance Company
- Annika Ekman, Head of Direct Equity Investments, Ilmarinen Mutual Pension Insurance Company
- Jari Paasikivi, Chairman of the Board of Directors, Tikkurila Oyj (expert member of the Nomination Board)
Elisa Markula, CEO
For further information, please contact:
Annika Paasikivi,
Chairman of the Tikkurila Nomination Board,
tel. +358 (0)10 2868 100
Sustainable Nordicness
Tikkurila is a leading Nordic paint company with expertise that spans decades. We develop premium products and services that provide our customers with quality that will stand the test of time and weather. We operate in around ten countries and our 2,700 dedicated professionals share the joy of building a vivid future through surfaces that make a difference. In 2018, our revenue totaled EUR 562 million. The company is listed on Nasdaq Helsinki. Nordic quality from start to finish since 1862.
www.tikkurilagroup.com