Shareholders’ Nomination Board

The Shareholders’ Nomination Board (“Nomination Board”) prepares proposals regarding the composition and remuneration of the Board of Directors for the Annual General Meetings.

Purpose and duties of the Nomination Board

The Nomination Board is a shareholders’ body that was established by the Annual General Meeting in 2011.

The Nomination Board is responsible for ensuring that the Board of Directors comprises of members with a sufficient level of knowledge and experience for the needs of the company. For this purpose, the Nomination Board prepares to the Annual General Meeting proposals on the election and remuneration of the members of the Board of Directors. The Shareholders’ Nomination Board forwards its proposals for the Annual General Meeting by January 31 each year.

In its work, the Nomination Board must comply with all statutory and self-regulatory requirements, including the Finnish Corporate Governance Code and the stock exchange rules applicable to the company.

The duties of the Nomination Board are set out in more detail in the Nomination Board Charter.

Nomination Board Charter

Composition of the Nomination Board

The Nomination Board consists of five members nominated annually. Four members are appointed by the company’s four largest shareholders, who appoint one member each. The Chair of the Neles Board serves as the fifth member.

The four largest shareholders entitled to appoint members to the Shareholders’ Nomination Board are determined on the basis of the registered holdings as of September 1 each year.

The current members of the Nomination Board are:

  • Mikko Mursula, Chief Investment Officer, Ilmarinen Mutual Pension Insurance Company, Chair of the Neles Nomination Board
  • Pasi Laine, President and CEO, Valmet Oyj
  • Philip Ahlgren, Vice President, Cevian Capital AB
  • Emma Adlerton, Senior Vice President & Group General Councel, Alfa Laval AB (publ)
  • Jaakko Eskola, Chair of Neles’ Board of Directors

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