Finnair announces the proposals made by its Shareholders’ Nomination Board for its AGM on 24 March 2022
Vantaa, Finland, 2022-Feb-01 — /Travel PR News/ —
Number of members of the Board of Directors
The Shareholders’ Nomination Board proposes to the AGM 2022 to be held on 24 March 2022 that the number of members of the Board of Directors would be confirmed as eight.
Composition of the Board of Directors
The current members of Finnair’s Board of Directors are Tiina Alahuhta-Kasko, Colm Barrington, Montie Brewer, Jukka Erlund, Hannele Jakosuo-Jansson, Jouko Karvinen, Henrik Kjellberg and Maija Strandberg. The Shareholders’ Nomination Board proposes to the AGM 2022 that all the current members of the Board be re-elected exclusive of Colm Barrington and Jouko Karvinen who have informed the Shareholders’ Nomination Board that they will not be available in the election of the Board in the next AGM. The Nomination Board proposes that Simon Large, independent non-executive director, and Kari Stadigh, acting in various positions of trust, be elected as new members of the Board. Prior to the proposed Board positions, Mr. Large has served in e.g., several leadership positions at Cathay Pacific for 12 years and Mr. Stadigh has acted as e.g., the Group CEO and President of Sampo Plc from 2009 to 2019.
The Shareholders’ Nomination Board further proposes that Kari Stadigh be elected as the Chair of the Board.
All candidates have given their consent to the position, and all except Maija Strandberg, are independent of the company and its significant owners. Maija Strandberg is not deemed to be independent of the company’s significant owners as she is a civil servant of the government of Finland.
The biographical details of the Board members proposed for election can be found at Finnair’s company website: investors.finnair.com/en.
Proposal on Board members’ remuneration
The Shareholders’ Nomination Board proposes to the AGM 2022 that it would decide on the same annual remuneration of the members of the Board as the AGM 2021, and that the annual remunerations would be as follows:
- Chair 63,000 euros;
- Vice Chair 32,700 euros;
- Chairs of the Audit Committee and People and Remuneration Committee 32,700 euros, where these individuals are neither the Chair nor the Vice Chair of the Board; and
- Other members 30,300 euros per year.
In addition to the annual remuneration, each member’s fee for a meeting of the Board or its Committee is 600 euros when the meeting takes place in the member’s country of residence and 2,400 euros for other meetings. For telephone meetings, the fee is 600 euros.
The Board members are entitled to reimbursement of reasonable travel expenses in accordance with the company’s general expenses policy.
The Board members and their spouses are entitled to discounted travel on the company’s flights in accordance with the company’s discount ticket policy regarding the Board of Directors.
Composition of the Shareholders’ Nomination Board
The members of the Shareholders’ Nomination Board are Minna Pajumaa, Senior Financial Counsellor of the Ownership Steering Department in the Prime Minister’s Office of Finland; Timo Sallinen, Head of Listed Securities, Varma Mutual Pension Insurance Company; Esko Torsti, Head of Cross Asset Allocation, Ilmarinen Mutual Pension Insurance Company; and Jouko Karvinen, Chair of Finnair’s Board. Shareholders’ right to appoint their representatives in the Shareholders’ Nomination Board was based on the shareholder register of 1 September 2021.
The above proposals will be included also in the invitation to the AGM 2022, which will be published later.
Finnair is a network airline, specialising in connecting passenger and cargo traffic between Asia and Europe via the short northern route. Sustainability is at the heart of everything we do – Finnair intends to reduce its net emissions by 50% by the end of 2025 from the 2019 baseline and achieve carbon neutrality latest by the end of 2045. Finnair is a member of the oneworld alliance. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.
For further information, please contact:
Minna Pajumaa
Senior Financial Counsellor
Government Ownership Steering Department
tel. +358 2 9516 0147
Source: FINNAIR
###