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Robit reports on shareholders' nomination committee board proposals for AGM.

M2 EQUITYBITES-January 13, 2020-Robit reports on shareholders' nomination committee board proposals for AGM

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Robit Oyj (HEL:ROBIT) announced on Friday that its shareholders' nomination committee has proposed that six members will be elected to the board of directors for the Annual General Meeting of Shareholders, to be held on 23 March 2020.

The nomination committee has proposed to the AGM that Mammu Kaario, Mikko Kuitunen, Kalle Reponen and Harri Sjoholm be re-elected as members of the board of directors for the term ending at the close of the next AGM, while Kim Gran and Anne Leskela are proposed as new members of the board.

Reportedly, all nominees have given their consent to their election and are independent of the company and its significant shareholders, except for Sjoholm, who is dependent on the company and a major shareholder.

Also, the nomination committee has proposed to the AGM that the remuneration payable to the members of the board of directors and the chairman of the board remain unchanged and will be annual remuneration of EUR45,000 for the chairman of the board of directors, of which 40% is paid in shares and the remaining 60% is withholding tax, which the company withholds and pays to the tax authorities. The annual remuneration of a member of the board of directors is EUR30,000, of which 40% is paid in shares and the remaining 60% is withholding tax, which the company withholds and pays to the tax authorities.

In addition, the nomination committee has proposed that the members and chairman of the board of directors will be paid for board and committee meetings a meeting fee of EUR500 per meeting attended by them. In addition, travel, accommodation and other expenses are reimbursed.

Robit's shareholders' nomination committee members are Timo Sallinen, head of Listed Securities, Varma Mutual Pension Insurance Company (chairman); Harri Sjoholm, CEO, Five Alliance Oy; Tuomas Virtala, CEO, Asset Management, OP Financial Group and Jukka Vahapesola, head of Equities, Elo Mutual Pension Insurance Company.

Robit develops, manufactures, supplies and services drilling consumables for applications in tunnelling, geothermal heating and cooling, construction and mining industries.

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Date:Jan 13, 2020
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