Cargotec’s Compensation and Nomination Committee and Audit Committee Present Proposals for Composition of the Board of Directors and Auditors
Stock Exchange Release, January 26, 2009 at 2:00 p.m. Finnish time
The Nomination and Compensation Committee of Cargotec Corporation proposes that the number of Board members be six (6) and that no deputy members be elected. The Nomination and Compensation Committee proposes for the Annual General Meeting on March 5, 2009, that current Board members Tapio Hakakari, Ilkka Herlin, Peter Immonen, Karri Kaitue and Antti Lagerroos be re-elected to the Board of Directors. The Deputy Chairman of the Board, Henrik Ehrnrooth informed the Committee that he will not stand for re-election to the Board of Directors. The Nomination and Compensation Committee proposes that Anja Silvennoinen (49), Senior Vice President, Energy Business Area, UPM-Kymmene Oyj, be elected as a new member of the Board. More information on the nominee is available on Cargotec’s internet site www.cargotec.com.
All the nominees have given their consent to Board service. All the nominees are independent of the company and, with the exception of Ilkka Herlin, also independent of significant shareholders of the company. Chairman of the Board Ilkka Herlin is one of the company's largest shareholders and controls over 20 percent of the company's voting rights and over 10 percent of its shares.
The Nomination and Compensation Committee proposes that a yearly remuneration of EUR 80,000 be paid for the Chairman, EUR 55,000 for the Deputy Chairman and EUR 40,000 for the other Board members. In addition, members are proposed to receive EUR 500 for attendance at Board and Committee meetings. According to the proposal, 30 per cent of the yearly remuneration of the members of the board will be paid in Cargotec Corporation’s class B shares and the rest in money.
The Audit Committee of Cargotec Corporation proposes that two auditors be elected and that authorized public accountants Johan Kronberg and PricewaterhouseCoopers Ltd be re-elected. The Audit Committee proposes that the fees to the auditors be paid according to invoice.
The proposals above will be included in the notice to the Annual General Meeting which will be published later.
Kari Heinistö, Senior Executive Vice President, Secretary to the Board of Directors, tel. +358 (0)204 554542
Minna Karhu, Vice President, Corporate Communications, tel. +358 (0)204 55 4630
Paula Liimatta, IR Manager, tel. +358 (0)204 55 4634
Cargotec improves the efficiency of cargo flows by offering handling systems and the related services for the loading and unloading of goods. Cargotec’s brands, Hiab, Kalmar and MacGREGOR, are global market leaders in their fields and their solutions are used on land and at sea – wherever cargo is on the move. Extensive services close to customers ensure the continuous usability of equipment. Cargotec is the technology leader in its field, its R&D focusing on innovative solutions that take environmental considerations into account. Cargotec’s sales exceed EUR 3 billion and the company employs approximately 12,000 people. Cargotec’s class B shares are quoted on the NASDAQ OMX Helsinki.