CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 9 FEBRUARY 2016 AT 4.45 P.M. (EET)
Cargotec's Nomination and Compensation Committee's proposal for the composition and remuneration of the Board of Directors
Cargotec's Nomination and Compensation Committee proposes to the next Annual General meeting that convenes on 22 March, 2016, that the number of members of the Board of Directors will be eight (8), and that for a term of office expiring at the end of the first Annual General Meeting following their election, current Board members Jorma Eloranta, Tapio Hakakari, Ilkka Herlin, Peter Immonen and Teuvo Salminen, be re-elected to the Board of Directors.
As new Board members, the committee proposes Kimmo Alkio, Kaisa Olkkonen and Heikki Soljama. They all possess strong international business experience, which supplements the Board of Directors' skill base e.g. in the areas of digitalisation and automation, and which supports Cargotec's strategic goal to become the market leader in intelligent cargo handling.
The President and CEO of Tieto Corporation, Kimmo Alkio, has during his long career held leadership positions in global IT, software and telecommunications companies in Europe and USA. He has previously served as the President and CEO of F-Secure and in different positions in Nokia Corporation and in Digital Equipment Corporation.
Kaisa Olkkonen has a long international leadership experience in Nokia Corporation, having focused on legal and intellectual property matters, interest representation and government relations. She has also served in several international positions of trust, e.g. as a member of the executive board of Digital Europe.
Heikki Soljama has a long experience with P/L responsible business leadership roles in ABB in China, Switzerland and Finland, working with customer industries that are relevant to Cargotec's business.
The new Board candidates are independent of the company and of major shareholders. The current members Anja Silvennoinen and Antti Lagerroos have informed that they will not stand for re-election to the Board of Directors.
Information on the current Board members and the Board candidates is available on Cargotec's website at www.cargotec.com.
Remuneration payable to the members of the Board of Directors
The Nomination and Compensation Committee of the Board of Directors proposes that a yearly remuneration of EUR 80,000 will be paid to the Chairman of the Board, EUR 55,000 to the Vice Chairman, EUR 55,000 to the Chairman of the Audit and Risk Management Committee and EUR 40,000 to the other Board members. In addition, members are proposed to be paid EUR 1,000 for attendance at board and committee meetings. According to the proposal, 30 percent of the yearly remuneration will be paid in Cargotec's class B shares and the rest in cash, and Cargotec will cover the transfer taxes related to the Board remuneration paid in shares.
Nomination and Compensation Committee
The Nomination and Compensation Committee is chaired by Ilkka Herlin and the members are Jorma Eloranta, Peter Immonen and Tapio Hakakari.
Tapio Hakakari, Vice Chairman of the Board, member of the Nomination and Compensation Committee
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Cargotec shapes the cargo handling industry for the benefit of its customers and shareholders. Cargotec's business areas MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Their global network is positioned close to customers and offers extensive services that ensure a continuous, reliable and sustainable performance according to customers' needs. Cargotec's sales totalled approximately EUR 3.4 billion in 2014 and it employs approximately 11,000 people. Cargotec's class B shares are quoted on Nasdaq Helsinki Ltd under symbol CGCBV. www.cargotec.com