KONECRANES PLC STOCK EXCHANGE RELEASE February 2, 2011 at 3.45 p.m.
KONECRANES PLC’S NOMINATION AND COMPENSATION COMMITTEE'S PROPOSAL FOR COMPOSITION AND COMPENSATION OF THE BOARD OF DIRECTORS
PROPOSAL ON BOARD COMPOSITION
Konecranes Plc’s Nomination and Compensation Committee proposes to the Annual General Meeting of Shareholders on March 31, 2011 the number of Board members be eight (8).
The Committee proposes that the following current Board members be re-elected as members of the Konecranes Plc’s Board of Directors for a term until the close of the Annual General Meeting in 2012: Mr Svante Adde, Mr Kim Gran, Mr Stig Gustavson, Mr Tapani Järvinen, Mr Matti Kavetvuo, Ms Malin Persson and Mr Mikael Silvennoinen.
Of the current members of the Board Mr Tomas Billing has announced that he will not be available for re-election.
The Committee proposes that Ms Nina Kopola be elected as new member of the Konecranes Plc’s Board for the same term.
Nina Kopola is Executive Vice President of Dynea Oy, responsible for the European operations and a member of Dynea’s Group Management. Dynea is a global leader in providing high performance adhesion and surfacing solutions. Nina Kopola, M.Sc. (Eng.), holds a Technology Licentiate degree from Åbo Akademin, Finland. Nina Kopola has an extensive working experience from Dynea including positions of Executive Vice President, Global Market Application and Group Vice President, Marketing.
The Committee’s aim is to see to that the number of the directors and the composition of the board shall make it possible for the board to discharge its duties in an efficient manner. The composition shall take into account the needs of the company’s operations and the development stage of the company.
CVs of the proposed Board members are attached.
All candidates have given their consent to the election.
With the exception of Mr Stig Gustavson, the candidates are deemed to be independent of the company and significant shareholders under the Finnish Corporate Governance Code. Mr Gustavson is deemed dependent of the company based on the Board’s overall evaluation relating to his former and current positions in Konecranes combined with his substantial shareholding in the company.
COMPENSATION OF THE BOARD OF DIRECTORS
The Nomination and Compensation Committee proposes that the remuneration payable to the members of the Board to be elected at the Annual General Meeting for the term until the close of the Annual General Meeting in 2012 be unchanged from 2010 as follows: Chairman of the Board EUR 100,000, Vice Chairman of the Board EUR 64,000 and other Board members EUR 40,000. The Committee proposes that approximately 40 percent of the annual remuneration be paid in Konecranes’s shares purchased from the market. The remuneration may be paid also by transferring company’s own shares based on the authorisation given to the Board of Directors. In case the purchase of shares cannot be carried out due to reasons related to either the company or the Board member, the annual remuneration shall be paid fully in cash. In addition compensation of EUR 1,500 per meeting is proposed for attendance at Board committee meetings. No remuneration will be paid for Board members employed by the Company. Travel expenses of Board members are compensated for against receipt.
KONECRANES PLC
Miikka Kinnunen
Director, Investor Relations
FURTHER INFORMATION
Miikka Kinnunen, Director, Investor Relations tel. +358 (0)20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2009, Group sales totaled EUR 1,671 million. The Group has 9,800 employees, at 545 locations in 43 countries. Konecranes is listed on NASDAQ OMX Helsinki Ltd (symbol: KCR1V).
DISTRIBUTION
NASDAQ OMX Helsinki
Media
www.konecranes.com
ATTACHMENT:
ADDITIONAL INFORMATION RELATING TO THE PROPOSAL BY THE NOMINATION AND COMPENSATION COMMITTEE FOR COMPOSITION OF THE BOARD OF DIRECTORS
Stig Gustavson b. 1945
Chairman of the Board since 2005. Board Member since 1994 and Member of the Nomination and Compensation Committee since 2006.
M.Sc. (Eng.), Dr.Tech. (hon.)
Principal occupation: Board memberships
Primary working experience
KCI Konecranes Plc 1994 – 2005: President and CEO
KONE Cranes division 1988 – 1994: President
KONE Corporation 1982 – 1988, Sponsor Oy 1978 – 1982, RAY (Raha-Automaattiyhdistys) 1976 – 1978 and Wärtsilä Oy Ab 1970 – 1976: Holder of various executive positions
Current key positions of trust
Handelsbanken Regional Bank Finland: Chairman of the Board
Dynea Oy: Chairman of the Board
Arcada Foundation: Chairman of the Board
Cramo Plc: Chairman of the Board
Oy Mercantile Ab: Vice Chairman of the Board
Vaisala Group: Member of the Board
IK Investment Partners: Senior Regional Advisor
Shares: 2,038,490
Svante Adde b. 1956
Board Member since 2004 and Member of the Audit Committee since 2004 and Chairman of the Audit Committee since 2008.
