The Nomination and Compensation Committee proposes to the KCI Konecranes Annual General Meeting on March 10, 2005 that the number of Board members be seven. The Committee proposes the election of one new Board member and the re-election of six of the current members (Mr. Björn Savén, Mr. Stig Stendahl, Mr. Matti Kavetvuo, Mr. Timo Poranen, Mr. Svante Adde and Mr. Stig Gustavson) for a term of one year.
Mr. Lennart Simonsen, who is currently member of the KCI Konecranes Board, has announced that he will not be available for re-election.
The Committee proposes that Ms. Malin Persson, Vice President Corporate Strategy and Business Development, AB Volvo be elected as new member of the KCI Konecranes Board for the next one-year term.
All candidates have given their consent to the election.
Ms. Malin Persson, M. Sc.Eng, (b.1968), is responsible for the overall corporate strategy process, business intelligence and business development of the Volvo Group since 2000. Between 1995-2000 Ms. Persson has held various positions including Vice President Business & Logistics Development, Manager Environmental Affairs at Volvo Logistics Corp.
With the exception of Board member Stig Gustavson, the candidates are deemed to be independent of the company. Stig Gustavson is KCI Konecranes Plc’s President and CEO. All candidates are independent of all significant shareholders of the company.
Information regarding the proposed elected new members of the Board can be found on KCI Konecranes’ website, www.konecranes.com.
Remuneration of the Board of Directors
The Nomination and Compensation Committee proposes the following annual fees to be paid: Chairman of the Board EUR 50,000, Vice Chairman of the Board EUR 30,000, and other Board members EUR 20,000. In addition, a fee of EUR 1000 per meeting is paid to the Chairman and members for the Board committee meetings they attend.
In addition the Committee proposes that the annual fee can be paid either in cash or in in KCI Konecranes Plc shares.
Following prior praxis, the Committee further proposes that persons employed by the Company will not receive compensation for their Board membership. The travel expenses of Board members are compensated for against invoice.
The Nomination and Compensation Committee
The members of KCI Konecranes’ Nomination and Compensation Committee are Mr. Björn Savén (Chairman), Mr. Timo Poranen and Mr. Lennart Simonsen.
Further information can be obtained from
Ms Sirpa Poitsalo, Director, General Counsel, tel. +358-20 427 2011
Mr. Stig Gustavson, President & CEO, tel. +358-400 411119
KCI Konecranes, headquartered in Hyvinkää, Finland is a world leading Engineering Group specialising in advanced overhead lifting solutions and maintenance services. KCI Konecranes is the world's leading supplier of heavy-duty cranes for process industries. KCI Konecranes is a global supplier of special harbour cranes for bulk materials and containers and a leading provider of shipyard cranes. In 2004, Group sales totalled EUR 728 million. The Group has 4,850 employees in 35 countries all over the world.
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