FORTUM CORPORATION STOCK EXCHANGE RELEASE 29 JANUARY 2019 AT 9.15 EET
Fortum's Shareholders' Nomination Board has submitted its proposals to the 2019 Annual General Meeting to Fortum's Board of Directors. The Shareholders' Nomination Board proposes that the Board consists of nine (9) members, the Chairman and the Deputy Chairman included, and that the following persons be elected to the Board of Directors for a term ending at the end of the 2020 Annual General Meeting:
Proposed to be re-elected:
Anja McAlister, and
Proposed to be elected as new members:
Marco Ryan, and
Matti Lievonen is proposed to be elected as Chairman and Klaus-Dieter Maubach as Deputy Chairman of the Board of Directors.
The Shareholders' Nomination Board did not reach a unanimous proposal, and consequently did not make a proposal for the remuneration paid to the Board of Directors for their following term of office. The Chairman of the Nomination Board has notified the Nomination Board and the Company that the State of Finland will make a proposal at the Annual General Meeting for the remuneration to remain unchanged.
The remuneration currently paid to the Board of Directors is 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 the fee is EUR 600. For Board members resident outside Finland in Europe, the fee for each meeting is doubled and for Board members resident outside Europe, the fee for each meeting is tripled. For Board members living in Finland, the fee for each Board and Board Committee meeting is doubled for meetings held outside Finland and tripled for meetings held outside Europe. For Board and Committee meetings held as a telephone conference the fee is paid as single to all members. No fee is paid for decisions made without a separate meeting.
The Shareholders’ Nomination Board comprised Kimmo Viertola, Director General, Prime Minister's Office, Ownership steering department (Chairman), Risto Murto, President and CEO of Varma Mutual Pension Insurance Company, Jouko Pölönen, President and CEO of Ilmarinen Mutual Pension Insurance Company, and the Chairman of Fortum's Board of Directors Matti Lievonen. Matti Lievonen did not take part in the decision-making on the remuneration paid to the Board of Directors and on the proposal for the Chairman of the Board.
Ingela Ulfves, VP, Investor Relations and Financial Communications
Kimmo Viertola, Chairman of the Shareholders' Nomination Board, tel. +358 029 516 0026.
Biographical details of the new proposed Board members are available as an attachment to this release.