Neste Corporation Stock Exchange Release
The Shareholders' Nomination Board, established by
The Nomination Board proposes that Mr.
The Nomination Board further proposes that the Board of Directors shall have eight members and that Mr.
All of those concerned have given their consent to serving on the Board and are considered to be independent of the company and its major shareholders.
"Taking into account the development of Neste's strategy, the Nomination Board has evaluated that the proposed Board of Directors has versatile knowledge and experience in leading and developing international business. This proposal also reflects the long-term and consistent target of renewing the Board, regardless of the current Board's excellent success," says Mr. Kimmo Viertola, Chair of the Nomination Board.
Out of the present members,
The annual fees of Neste's Board of Directors were last increased in 2008. According to an independent expert report, the fees of Neste's Board have fallen significantly below market levels during this period. According to the Remuneration Policy prepared by the Neste Board, the fees of the Board should be at international and competitive market level. The Shareholders' Nomination Board supports this view.
The Shareholders' Nomination Board considers that the Board fees have fallen significantly below current market levels. To achieve the market level, a step-by-step plan, supported by the major shareholders, to increase Board remuneration must be developed by the end of 2020. As the Finnish State's position on the development of the remuneration is still in progress, the Shareholders' Nomination Board did not reach a unanimous proposal, and consequently did not make a proposal for the remuneration to be paid to the Board of Directors for their following term of office. The Chair of the Nomination Board has notified the Nomination Board and the Company that the
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Chair:
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Vice Chair:
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Member:
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Chair of Audit Committee:
In addition to the annual fee, members of the Board of Directors would receive a meeting fee of
The Shareholders' Nomination Board was appointed on
The Nomination Board was unanimous in its proposals for the Board's composition and the number of members in the Board. As Chair of the Board of Directors,
Relevant information on all those proposed for Board service can be found at www.neste.com.
Susanna Sieppi
Vice President, Communications (act.)
Additional information: Chair of the Nomination Board, Director General Kimmo Viertola, tel. +358 (0)295 160026.
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste's revenue stood at
https://news.cision.com/neste/r/shareholders--nomination-board-s-proposal-for-the-composition-of-neste-s-board-of-directors,c3024131
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