Business & Finance
Orion reports on nomination committee recommendations for boar before 2018 AGM
25 January 2018 -

Finnish pharmaceutical company Orion Oyj (HEL:ORNBV) announced on Wednesday that its nomination committee has proposed to the Annual General Meeting of 2018 that the number of board members would be seven.

The nomination committee has proposed the re-election of present board members Sirpa Jalkanen, Ari Lehtoranta, Timo Maasilta, Hilpi Rautelin, Eija Ronkainen, Mikael Silvennoinen and Heikki Westerlund, with Westerlund re-elected as chairman.

In addition, the nomination committee recommended that the remunerations to be paid to the board of directors be the same as the previous year. As an annual fee, the chairman would receive EUR 84,000, the vice chairman would receive EUR55,000 and the other members would receive EUR42,000 each. As a fee for each meeting attended, the chairman would receive EUR1,200, the vice chairman would receive EUR900 and the other members would receive EUR600 each. Travel expenses of the board members would be paid in accordance with previously adopted practice and would also be paid to the chairmen and to the members of the committees established by the board, for each committee meeting attended.

Further, of the annual fees, 60% would be paid in cash and 40% in Orion Corporation B-shares, which would be acquired to the members during 25 April 2018 to 2 May 2018 from the stock exchange in amounts corresponding to EUR33,600 for the chairman, EUR22,000 for the vice chairman and EUR16,800 for each of the other members. This part of the annual fee that is to be paid in cash corresponds to the approximate sum necessary for the payment of the income taxes on the fees and would be paid no later than 31 May 2018. These annual fees shall encompass the full term of office of the board of directors.

The transfer tax related to the part of the annual fee of the board of directors paid in shares will be paid by the company.

This nomination committee has not given its recommendation for the remunerations to the board of directors, but the matter will be proposed by a shareholder at the AGM.

Orion's nomination committee consists of Matti Kavetvuo, chairman, Kari Jussi Aho, Erkki Etola, Petteri Karttunen, Timo Maasilta, Timo Ritakallio, Heikki Westerlund and Jukka Ylppö.