B.Sc. (Econ. and Business Administration)
Principal occupation: Managing Director, Pöyry Capital Limited
Primary working experience
Compass Advisers, London 2005 – 2007: Managing Director
Ahlstrom Corporation 2003 – 2005: Chief Financial Officer
Lazard London and Stockholm 2000 – 2003: Managing Director
Lazard London 1989 – 2000: Director
Citibank 1979 – 1989: Director
Current key positions of trust
Meetoo AB: Member of the Board
Shares: 4,395
Kim Gran b. 1954
Board Member since 2007 and Member of the Audit Committee since 2007.
B.Sc. (Econ)
Principal occupation: President and CEO, Nokian Tyres plc
Primary working experience
Nokian Tyres Plc, Car and Van tyres 1995 – 2000: Vice President
Current key positions of trust
The Rubber Manufacturers’ Association: Chairman of the Board
Chemical Industry Federation of Finland: Vice Chairman of the Board
YIT Plc: Member of the Board
Nokian Tyres Plc: Member of the Board
Shares: 3,627
Tapani Järvinen b. 1946
Board Member since 2009 and Member of the Audit Committee since 2009.
M.Sc. (Eng), Lic. Sc. (Tech.)
Principal occupation: Board memberships
Primary working experience
Outotec Oyj 2006 – 2009: President and CEO
Outokumpu Technology, Finland 2003 – 2006: President and CEO
Outokumpu Oyj, Finland 2000 – 2005: Executive Vice President and Member of the Group Executive Committee
Compañía Minera Zaldívar, Chile 1994 – 2000: General Manager and CEO
Current key positions of trust
Okmetic Oyj: Member of the Board
Outotec Oyj: Member of the Board
Normet Oy: Member of the Board
Talvivaara Mining Company Plc: Member of the Board
Shares: 1,888
Matti Kavetvuo b. 1944
Board Member since 2001 and Chairman of the Nomination and Compensation Committee since 2009. Member of the Audit Committee 2004 – 2008.
M.Sc. (Eng.), B.Sc. (Econ.)
Principal occupation: Board memberships
Primary working experience
Pohjola Group Plc 2000 – 2001: CEO
Valio Ltd 1992 – 1999: CEO
Orion Corporation 1985 – 1991: CEO
Instrumentarium Corp. 1979 – 1984: President
Current key positions of trust
Lassila & Tikanoja Plc: Chairman of the Board
Orion Corporation: Vice Chairman of the Board
Shares: 4,543
Nina Kopola b. 1960
M.Sc. (Eng), Technology Licentiate
Principal occupation: Executive Vice President, President Europe, Dynea Oy
Primary working experience
Dynea Oy 2006 – 2008: Executive Vice President, Global Market Applications
Dynea Oy 2005 – 2006: Group Vice President, Marketing
Dynea Industrial Resins 2003 – 2005: Marketing Manager
Dynea Oy 2001 – 2003: Controller, Group Finance
Dynea Oy 2000 – 2001: Manager Business Analysis
Fortum Oil&Gas 1999 – 2000: Product specialist
Current key position of trust
No concurrent key position of trust.
Shares: -
Malin Persson b. 1968
Board member since 2005 and Member of the Nomination and Compensation Committee since 2005.
M.Sc. (Eng.)
Principal occupation: President and CEO, Volvo Technology Corporation
Primary working experience
Volvo Group: Holder of various executive positions including
AB Volvo: Vice President, Coporate Strategy and Business Development
Volvo Logistics Corp: Vice President, Business & Logistics Development
Current key positions of trust
Hexpol AB: Member of the Board
Volvo Trucks AB: Member of the Board
Shares: 3,543
Mikael Silvennoinen b. 1956
Board member since 2008 and Member of the Audit Committee since 2008.
M.Sc. (Econ.)
Principal occupation: President and CEO, Pohjola Bank Plc
Primary working experience
Pohjola Group 1989 – 1997: Holder of various executive positions
Wärtsilä Group 1986 – 1989: Group Treasurer
Current key positions of trust
Pohjola Insurance Group Plc: Chairman of the Board
Unico Banking Group: Member of the Steering Committee
Shares: 2,327
