FORTUM CORPORATION STOCK EXCHANGE RELEASE 27 JANUARY 2017 AT 15.00 EET
Fortum's Shareholders' Nomination Board has submitted to Fortum's Board of Directors its proposals to the Annual General Meeting 2017. The Shareholders' Nomination Board will propose to the Annual General Meeting that the Board consists of eight (8) members and that the following persons be elected to the Board for a term ending at the end of the Annual General Meeting 2018:
To be re-elected:
Sari Baldauf as Chairman
Heinz-Werner Binzel as member
Eva Hamilton as member
Kim Ignatius as member
Tapio Kuula as member, and
Veli-Matti Reinikkala as member
To be elected:
Matti Lievonen as Deputy Chairman, and
Anja McAlister as member
Board Member Minoo Akhtarzand, will resign having served as a member of Fortum's Board of Directors since 2011. In addition, Jyrki Talvitie has informed that he will not be available in the election on the members of the Board of Directors in the next Annual General Meeting. Jyrki Talvitie has served as a member of Fortum's Board of Directors since 2014.
Fees to Board members:
The Shareholders' Nomination Board will propose that the fees paid for the upcoming term remain unchanged and are as follows:
Chairman: EUR 75,000/year
Deputy Chairman: EUR 57,000/year
Members: EUR 40,000/year
The Chairman of the Audit and Risk Committee, if he/she is not simultaneously acting as Chairman or Deputy Chairman of the Board: EUR 57,000/year.
For each Board and Board Committee meeting a fee of EUR 600 will be proposed. For Board members living outside Finland in Europe, the proposed fee for each meeting will be doubled and for Board members living outside Europe, the proposed fee for each meeting will be tripled. For Board members living in Finland, the proposed fee for each Board and Board Committee meeting will be doubled for meetings held outside Finland and tripled for meetings held outside Europe. For Board and Committee meetings held as a telephone conference the proposed fee will be paid as single to all members. No fee will be paid for decisions made without a separate meeting.
The Chairman of the Shareholders' Nomination Board is Eero Heliövaara, Director General of Finnish Government Ownership Steering Department, and the members are Timo Ritakallio, President and CEO, Ilmarinen Mututal Pension Insurance Company, Liisa Hyssälä, Director General of Finnish Social Insurance Institution (KELA) until 31 December 2016 and Elli Aaltonen, Director General of Finnish Social Insurance Institution (KELA) from 1 January 2017 onward and Sari Baldauf, Chairman of Fortum Corporation's Board of Directors. Sari Baldauf did not participate in the decision-making regarding the proposal for the Chairman of the Board or fees to the Board members.
Sophie Jolly, Vice President, Investor Relations and Financial Communications, tel. +358 10 45 32552
Eero Heliövaara, Chairman of the Shareholders' Nomination Board, tel. +358 50 368 7016
Biographical details of the new proposed Board members are available as an attachment to this release.
Fortum is a leading clean-energy company that provides its customers with electricity, heating and cooling as well as smart solutions to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 8,000 professionals in the Nordic and Baltic countries, Russia, Poland and India, and already 64% of our electricity generation is CO2 free. In 2015, our sales were EUR 3.5 billion. Fortum's share is listed on Nasdaq Helsinki. www.fortum.com