Neste Oil's Nomination Board's proposal for the composition of the Board of Directors
Neste Oil Corporation
Stock Exchange Release
1 February 2012 at 9.00 am (EET)
Neste Oil's Nomination Board's proposal for the composition of the Board of Directors
The Nomination Board, established by Neste Oil Corporation's Annual General Meeting on 14 April 2011, will propose to the Annual General Meeting to be held on 28 March 2012 that the company's Board of Directors should comprise the following members:
Mr Jorma Eloranta should be elected as the Chairman and Ms Maija-Liisa Friman as Vice Chairman of the Board. In addition, Board members Mr Michiel Boersma, Ms Nina Linander, Ms Laura Raitio, Mr Hannu Ryöppönen, and Mr Markku Tapio should be re-elected for a further term of office. Mr Timo Peltola, the long-standing Chairman of the Board of Neste Oil, has informed the company that he is not available for re-election. The Nomination Board will not propose a new member to replace Mr Peltola.
All those concerned have given their consent to serving on the Board. All nominees are considered independent, with the exception of Mr Markku Tapio, who is employed by Neste Oil's majority owner, the Finnish State.
The Nomination Board will also propose that the remuneration paid to the Board of Directors should remain unchanged and be as follows:
Chairman EUR 66,000/year
Vice Chairman EUR 49,200/year
Member EUR 35,400/year
Meeting fee EUR 600/meeting
The meeting fee also applies to Board committee meetings. The fee will be double for members living outside Finland.
The Shareholders' Nomination Board was appointed in November 2011. According to the decision made by the Annual General Meeting, the Nomination Board consisted of the representatives of the company's three largest shareholders as of 1 November 2011. The Nomination Board comprised the following members: Pekka Timonen, Director General of the Ownership Steering Department at the Prime Minister's Office; Timo Ritakallio, Deputy CEO, Ilmarinen Mutual Pension Insurance Company; and Mikko Koivusalo, Director, Investments, Varma Mutual Pension Insurance Company. The Chairman of Neste Oil's Board of Directors, Timo Peltola, served as the Nomination Board's expert member.
Career and other relevant information on all those proposed for Board service can be found at www.nesteoil.com.
Neste Oil Corporation
Hanna Maula
Director, Corporate Communications
Further information: Pekka Timonen, Chairman of the Nomination Board, tel. +358 50 582 2284
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. The company had net sales of EUR 11.9 billion in 2010 and employs around 5,000 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil has been selected into the Dow Jones Sustainability World Index and is also featured in the Ethibel Excellence investment register. The company is included in The Global 100 list of the world's most sustainable corporations. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.