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    NESTE   FI0009013296

NESTE OYJ

(NESTE)
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Neste Oyj : Corporation - Proposals of the Shareholders Nomination Board to 's Annual General Meeting

02/01/2021 | 06:30am EDT

The Shareholders Nomination Board, established by Neste Corporation's Annual General Meeting (AGM) on 4 April 2013, proposes to the AGM to be held on 30 March 2021 that Mr. Matti Kahkonen shall be re-elected as the Chair of the Board of Directors.

In addition, the current members of the Board, Ms. Sonat Burman-Olsson, Mr. Nick Elmslie, Ms. Martina Floel, Mr. Jean-Baptiste Renard, Mr. Jari Rosendal, Ms. Johanna Soderstrom and Mr. Marco Wiren are proposed to be re-elected for a further term of office. The Nomination Board proposes that Mr. Wiren shall be re-elected as the Vice Chair of the Board.

Further, subject to the approval of the AGM of a proposal for amending the Articles of Association to the effect that the maximum number of Board members is increased from eight to ten, the Nomination Board proposes that the Board of Directors shall have nine members and that Mr. John Abbott shall be elected as a new member. The Nomination Board has simultaneously requested the Board of Directors to propose to the AGM that the Articles of Association are amended as set out above.

A brief presentation of the proposed new member is attached to this release. 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.

'According to the assessment by the Nomination Board, the proposed Board of Directors has versatile knowledge and experience in leading and developing international business in line with requirements stemming from Neste's strategy. We propose to increase the number of Board members in order to be able to benefit from the experience of the current Board composition in the exceptional circumstances relating to the COVID-19 pandemic and, at the same time, satisfy the long-term and consistent target of renewing the Board composition', says Mr. Kimmo Viertola, Chair of the Nomination Board.

The Nomination Board shall, according to its Charter, decide unanimously on its proposals to the AGM. The Nomination Board did not reach unanimity concerning the Board remuneration to be paid for the next term of office, nor did it, consequently, make any proposal concerning Board remuneration. The Chair of the Nomination Board has notified the Nomination Board and the Company that the State of Finland will, at the AGM, propose that the Board remuneration shall not be increased for the next term of office due to the prevailing exceptional circumstances.

Contact:

Susanna Sieppi

Tel: +358 (0)295 160026

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world's leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2019, Neste's revenue stood at EUR 15.8 billion, with 82% of the company's comparable operating profit coming from renewable products.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 12 812 M 15 259 M 15 259 M
Net income 2021 1 240 M 1 476 M 1 476 M
Net Debt 2021 177 M 211 M 211 M
P/E ratio 2021 32,8x
Yield 2021 1,52%
Capitalization 40 134 M 47 813 M 47 800 M
EV / Sales 2021 3,15x
EV / Sales 2022 2,87x
Nbr of Employees 4 780
Free-Float 53,6%
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Mean consensus HOLD
Number of Analysts 21
Average target price 55,88 €
Last Close Price 52,26 €
Spread / Highest target 43,5%
Spread / Average Target 6,93%
Spread / Lowest Target -31,1%
EPS Revisions
Managers and Directors
NameTitle
Peter Vanacker President & Chief Executive Officer
Jyrki Mikael Mäki-Kala CFO, Head-Information Technology & Strategy
Matti Kähkönen Chairman
Lars Peter Lindfors Senior Vice President-Innovation
Willem Jan Antoon Schoeber Independent Non-Executive Director
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