Neste Oil Corporation
Stock Exchange Release
1 February 2011 at 9 am (EET)
Neste Oil's Nomination Committee's proposal for composition of the Board of Directors
The Nomination Committee, established by Neste Oil Corporation's Annual General Meeting on 15 April 2010, will propose to the Annual General Meeting to be held on 14 April 2011 that the company's Board of Directors should comprise the following members:
Mr Timo Peltola should be re-elected as the Chairman of the Board. Board members Mr Michiel Boersma, Ms Maija-Liisa Friman, Ms Nina Linander, Mr Hannu Ryöppönen and Mr Markku Tapio should be re-elected for a further term of office. The Nomination Committee's candidates for new Board members are Licenciate of Technology Ms Laura Raitio and M.Sc. (Tech.) Mr Jorma Eloranta. Mr Eloranta is also proposed to be elected Vice Chairman.
All those concerned have given their consent to Board service. All the nominees are considered independent, with the exception of Mr Markku Tapio, who is employed by the majority owner, the Finnish State.
The Nomination Committee will also propose that the remuneration paid to the Board of Directors should remain unchanged and be as follows:
Chairman EUR 66,000/year
Vice Chairman EUR 49,200/year
Member EUR 35,400/year
Meeting fee EUR 600/meeting
The meeting fee applies also to Board's committee meetings, and is proposed to be paid in double for the members living outside of Finland.
Shareholders' Nomination Committee was appointed in November 2010. According to the decision made by the Annual General Meeting, the Nomination Committee consisted of the representatives of the three largest shareholders as of 1 November 2010. The Nomination Committee comprised following persons: Director General Pekka Timonen from the Ownership Steering Department at the Prime Minister's Office; Timo Ritakallio, Deputy CEO, Ilmarinen Mutual Pension Insurance Company; and Mika Kivimäki, Managing Director, OP Fund Management Company Ltd. The Chairman of Neste Oil's Board of Directors Timo Peltola served as the Committee's expert member.
There is career and other relevant information on all persons proposed for Board service at www.nesteoil.com. In addition, information on Mr Eloranta and Ms Raitio, who are proposed to be elected as new Board members, is attached.
Neste Oil Corporation
Director, Corporate Communications
Further information: Mr Timo Peltola, Chairman of the Board, tel. +358 (0)10 458 11
Laura Raitio's CV and photo
Jorma Eloranta'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 is the world's leading supplier of renewable diesel. Neste Oil's refineries are located in Porvoo and Naantali and have a combined crude oil refining capacity of approx. 260,000 barrels a day. The company had net sales of EUR 9.6 billion in 2009 and employs around 5,000 people. Neste Oil's share is listed on the NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register. Neste Oil has also been awarded 'Best in Class' recognition for its social accountability by Storebrand and is featured in the Global 100 list of the world's most sustainable companies. Forest Footprint Disclosure (FFD) has ranked Neste Oil as the best performer in the oil & gas sector. Further information: www.nesteoil.com.