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Proposals of Talvivaara's Shareholders' Nomination Panel on the remuneration and the composition of the Board of Directors
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Stock exchange release
Talvivaara Mining Company Plc
13 May 2014
Proposals of Talvivaara's Shareholders' Nomination Panel
on the remuneration and the composition of the Board of Directors
Proposals to the Annual General Meeting
The Shareholders' Nomination Panel ("Panel") of Talvivaara Mining Company Plc ("Talvivaara" or the "Company") makes the following proposals to the Annual General Meeting ("AGM") provisionally scheduled to be held on 12 June 2014. Talvivaara's Board of Directors will include the proposals into the notice of the Annual General Meeting to be published later.
Proposal on the remuneration of members of the Board of Directors
The Shareholder' Nomination Panel proposes that the annual fee payable to the members of the Board of Directors for the term until the close of the Annual General Meeting in 2015 be as follows: Chairman of the Board of Directors: EUR 84,000/year (previously EUR 120,000/year), Deputy Chairman (Senior Independent Director): EUR 48,000/year (previously EUR 69,000/year), Chairmen of the Board Committees: EUR 48,000/year (previously EUR 69,000/year), other Non-executive Directors: EUR 33,500/year (previously EUR 48,000/year) and Executive Directors EUR 33,500/year (previously EUR 48,000/year). To the extent a member of the Board has several positions, such member is entitled only to one (the highest) annual fee payable among such positions while the other fee(s) is/are forfeited.
The Panel furthermore proposes that, in addition to the annual fee, a fee of EUR 600 per meeting of the Board of Directors or the Board Committees taking place in the member's domicile shall be payable. Should the venue of the meeting be in a European country other than the member's domicile, the fee payable per meeting shall be EUR 1,200. However, a fee of EUR 2,400 per meeting shall be payable, if the member's domicile or the venue of the meeting is outside Europe. For teleconference meetings the fee payable shall be EUR 600 per meeting. The traveling expenses shall be reimbursed in accordance with the company's travel policy.
The remuneration of the Executive Director is included in Director's base salary, and it is not paid out separately.
Proposal on the number and the election of the members of the Board of Directors
The Shareholder' Nomination Panel proposes at the Annual General Meeting of Shareholders that the number of Board members be seven and that Mr. Tapani Järvinen, Mr. Pekka Perä, Mr. Graham Titcombe, Mr. Edward Haslam, Mr. Stuart Murray and Ms. Maija-Liisa Friman be re-elected, and that Ms. Solveig Törnroos-Huhtamäki be elected as a new member to the Board.
Ms. Eileen Carr, who has been serving as a non-executive director and as the Chairman of the Audit Committee since 2007, informed the Panel that she will not offer herself for re-election to the Board at the forthcoming AGM.
Shareholders' Nomination Panel
Shareholders' Nomination Panel was established in 2013 by the Annual General Meeting. Its duty is to prepare proposals for the election and remuneration of the members of the Board of Directors to the General Meeting. The composition of the Panel has been as follows:
- Kari Järvinen, CEO, nominated by Solidium Oy
- Joni Hautojärvi, Managing Director of Norilsk Nickel Harjavalta Oy, nominated by Norilsk Nickel Holdings (Cyprus) Ltd
- Pekka Perä, CEO of Talvivaara, as a shareholder of the Company
- Tapani Järvinen, Chairman of the Board of Directors of the Company and
- Graham Titcombe, Deputy Chairman of the Board of Directors of the Company
The Nomination Panel elected Kari Järvinen to act as the Chairman of the Panel.
Enquiries
Kari Järvinen, Solidium Oy, Tel. +358 10 830 8905
Tapani Järvinen,Talvivaara Mining Company Plc, Tel +358 20 7129 800
Annex: Biography of Solveig Törnroos-Huhtamäki
Talvivaara Mining Company Plc
Talvivaara Mining Company is an internationally significant base metals producer with its primary focus on nickel and zinc using a technology known as bioheapleaching to extract metals out of ore. Bioheapleaching makes extraction of metals from low grade ore economically viable. The Talvivaara deposits comprise one of the largest known sulphide nickel resources in Europe. The ore body is estimated to support anticipated production for several decades. Talvivaara has secured a 10-year off-take agreement for 100 per cent of its main output of nickel and cobalt to Norilsk Nickel and entered into a long-term zinc streaming agreement with Nyrstar. Talvivaara is listed on the London Stock Exchange Main Market and NASDAQ OMX Helsinki. Further information can be found at www.talvivaara.com.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Globenewswire
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via Globenewswire
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