Board of Directors

The Board of Directors is responsible for the company’s strategic development and for supervising and steering the company’s business and management. Further, under the Articles of Association and in line with the Companies Act, the Board of Directors represents the company and is responsible for the proper arrangement of the control of the company’s accounts and finances. The Board of Directors is also responsible for defining the company’s mission and values. In 2019, the Board of Directors met 10 times, and the attendance rate was 99%.

Matti Lievonen

Chairman
Born 1958, nationality: Finnish
B.Sc. (Eng.), eMBA, D.Sc. (Tech) h.c.
Independent member of Fortum's Board of Directors since 2017
Chairman of the Nomination and Remuneration Committee
Fortum shareholding 31 Dec 2019: 1,500

Main occupation: Chief Executive Officer, Oiltanking GmbH

Primary work experience: President & CEO, Neste Corporation 2008-2019; President of the Fine and Speciality Papers Division at UPM-Kymmene Corporation and number of other senior positions at UPM 1986–2008 and prior to that at ABB, Member of UPM-Kymmene's Executive Board 2002–2008

Key positions of trust: Member of the Board of Directors of Solvay SA and Wintershall DEA

Veli-Matti Reinikkala

Deputy Chairman
Born 1957, nationality: Finnish
Executive Master of Business Administration
Independent member of Fortum's Board of Directors since 2016
Member of the Audit and Risk Committee
Fortum shareholding on 31 Dec 2019: 3,000

Main occupation: Non-executive Director

Primary work experience: President of Region Europe in 2015 and Member of the Group Executive Committee of ABB Group in 2006–2015, President of the Process Automation division in 2006–2014, Head of Business Area Process Automation in 2005; Manager of Automation Technologies Division at ABB China 2003–2004; Business Area Manager of ABB Drives & Power Electronics 2002; Manager at ABB Drives 1996–2002; CFO of ABB Industry Oy 1994–1996; various positions in paper and packaging companies in Finland before 1994

Key positions of trust: Chairman of the Board of Cramo Plc, Member of the Board of UPM-Kymmene Corporation

Eva Hamilton

Born 1954, nationality: Swedish
B.A. Journalism, honorary doctorate degree at Mid Sweden University (Mittuniversitetet)
Independent member of Fortum's Board of Directors since 2015
Member of the Nomination and Remuneration Committee
Fortum shareholding on 31 Dec 2019: 40

Main occupation: Independent consultant

Primary work experience: CEO of Sveriges Television (SVT) 2006–2014, Head of SVT Fiction 2004–2006, Head of SVT News 2000–2004, and Head of Foreign Correspondent in Brussels 1993–1996; News Reporter at Aftonbladet 1978–1979, Svenska Dagbladet 1979–1988 and Dagens Industri 1988–1989

Key positions of trust: Chairman of the Board of Nexiko Media AB; Member of the Board of LKAB, Bonnier News AB, AB Kvällstidningen Expressen, Aktiebolaget Fastator and Arholma Landsort AB; Chairman of the Swedish Film & TV Producers Association and Luleå Tekniska Universitet

Essimari Kairisto

Born 1966, Finnish and German citizen
Diploma in Business Administration (Germany)
Independent member of Fortum's Board of Directors since 2018
Chairman of the Audit and Risk Committee
Fortum shareholding 31 Dec 2019: 0

Main occupation: Independent consultant

Primary working experience: Member of the Executive Board/CFO in 2013-2016 at Hochtief Solutions AG; General Manager Finance/CFO of Sasol O&S Group International 2008-2013; Managing Director and CFO of Sasol Germany GmbH 2007-2013;  Managing Director/CFO of Lahmeyer International GmbH 2004-2007; Head of Special Purpose Controlling of RWE Solutions AG 2003-2004; Head of Commercial Services Infrastructure Management of RWE Solutions AG & RWE Industrie-Lösungen GmbH 2002-2003; several management positions in Germany, Norway and US at Schlumberger 1995-2001

Key positions of trust: Member of the Supervisory Board, the Board of Partners, and the Audit Committee of Freudenberg Group; Member of the Supervisory Board and Audit, Risk and Compliance Committee of TenneT Holding B.V.; Independent Member of the Board of Directors and Member of the Audit Committee of Applus Services SA

Klaus-Dieter Maubach

Born 1962, German citizen
Ph.D. (Electrical Engineering)
Independent member of Fortum's Board of Directors since 2018
Member of the Nomination and Remuneration Committee
Fortum shareholding 31 Dec 2019: 0

Main occupation: Managing Partner, maubach.icp GmbH

Primary working experience: CEO of Encavis AG (former Capital Stage AG) 2015-2016; Member of the Management Board and CTO of E.ON SE 2010-2013; CEO of E.ON Energie AG 2007-2010 and Member of the Management Board 2006-2007; CEO of Avacon AG 2003-2006 and Member of the Management Board 2001-2003; CEO and Member of the German Executive Committee of Fortum Group in Elektrizitätswerk Wesertal GmbH 2000-2001, Managing Director 1998-2000 and Corporate head of department 1998; Head of technical planning of Energieversorgung Offenbach AG 1996-1998 and Head of dispatching centre 1995-1996; Research assistant, head of system optimization at University of Wuppertal 1989-1994 

Key positions of trust: Chairman of the Supervisory Board of Uniper SE and Klöpfer & Königer GmbH & Co KG; Member of the Supervisory Board of ABB Deutschland AG; Member of the Board of Directors of Axpo Power AG; Chairman of the Advisory Board and shareholder of SUMTEQ GmbH

