The Shareholders Nomination Board, established by
Board Members
The Nomination Board proposes that
Further, the Nomination Board proposes that the Board shall have nine members and that Just Jansz and
All persons proposed for Board service have given their consent to serving on the Board and are considered to be independent of the Company and its major shareholders. A brief presentation of the proposed new members is attached to this release.
As regards the selection procedure for the members of the Board of Directors, the Shareholders' Nomination Board recommends that shareholders take a position on the proposal as a whole at the AGM. This recommendation is based on the fact that at Neste, in line with the Nordic governance model, the Shareholders' Nomination Board is separate from the Board of Directors. The Shareholders' Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the Company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.
'According to the assessment by the Nomination Board, the proposed new members strengthen the knowledge and experience relevant for the Company's international business environment and new business opportunities,' continues Viertola.
Board Remuneration
'The remuneration paid to Neste Board members was increased in 2008 and a smaller adjustment was made in 2020. The Nomination Board has reviewed the Board remuneration, and the
The Nomination Board concludes that the present proposal is part of a program for bringing Board remuneration to a level comparable to those of peer companies. The Nomination Board annually brings proposals to this effect to the AGM in accordance with the Charter of the Nomination Board.
The proposal by the
Annual fees
The Board members are paid the following fixed annual fees for the term starting at the end of the 2022 AGM and ending at the end of the 2023 AGM: Chair:
Chair of Audit Committee:
Committee fees
In addition to the above-mentioned fixed annual fees, the following annual fees for committee work will be paid as a new element: other members of the Audit Committee than its Chair will, for such position, be paid
Meeting fees
In addition to the above-mentioned annual fees, the Board members will be paid as follows for participation in Board and committee meetings:
The meeting fee for meetings held over the telephone or through other means of data communication is paid according to the fee payable for meetings held in each member's home country.
In addition, compensation for expenses is paid in accordance with the Company's travel guidelines.
Payment in the form of shares
Part of the fixed annual fees will be paid in the form of shares in
Composition of and Decision-Making by the Shareholders' Nomination Board
The Shareholders' Nomination Board was appointed on
The Nomination Board made the above-mentioned proposals unanimously. As the Chair of the Board of Directors,
The proposals by the Nomination Board will be included in the notice convening the 2022 AGM which will be announced later.
Contact:
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 2020, Neste's revenue stood at
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