Suominen Corporation Stock exchange release 25 January 2016 at 15:30 (EET)
The Nomination Board of the shareholders of Suominen Corporation’s proposes to the Annual General Meeting that the number of board members remains unchanged at six (6). Further, the Nomination Board proposes that Mr Andreas Ahlström, Mr Risto Anttonen, Mr Jorma Eloranta, Mr Hannu Kasurinen, Ms Laura Raitio and Ms Jaana Tuominen would be re-elected as members of Suominen Corporation’s Board of Directors.
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 Andreas Ahlström who acts currently as Investment Manager at Ahlström Capital Oy. The largest shareholder of Suominen, AC Invest Two B.V. is a group company of Ahlström Capital. The candidate information relevant considering their service for the Board of Directors is presented at the company website www.suominen.fi.
The Nomination Board recommends that the new Board of Directors, if elected by the general meeting in accordance with the proposal by the Nomination Board, elects Jorma Eloranta as Chair of the Board and Risto Anttonen as Deputy Chair of the Board.
Proposal on the Board remuneration
The Nomination Board of the shareholders of Suominen Corporation proposes to the Annual General Meeting that the remuneration of the Board of Directors remains unchanged, and the Chair would be paid an annual fee of EUR 50,000, Deputy Chair of the Board an annual fee of EUR 37,500 and other Board members an annual fee of EUR 28,000. Further, the members of the Board will receive a fee of EUR 500 for each meeting of the Board of Directors held in the home country of the respective member and a fee of EUR 1,000 per each meeting of the Board of Directors held elsewhere than in the home country of the respective member. The Nomination Board proposes that 60% of the remuneration be paid in cash and 40% in Suominen Corporation’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 Oy, 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-March 2016 of the company is published. The shares will be given out of the own shares held by the company by the decision of the Board of Directors by 3 June 2016 at the latest.
Compensation for expenses will be paid in accordance with the company's valid travel policy.
The representatives of the Nomination Board are, as of 2 September 2015, Thomas Ahlström, member of the Board of Directors of Ahlström Capital and Managing Director of Antti Ahlström Perilliset Oy, representing AC Invest Two B.V.; Mikko Mursula, Chief Investment Officer of Ilmarinen Mutual Pension Insurance Company; and Reima Rytsölä, Executive Vice-President, Investments of Varma Mutual Pension Insurance Company. Jorma Eloranta, Chair of Suominen’s Board of Directors, serves as the fourth member of the Nomination Board. Thomas Ahlström acts as the Chair of the Nomination Board.
All of the proposals made by the Nomination Board were unanimous. Jorma Eloranta, Chair of the Board of Directors of Suominen, did not take part in decision-making concerning the remuneration of the Board of Directors. Further, he did not attend the decision-making related to the Nomination Board's recommendation on the Chair of the Board.
The Board of Directors of Suominen Corporation will include the proposals submitted by the Nomination Board to the Notice of the Annual General Meeting of Suominen which will be published at a later date. The Annual General Meeting of Suominen Corporation is scheduled to be held on 16 March 2016.
Nina Kopola, President & CEO
For additional information please contact:
Thomas Ahlström, Chair of the Nomination Board of Suominen Corporation, tel. +358 50 550 2330
Suominen in brief
Suominen manufactures nonwovens as roll goods for wipes as well as for medical and hygiene products. The end products made of Suominen’s nonwovens - wet wipes, feminine care products and swabs, for instance - bring added value to the daily life of consumers worldwide. Suominen is the global market leader in nonwovens for wipes and employs approximately 600 people in Europe and in the Americas. Suominen’s net sales in 2014 amounted to MEUR 401.8 and operating profit excluding non-recurring items to MEUR 26.9. The Suominen share (SUY1V) is listed in Nasdaq Helsinki Stock Exchange. Read more at www.suominen.fi.