RAUTE CORPORATION STOCK EXCHANGE RELEASE 25 FEBRUARY 2022 at 10:10 a.m.
APPOINTMENTS COMMITTEE'S PROPOSAL FOR THE COMPOSITION OF RAUTE CORPORATION'S BOARD OF DIRECTORS
Raute Corporation's Appointments Committee has announced that it will propose to the Annual General Meeting, which will convene on March 31, 2022, that the number of Board members be increased from the current six members to seven members. The Appointments Committee has considered that the company's international growth and business development goals can be better supported by reinforcing the Board.
The Appointments Committee proposes that Ms. Laura Raitio, Licenciate in Technology, be re-elected as Chair of the Board of Directors and Mr. Mika Mustakallio, M.Sc. (Econ.), as Vice Chair of the Board of Directors. It also proposes that Mr. Joni Bask, M.Sc. (Eng.), Mr. Ari Harmaala, Engineer, (Construction Technology) and Mr. Patrick von Essen, M.SC (Eng.) be re-elected as members of the Board of Directors.
In addition, the Appointments Committee proposes that Mr. Petri Perttula and Mr. Ari Piik be elected as new members to the Board. Petri Perttula, b. 1971, M.SC (Eng.), currently works as Vice President Operations Finland at Honkarakenne. He has previously held numerous executive positions at, among other companies, Stora Enso, Ruukki Construction and Rautaruukki. Ari Piik, b. 1993, B.Sc. (Econ.), currently works as Head of Strategy and Business Operations at Wolt. He has previously held executive positions in strategy consulting at Bain & Company.
All the proposed individuals have consented to take on the positions.
Mr. Pekka Suominen, who has been a member of the Board since 2010, will leave the Board at the end of the Annual General Meeting. "We appreciate Pekka's long-standing and valuable contribution to the Board. I would like to extend our warm thanks for the work he has done for our company," says Laura Raitio, Chair of the Board of Directors.
The Appointments Committee additionally proposes that the remuneration paid to the Chair of the Board be EUR 48,000 and to the Board members EUR 24,000 for the term of office, as before. Travel expenses are compensated according to the company's current travel policy.
Regarding the procedure to elect the Board members, the Appointments Committee recommends that the shareholders give their opinion on the proposal as a whole. When creating the proposal and evaluating the competence of each of the proposed members, the Appointments Committee has judged that the proposed Board as a whole has the best possible competence from the company's perspective and that the Board composition also meets the Corporate Governance Code's other requirements for listed companies.
The Appointments Committee made its proposal for a resolution unanimously.
The above-mentioned proposals will also be included in the notice of the General Meeting to be published.
President and CEO
Ms. Laura Raitio, Chair of the Board of Directors and Chair of the Appointments Committee, mobile+358 50 3860004
Nasdaq Helsinki Ltd, main media, www.raute.com
RAUTE IN BRIEF:
Raute is a technology and service company that operates worldwide. Raute's customers are companies operating in the wood products industry that manufacture veneer, plywood, LVL (Laminated Veneer Lumber) and sawn timber. Its technology offering covers the entire production process for veneer, plywood and LVL and special measurement equipment for sawn timber. As a supplier of mill-scale projects, Raute is a global market leader both in the plywood and LVL industries. Additionally, Raute's full-service concept includes technology services ranging from spare parts deliveries to regular maintenance and equipment modernizations. Raute's head office is located in Lahti, Finland. The company's other production plants are located in Kajaani, Finland, the Vancouver area of Canada, the Shanghai/Changzhou areas of China and in Pullman, Washington, USA. Raute's net sales in 2021 were EUR 142.2 million. The Group's headcount at the end of 2021 was 802. More information about the company can be found at www.raute.com.