Exel Composites' shareholders have considered it essential that the Annual General Meeting establishes a Shareholders' Nomination Board for the preparation of a proposal for the election of Board members and fees to be paid to the Board members to be presented to the Annual General Meeting.
The Annual General Meeting to be held on 4 April 2017 resolved to appoint a Shareholders’ Nomination Board to prepare proposals concerning Board members and their remunerations for the following Annual General Meeting.
The Nomination Board would consist of the representatives of the four largest shareholders and of the Chairman of the Board of Directors, acting as an expert member. The company’s largest shareholders entitled to appoint members to the Nomination Board shall be determined on the basis of the registered holdings in the company’s shareholder register held by Euroclear Finland Oy as of 30 September 2017. In addition, shareholders who under the Finnish Securities Markets Act have an obligation to disclose changes in ownership (shareholder subject to disclosure notification by flagging) will be taken into account when forming the Nomination Board provided that they notify their shareholdings to the Board of Directors in writing by 30 September 2017. Should a shareholder not wish to use its right to nominate, this right would be passed on to the next largest shareholder.
The Nomination Board would be convened by the Chairman of the Board of Directors, and the Board would choose a chairman from among its own members.
The Nomination Board should give its proposal to the Board of Directors of the Company at the latest by 31 January 2018.