Anja McAlister

Born 1960, nationality: Finnish
M.Sc., Energy technology, MBA
Independent member of Fortum's Board of Directors since 2017
Member of the Nomination and Remuneration Committee
Fortum shareholding 31 Dec 2019: 0

Main occupation: Independent consultant

Primary work experience: Executive Vice President, Head of Strategy, Transformation, and HR of Pöyry PLC in 2017 and President of Energy Business Group in 2015–2017; Vice President at Pöyry Management Consulting Oy 2014–2015; Managing Director of Renewa Oy 2013; Senior Vice president, Head of Energy Business at UPM Group 2004–2013; Senior Vice President, Head of the Management Consulting Northern Europe of Electrowatt-Ekono Oy (part of the Pöyry Group) 2000–2004; Industrial Counsellor, Head of Energy Policy and Analyses team of Ministry of Trade and Industry, Finland 1998–2000; Operations Manager and Managing Director  of Kymppivoima Oy 1995–1998; Senior Consultant at Energia-Ekono Oy 1993–1995; Technical Manager at Sheffield Heat and Power Ltd., UK 1990–1993; Operations Manager of MW biomass CHP plant of City of Kuopio, Finland 1984–1989

Teppo Paavola

Born 1967, Finnish citizen
M.Sc.(Econ.), HSE; MBA, INSEAD
Independent member of Fortum's Board of Directors since 23 April 2020
Member of the Audit and risk Committee
Fortum shareholding: 0

Main occupation: Adecco Group, Chief Digital Officer

Primary working experience: BBVA Group, Chief Development Officer, General Manager of New Digital Businesses 2014–2018; Paypal, VP, Head of Global Business Development, M&A and Developer Relations 2012–2014; Nokia Corporation, General Manager at Mobile Financial Services 2009–2012, Head of Corporate Business Development 2008–2009, Head of Strategy and Business Development at Nokia Research Center 2004–2007; Oplayo, CEO 2002–2004; Printing Network Of Europe, CEO/Founder 2000–2002; General Electric/GE Capital, Managing Director of Equipment Finance 1998–1999 and Business Development Associate/Manager 1996–1998

Positions of trust: Member of the Board of 3 Step It, Atom Bank, and Simple Finance Technology

Philipp Rösler

Born 1973, nationality: German
Ph.D., M.Med.
Independent member of Fortum's Board of Directors since 2019
Member of the Audit and Risk Committee
Fortum shareholding on 31 Dec 2019: 0

Primary working experience: Hainan Cihang Charity Foundation, Managing Director;  World Economic Forum, Managing Director & Member of the Managing Board 2014-2017;  Federal Ministry (Bundesministerium) of Economics and Technology, Deputy Federal Chancellor and Federal Minister 2011-2013;  Federal Ministry (Bundesministerium) of Health, Federal Minister of Health

Key positions of trust: Member of the Supervisory Board of Siemens Healthineers and Jacobs University Bremen gGmbH; Member of the Board of trustees of Bertelsmann Stiftung; Member of the Advisory Board of Arabesque S-Ray

Annette Stube

Born 1967, Danish citizen
Master’s degree in psychology, specialized in organizational development; Copenhagen Business School, Executive Board Education
Independent member of Fortum's Board of Directors since 23 April 2020
Member of the Audit and risk Committee
Fortum shareholding: 0

Main occupation: Stora Enso Oyj, EVP, Head of Sustainability and a member of the Group Leadership Team from 1 September 2020
Primary working experience:  Head of Sustainability of A.P. Moller – Maersk 2008-2020; Director, Sustainability Programmes, Corporate Branding & Responsibility of Novo Nordisk 2007–2008, Advisor, Corporate Responsibility 1998–2007 and Human Resource Consultant, Health Care Business 1997–1998; Manager of a psychological crisis intervention team and for a Scandinavian team of 200 “flying” doctors and nurses, Supply chain Manager in Eastern Europe and Africa at SOS-International 1995–1997

Positions of trust: Vice-Chair of the Board of OneThird (Think Tank on Prevention of Food Waste and Food Loss);    Member of Advisory Council on Sustainable Finance (FinansDanmark); Member of the Board of VL64 (Leadership network); Member of Expert Network of United Nations Global Compact; Social Impact Fellow at Haas School of Business, Univ. of California, Berkeley; Advisor to the Danish Government and Member of the Danish Council for Corporate Sustainability and SDGs appointed by the Minister of Business; Chair of Sustainability Network for Large companies DI (Danish Confederation of Industries); Adjunct Professor at Copenhagen Business School, Chair of the CSR Committee at Danish Ship-owners Association

Changes in managers' shareholdings and transaction history are available here. Fortum also publishes all its managers' transactions by a Stock Exchange Release.

The Board of Directors comprises five to ten members who are elected at the Annual General Meeting for a one-year term of office expiring at the end of the first Annual General Meeting following the election. The Annual General Meeting also elects the Chairman and the Deputy Chairman of the Board of Directors.

Assesment

As part of its duties, the Board of Directors conducts an annual self-assessment in order to further develop its work. In accordance with the Finnish Corporate Governance Code, the Board of Directors also annually evaluates which of the directors are independent of the company and which are independent of its significant shareholders.

Board of Directors in 2020

The Annual General Meeting on 23 April 2020 re-elected Eva Hamilton, Essimari Kairisto, Matti Lievonen (Chairman), Klaus-Dieter Maubach, Anja McAlister, and Veli-Matti Reinikkala (Deputy Chairman) and Philipp Rösler as members to the Board. In addition, Teppo Paavola and Annette Stube  were elected as new members to the Board of Directors 

The Chairman, the Deputy Chairman and the members of the Board of Directors are independent of the company and of the company’s significant shareholders.