Tikkurila Nomination Board's proposals for the members of the Board of Directors and their remuneration
Tikkurila Oyj
Stock Exchange Release
January 25, 2017 at 2:00 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 April 4, 2017, that the number of Board members would be six and that Eeva Ahdekivi, Harri Kerminen, Riitta Mynttinen, Jari Paasikivi, Pia Rudengren, and Petteri Walldén would be re-elected. Board members' term lasts until the end of the next Annual General Meeting.
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 that the remuneration of the members of the Board of Directors would stay at the current level. The suggested annual remuneration would be as follows: EUR 64,000 for the Chairman, EUR 40,000 for the Vice Chairman and the Chairman of the Audit Committee, and EUR 32,000 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 interim report for January 1-March 31, 2017.
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 Pekka Paasikivi, Chairman of the Board of Directors of Oras Invest Oy; Timo Ritakallio, President and CEO of Ilmarinen Mutual Pension Insurance Company; and Reima Rytsölä, Executive Vice President, Investments of Varma Mutual Pension Insurance Company. The fourth member of the Nomination Board is Jari Paasikivi, the Chairman of the Board of Directors of Tikkurila Oyj, who acts as an expert member.
Tikkurila Oyj
Erkki Järvinen, President and CEO
For further information, please contact:
Antti Kiuru, Tikkurila Oyj, Group Vice President, Legal, mobile +358 400 686 488, antti.kiuru@tikkurila.com
Pekka Paasikivi, Chairman of the Tikkurila Nomination Board, mobile +358 50 501 0666
Tikkurila is the leading paints and coatings professional in the Nordic region and Russia. With our roots in Finland, we now operate in 14 countries. Our high-quality products and extensive services ensure the best possible user experience in the market. Sustainable beauty since 1862.