Proposal of the shareholders’ Nomination Board for the composition and remuneration of Stockmann’s Board of Directors
STOCKMANN plc, Other information disclosed according to the rules of the Exchange 10.3.2021 at 12:00 EET
Stockmann’s shareholders’ Nomination Board has in its meeting decided to propose the following to the Annual General Meeting, which will be held on 7 April 2021:
The Nomination Board proposes that the number of members of the Board of Directors will be seven (7).
Board members Lauri Ratia and Dag Wallgren have informed that they will no longer be available as members of the company’s Board of Directors.
The shareholders’ Nomination Board proposes that the present members of the Board of Directors Stefan Björkman, Esa Lager, Leena Niemistö and Tracy Stone, all having given their consents, will be re-elected for the term of office continuing until the end of the next Annual General Meeting.
The shareholders’ Nomination Board proposes that Anne Kuittinen, Roland Neuwald and Harriet Williams all having given their consents, be elected as new members of the Board of Directors for the term of office continuing until the end of the next Annual General Meeting.
“Stockmann aims to continue the strong renewal of the company. The major strategy renewal carried out in 2019 has proved successful, which is also reflected in the company’s positive financial development before the outbreak of the covid-19 pandemic. From this situation, it is good to continue to the next stage of the company’s development, and it is very important that we have solid expertise in the field of retail business and e-commerce to support it”, says the Chair of Stockmann’s shareholders’ Nomination Board Gunvor Kronman.
The proposed Board members have informed the company that, if elected, they will elect Roland Neuwald as Chair of the Board and Leena Niemistö as Vice Chair of the Board.
The Nomination Board proposes that the Board remuneration will remain unchanged and that the Chair of the Board be compensated EUR 80,000, the Vice Chair EUR 50,000, and other members EUR 40,000 as annual remuneration. The annual remuneration will be paid in company shares and cash, so that company shares will be acquired on behalf of the Board members to a value of 40% of the remuneration and the rest will be paid in cash. The company will cover the costs for the acquiring of the shares and the transfer tax. The shares will be acquired within two weeks from the publishing of the Interim Report 1 January – 31 March 2021, or as soon as it is possible in accordance with applicable legislation. The shares acquired for the Board members in 2021 cannot be handed over until two years from the date of purchase, or until the term of office of the person in question has ended, depending on which of the occasions takes place first.
The Nomination Board proposes also that the Board meeting remuneration will remain unchanged, and the Chair of the Board be paid EUR 1,100 and each Board member be paid EUR 600 as a meeting remuneration for each meeting of the Board of Directors. The Chair of the Audit Committee is proposed to be paid EUR 1,100 and each member is proposed to be paid EUR 800 as a meeting remuneration for each meeting of the Audit Committee. The Chair of the Compensation Committee and each member is proposed to be paid EUR 600 as a meeting remuneration for each meeting of the Compensation Committee.
Additional information on the members proposed by the Stockmann’s shareholders’ Nomination Board can be found on the company’s website www.stockmanngroup.com. The proposals of the Nomination Board will be included in the notice to the Annual General Meeting.
Gunvor Kronman (nominated by Föreningen Konstsamfundet r.f.) acts as Chair of Stockmann’s shareholders’ Nomination Board, and Ole Johansson (nominated by Svenska litteratursällskapet i Finland), Peter Therman (nominated by Hartwall Capital Oy Ab, representing HC Holding Oy Ab), Kari Niemistö and Stockmann’s Chair of the Board Lauri Ratia act as members of the Nomination Board.
Gunvor Kronman, The Chair of the shareholders’ Nomination Board of Stockmann plc, +358 40 7451 738
Lauri Ratia, The Chair of the Board of Directors, Stockmann plc, tel. +358 50 2922