Proposals of the Committees of Cargotec's Board of Directors to the Annual General Meeting
The Nomination and Compensation Committee of Cargotec Corporation's Board of Directors will propose to the Annual General Meeting to be held on February 28, 2006 that six members be elected to Cargotec's Board of Directors. The Nomination and Compensation Committee proposes that the company's current President and CEO Carl-Gustaf Bergström be elected as a new Board member.
Carl-Gustaf Bergström's, 60, term is proposed to start from May 1, 2006 when he hands over his duties as President and CEO to his successor.
The Nomination and Compensation Committee also proposes that Henrik Ehrnrooth, Tapio Hakakari, Ilkka Herlin, Peter Immonen and Karri Kaitue be re-elected to the Board of Directors. The members of the Board are independent of the company and, with the exception of Ilkka Herlin, also independent of significant shareholders of the company. All nominees have given their consent to the Board membership. The term of the Board ends at the next Annual General Meeting.
Cargotec's current Board member Antti Herlin did not wish to be considered for re-election.
The Nomination and Compensation Committee will also make a proposal to the Annual General Meeting on Board remuneration. The Committee proposes the following remuneration: a monthly remuneration of EUR 5,000 for the Chairman, EUR 3,500 for the Deputy Chairman, and EUR 2,500 for the other Board members. In addition, members are proposed to receive EUR 500 for attendance at Board and Committee meetings.
The Audit Committee of Cargotec Corporation's Board of Directors will propose to the Annual General Meeting to be held on February 28 that two auditors be elected. The proposed auditors are authorized public accountants Johan Kronberg and PricewaterhouseCoopers Ltd. The fees of the auditors are proposed to be paid according to invoice.