Componenta Corporation Stock Exchange Release, 14 January 2020 at 15:20

The Shareholders' Nomination Board of Componenta Corporation proposes to the Annual General Meeting 2020 (planned to be held on 16 April 2020) that the number of Board members will be restored to four (4) for the term expiring at the close of next Annual General Meeting.

The Nomination Board proposes that the current members of the Board of Directors Anne Leskelä, Harri Pynnä, Harri Suutari and Petteri Walldén are re-elected. The Nomination Board proposes that the number of Board members will be reduced by one from the current five, and that Board member Asko Nevala would no longer continue in his role. Restoring the number of Board members to four aims at cost efficient administration.The number of Board members was increased from four to five in the Extraordinary General Meeting held on 1 July 2019 where the acquisition of Komas Oy was resolved. In accordance with the conclusion of this acquisition, Marko Penttinen was appointed as the President and CEO of Componenta, and his predecessor Harri Suutari was elected as a member of the Board of Directors.

Out of the nominees, Anne Leskelä, Harri Pynnä and Petteri Walldén are independent of the company and of the significant shareholders of the company. Harri Suutari is independent of the significant shareholders of the company, but not of the company as he was the President and CEO of the company from November 2015 until August 2019. All nominees have given their consent to the position.

When preparing its proposal, the Nomination Board has taken into consideration the Board of Directors' diversity policy, including its aim to ensure continuity by nominating Board members who have long term experience of the company's business.

The Shareholders' Nomination Board proposes that remuneration for the members of the Board of Directors remains unchanged. The members of the Board of Directors who will be elected to the term continuing to the Annual General Meeting 2021, will be paid annual remuneration as follows: EUR 50,000 to the Chairman and EUR 25,000 to the members of the Board of Directors. If the Board of Directors decides to establish committees, an annual fee of EUR 5,000 will be paid to the members of Board committees. Travel expenses of the members of the Board of Directors will be compensated in accordance with the company's travel policy.

The Nomination Board of Componenta Corporation consists of Harri Suutari, authorized by shareholder Etra Capital Oy and acting as an expert member, Timo Sallinen, representing shareholder Varma Mutual Pension Insurance Company, and Hanna Hiidenpalo, representing shareholder Elo Mutual Pension Insurance Company. Harri Suutari is the chairman of the Nomination Board.

The proposals of the Nomination Board will be included in the notice to the Annual General Meeting.

COMPONENTA CORPORATION

Marko Penttinen
President and CEO

For further information, please contact:
Harri Suutari, Chairman of the Nomination Board, tel: +358 40 038 4937
 

Componenta is a technology company which specializes in supplying cast and machined components to global manufacturers of vehicles, machines and equipment. The company's share is listed on Nasdaq Helsinki.