Neste Oil Corporation
Stock Exchange Release
22 January 2014 at 2.30 p.m. (EET)
Shareholders' Nomination Board's proposal for the composition of Neste Oil's Board of Directors
The Shareholders' Nomination Board, established by Neste Oil Corporation's Annual General Meeting (AGM) on 4 April 2013, will propose to the AGM to be held on 3 April 2014 that the company's Board of Directors should comprise the following members:
Mr. Jorma Eloranta should be re-elected as Chair and Ms. Maija-Liisa Friman as Vice Chair of the Board. In addition, Board members Mr. Per-Arne Blomquist, Ms. Laura Raitio, Mr. Willem Schoeber, and Ms. Kirsi Sormunen should be re-elected for a further term of office. The Shareholders' Nomination Board's candidate to serve as a new Board member is Jean-Baptiste Renard. He holds an M.Sc. (Eng) from École Polytechnique and an engineering diploma in petroleum economics from the French Petroleum Institute (IFP).
All those concerned have given their consent to serving on the Board and are considered independent of the company and its major shareholders.
Michiel Boersma, who will leave the Board of Directors, has served for the agreed maximum time allowed for a member.
"On behalf of the Shareholders' Nomination Board, I would like to thank Michiel Boersma, who will step down at the AGM, for the very valuable contribution that he has made to the work of Neste Oil's Board of Directors," says Eero Heliövaara, Chair of the Nomination Board and Director General of the Prime Minister's Office's Ownership Steering Department.
The Shareholders' Nomination Board will also propose that the remuneration paid to the Board of Directors for its following term of office should remain unchanged and be as follows:
Chair, EUR 66,000/year
Vice Chair, EUR 49,200/year
Member, EUR 35,400/year
Meeting payment, EUR 600/meeting
The meeting payment also applies to Board committee meetings. The payment will be double for members living outside Finland. In addition, Board members' traveling costs will be reimbursed in accordance with the company's travel policy.
The Shareholders' Nomination Board was appointed on 2 September 2013. In accordance with a decision made by the AGM, the Nomination Board consisted of representatives of the company's three largest shareholders as of the first weekday in September: Eero Heliövaara, Director General of the Prime Minister's Office's Ownership Steering Department; Timo Ritakallio, Deputy CEO of Ilmarinen Mutual Pension Insurance Company; and Mikko Koivusalo, Vice President, Capital Markets, Varma Mutual Pension Insurance Company. The Chair of Neste Oil's Board of Directors, Jorma Eloranta, served as the fourth member of the Nomination Board. The Nomination Board was assisted by Executive Search Spencer Stuart.
The Nomination Board was unanimous in all its proposals. As Chair of the Board of Directors, Jorma Eloranta did not take part in discussions preceding the Nomination Board's proposal related to the Chair of the Board and the remuneration payable to Board members.
Career and other relevant information on all those proposed for Board service can be found at www.nesteoil.com. Information on the proposed new member of the Board, Mr. Jean-Baptiste Renard, is attached.
Neste Oil Corporation
Director, Corporate Communications
Further information: Eero Heliövaara, Chair of the Nomination Board, tel. +358 50 368 7016
Jean-Baptiste Renard's CV and photo
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.9 billion in 2012 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world's most sustainable corporations for many years. CDP Forest has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com