SPINNOVA PLC, COMPANY RELEASE, 4 MARCH 2025 AT 6.00 P.M. UCT+2

Proposals of the Shareholders' Nomination Board to Spinnova Plc's Annual General Meeting 2025

Spinnova Plc's Shareholders' Nomination Board has submitted to the Board of Directors of the Company its proposals for the Annual General Meeting 2025.

1)     Remuneration of Board Members

The Shareholders' Nomination Board of Spinnova Plc proposes to the Annual General Meeting that the remuneration of the Board of Directors would be a fixed monthly fee of EUR 6 000 to the Chair and EUR 2 000 to each Board Member.

No separate deputy chair-, meeting- or committee member fees would be paid. Travel costs would be reimbursed in accordance with the company's travel policy.

2)     Number of Members of the Board of Directors

The Shareholders' Nomination Board of Spinnova Plc proposes to the Annual General Meeting that the number of members of the Board of Directors for the term expiring at the close of the Annual General Meeting 2026 will be unchanged at seven (7).

3)     Election of Members of the Board of Directors

The Shareholders' Nomination Board of Spinnova Plc proposes to the Annual General Meeting, that

Janne Poranen, Petri Kalliokoski, Hanna Liiri, Vesa Silaskivi, Sebastian Vinsten, and Jari Vähäpesola are re-elected as Board members. The Shareholders' Nomination Board further proposes Carlos Aníbal de Almeida Jr. to be elected as a new member of the Board of Directors.

Carlos Aníbal de Almeida Jr. (born 1969) is currently holding the position as Executive Vice-President of Suzano S.A.  He holds a B.Sd. in Electrical Engineering from the Federal University of Minas Gerais (UFMG) and MBA from IBMEC São Paulo (today Insper).  He joined Suzano in 2003 as Executive Manager of the Pulp Business Unit, and in 2008 moved to paper commercial operations as Executive Officer of the Paper Business Unit. In 2014, he also became Executive Officer of the Pulp Business Unit. In 2017, he became Pulp Executive Officer, with responsibility for both the industrial and commercial operations of the Business Unit. He began his career at General Electric of Brazil as General Sales Manager for Latin America in the Industrial Systems Division.

All persons proposed for Board service have given their consent to serving on the Board.

Regarding the selection procedure for the members of the Board of Directors, the Shareholders' Nomination Board recommends that shareholders consider the proposal at the Annual General Meeting. This recommendation is based on the fact that the Shareholders' Nomination Board is responsible for making sure that the proposed Board of Directors has the best possible expertise and experience to steer the company, and that the composition of the Board of Directors meets other requirements of the Finnish Corporate Governance Code for listed companies.

The Nomination Board notes that all proposed Board members are independent of the company, except for Janne Poranen, due to his employment relationship with the company as well as Carlos Aníbal de Almeida Jr., due to him belonging to the operative management of Suzano S.A, which has a close cooperation relationship with Spinnova.

All proposed Board members who are independent of the company are also independent of the company's significant shareholders. Spinnova's definition of Board members' independence complies with the Finnish Corporate Governance Code (2025).

The term of Board of Directors members ends at the close of the Annual General Meeting in 2026.

Spinnova Plc's Nomination Board

The Shareholders' Nomination Board was appointed 5 September 2024. The Nomination Board includes:

Hanna Liiri, Besodos Investors Oy acting as Chair of the Nomination Board

Julio Ramundo, Suzano S.A.

Ilkka Kivimäki, Maki.vc Fund I Ky

Janne Poranen, Chair of the Board of Directors, Spinnova Plc

The Nomination Board made the above-mentioned proposals unanimously.

The proposals by the Nomination Board will be included in the notice convening the 2025 Annual General Meeting, which will be announced later.

Spinnova Plc

For further information, please contact:

Johanna Valkama
Legal Director and Nomination Board Secretary
johanna.valkama@spinnova.fi

+358 20 703 2430

Certified advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098

Distribution:

Nasdaq Helsinki
Key media
 

Spinnova - The textile material innovation 

Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed a breakthrough patented technology for making textile fibre out of wood pulp or waste, such as leather, textile or agricultural cropping waste, without harmful chemicals or dissolving. 

Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.

Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland. 

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com