ESPOO, Finland, April 5, 2002 (PRIMEZONE) -- AvestaPolarit Oyj Abp's two largest shareholders, Outokumpu Oyj and Corus UK Ltd., jointly representing more than 50 per cent of the shares and votes in the Company, have informed the Company that Outokumpu and Corus have amended their existing Shareholders' Agreement regarding the initial AvestaPolarit Board composition and member nomination procedure.
Accordingly, the number of members of the Board of Directors is proposed to be reduced from 10 to 8 already from the Annual General Meeting this spring whereas the initial agreement was that this reduction would take place one year later. In addition, it is agreed that from the Annual General Meeting to be held in the spring of 2003, the number of directors who can be nominated by the said shareholders shall be in proportion to their individual shareholdings in the Company whereas the initial agreement only referred to the aggregate number of directors to be nominated jointly.
Further, the said shareholders have confirmed that they will propose to the Annual General Meeting to be held on April 9, 2002, that the following persons be elected to the Board, all serving as non-executive directors:
-- Proposed re-elected members: Dr. Jyrki Juusela,
Mr. Tony P. Pedder, Mr. David M. Lloyd, Mr. Bernt Magnusson,
Dr. Timo Peltola, Mr. Juha Rantanen and Mr. Risto Virrankoski.
-- Proposed new member: Mr. Evert Henkes, Chief Executive of Shell
Chemicals (see short CV below). Mr. Henkes would replace Mr. Jacob
Palmstierna, who has expressed a wish to retire from the
AvestaPolarit Board from this spring.
Curriculum vitae:
Evert Henkes, born 1943 in Venezuela, a Dutch national, B.Sc. (Economics), Cornell University, U.S.A., Mr. Henkes has since 1997 been Chief Executive of Shell Chemicals, which comprises all the chemicals interests of the Royal Dutch/Shell parent group. Since taking over as Chief Executive he has restructured the business into a truly global entity, with net sales of some USD 15 billion in 2000 and with an Executive Committee based in London, Houston and Singapore. During his long career with Shell, he has previously been Strategy Director for the Chemicals business 1996-97, ran the Shell-owned Billiton metals business in 1992-95, served as Managing Director for the Shell Chemicals business in the UK 1989-92, and as area coordinator for the East and Australasia region 1986-89.
Mr. Henkes is seen to bring world-wide experience of long-term and high profile investment projects, a knowledge of metals from his time running Billiton, an extensive understanding of political issues, and a successful track record of restructuring a global business.
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