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Suominen reports on board proposals by nomination board to 2019 AGM.

NORDIC BUSINESS REPORT-January 30, 2019-Suominen reports on board proposals by nomination board to 2019 AGM


Suominen Oyj (HEL:SUY1V), a supplier of non-wovens for use in consumer products to industrial and retail customers, announced on Tuesday that its nomination board of the shareholders has proposed to the Annual General Meeting that the number of board members remains unchanged and would be six.

Jan Johansson, Risto Anttonen, Hannu Kasurinen, Laura Raitio and Andreas Ahlstrom are proposed to be re-elected as members of the board of directors, with Johansson proposed to be elected as the chair of the board of directors.

Reportedly, Jaana Tuominen has informed that she is not available as a candidate for the board of directors. Sari Pajari has been proposed to be elected as a new member of the board of directors.

Currently, Pajari is SVP, Sales and Marketing of Metsa Board Corporation. Prior to that, amongst others, she has served as SVP, Business Development at Metsa Board Corporation and SVP, CIO at Metsa Group.

All candidates have given their consent to the election. All candidates are independent of the company. The candidates are also independent of Suominen's significant shareholders, with the exception of Ahlstrom who acts currently as Investment director at Ahlstrom Capital Oy. The largest shareholder of Suominen Corporation, AC Invest Two BV, is a group company of Ahlstrom Capital Oy.

Regarding the board remuneration, the nomination board of the shareholders has proposed to the AGM that the remuneration of the board of directors remains unchanged and would continue to be annual fee of EUR60,000 for the chairman, annual fee of EUR37,500 for the deputy chairman of the board and an annual fee of EUR28,000 for other board members

Also, members of the board will receive a fee of EUR500 for each meeting of the board of directors held in the home country of the respective member and a fee of EUR1,000 per each meeting of the board of directors held elsewhere than in the home country of the respective member. 60% of the remuneration is paid in cash and 40% in Suominen's shares.

The number of shares forming the above remuneration portion, which is payable in shares, will be determined based on the share value in the stock exchange trading maintained by Nasdaq Helsinki Ltd, calculated as the trade volume weighted average quotation of the share during the one-month period immediately following the date on which the interim report of January 2019 to March 2019 of the company is published. These shares will be transferred out of the own shares held by the company by the decision of the board of directors by 31 May 2019 at the latest.

Compensation for expenses will be paid in accordance with the company's valid travel policy.

Suominen's nomination board members, as of 4 September 2018, are Lasse Heinonen, MD of Ahlstrom Capital, nominated by AC Invest Two BV and chair of the nomination board; Erkki Etola, CEO of Oy Etra Invest Ab, nominated by Oy Etra Invest Ab and Reima Rytsola, EVP, Investments, of Varma Mutual Pension Insurance Company, nominated by Varma.

As of 30 November 2018, Roger Hagbord, investment advisory professional, TVF TopCo Limited, acted as a member of the nomination board, nominated by Oy Etra Invest Ab.

Johansson, chair of Suominen's board, serves as the fourth member of the nomination board.

The company added that all of the proposals made by the nomination board were unanimous.

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Title Annotation:Annual General Meeting
Publication:Nordic Business Report
Date:Jan 30, 2019
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