The Annual General Meeting of Teleste Corporation resolved in 2020 to establish a Nomination Board for Teleste, the responsibility of which is annually to prepare proposals on the election and remuneration of the members of the Board of Directors to the Annual General Meeting and for ensuring that the Board of Directors and its members have sufficient competence and experience to meet the needs of Teleste. At that meeting the Annual General Meeting also resolved to approve the charter for the Nomination Board.
The Nomination Board consists of three (3) members having been nominated by Teleste’s three largest shareholders, calculated on the basis of the votes conferred by all the shares in Teleste on August 30 preceding the next Annual General Meeting. The Nomination Board’s term of office shall continue until a new Nomination Board is elected.
Teleste’s three largest shareholders that on August 30, 2020 were registered in the shareholders register held by Euroclear Finland Oy are: Tianta Oy, Mandatum Henkivakuutusosakeyhtiö and Keskinäinen Eläkevakuutusyhtiö Ilmarinen.
At the time of the publication of this evaluation, the composition of Teleste’s Nomination Board is the following:
• Timo Luukkainen, nominated by Tianta Oy
• Patrick Lapveteläinen, nominated by Mandatum Henkivakuutusosakeyhtiö
• Esko Torsti, nominated by Keskinäinen Eläkevakuutusyhtiö Ilmarinen
Timo Luukkainen has acted as chairman of the Nomination Board.
The Nomination Board of year 2020 has convened three times. The Nomination Board has reviewed the size of Teleste’s Board of Directors, its composition and diversity as well as the competence areas that it deems to benefit the company most. The Nomination Board also reviewed the remuneration of the members of the Board of Directors. In addition, the Nomination Board familiarized itself with and discussed about the results of the self-evaluation conducted by the Board of Directors.
The Nomination Board gave its proposals on 18 February 2021 to the Board of Directors for the Composition and Remuneration of the Board of Directors of Teleste Corporation, which were published as a stock exchange release available on Teleste´s website.