Espoo, Finland, 2011-01-31 13:00 CET (GLOBE NEWSWIRE) -- EFORE PLC Stock Exchange Release 31 January, 2011 2.00 p.m.
PROPOSALS OF THE BOARD OF DIRECTORS ON THE RECOMMENDATION OF THE NOMINATION BOARD TO THE ANNUAL GENERAL MEETING ON 1O FEBRUARY 2011
The Board of Directors makes the following proposals to the Annual General Meeting of Shareholders on 10 February 2011 in respect of the members of the Board of Directors:
RESOLUTION ON THE NUMBER OF MEMBERS OF THE BOARD OF DIRECTORS
The Nomination Board proposes that the number of members of the Board of Directors be set at six (6).
ELECTION OF THE MEMBERS OF THE BOARD OF DIRECTORS
The Nomination Board proposes, for the term of office commencing upon the closing of this Annual General Meeting and ending upon the closing of the Annual General Meeting of the year 2012, to nominate the following members to the Board of Directors:
Marko Luoma, Ari Siponmaa and Matti Vikkula and for the same term of office to nominate as new members of the Board of Directors the following persons: Olli Heikkilä, Richard Järvinen and Tei-Hu Liu.
The new member of the Board Mr. Olli Heikkilä has worked as Vice President at UPM-Kymmene since 2005 and he has been responsible for global business development projects, most recently for supply chain development. Prior to joining UPM-Kymmene he has held several management positions in sales and consulting e.g. at Jaakko Pöyry Consulting, Accenture and ABB.
The new member of the Board Mr. Richard Järvinen has lived in China for 7 years and works currently as General Manager, Elektrobit Wireless China Ltd in Beijing. Prior to joining Elektrobit Richard worked for Nokia Ltd for 13 years where he has held several management and business development positions both in Finland and in China.
The new member of the Board Mr. Tei-Hu Liu has lived in China since 1980 and works currently as Country Manager at Emotron AB in China. He has a total of over 30 years of experience in operative business management and establishing several companies in China such as Tetra Laval Food, Sandoz, Electrolux, Volvo Car and Ikea.
The CVs of the new persons proposed nominees are available on the website of the company www.efore.com.
RESOLUTION ON THE REMUNERATION AND PRINCIPLES OF COMPENSATION OF TRAVEL COSTS OF THE MEMBERS OF THE BOARD OF DIRECTORS
On the recommendation of the Nomination Board the Board of Director proposes to the Annual General Meeting that the annual remuneration payable to the Board members shall be as follows: EUR 42,000 to the chairman and EUR 21,000 to the deputy chairman and the other members. Approximately 40 per cent of the aggregate annual remuneration would be payable in shares of the company. Payment of the annual remuneration will be paid as a one time payment according to the average of the closing prices of Efore shares between March 3-16, 2011. The members of the Board of Directors shall keep the shares until the end of the term of office. However, the obligation to keep the shares ends, in the event the Board membership ends already before the end of the term. If the member of the Board of Director resigns before October 31, 2011, half of the received shares shall be returned.
The annual remuneration would be paid by the assignment of shares held by the company, based on the authorization to issue shares decided by the Annual General Meeting of Shareholders on 10 February 2011. In the event the assignment of shares cannot be implemented due to reasons related to the company or a Board member, the remuneration is paid in cash in its entirety.
In addition, a fee of EUR 1,000 per meeting will be paid to the chairman of the Board and EUR 500 per meeting to the deputy chairman and the other members. In addition, it is proposed that a fee of EUR 500 be paid to the committee members per meeting. An additional fee of EUR 1,000 is payable for attendance at a meeting in Europe or Asia requiring a one-way flight of at least 6 hours in duration. Travel and accommodation expenses are payable against receipt.
EFORE PLC
Board of Directors
For further information please contact Mr. Vesa Vähämöttönen, CEO, tel +358 9 4784 6312.
DISTRIBUTION
Nasdaq OMX Helsinki Oy
Principal media
Efore Group
Efore Group is an international company which develops and produces demanding power supply products. Besides Finland, the company’s product development and marketing units are located in China, the USA and Sweden. Its production units are located in China and Estonia. In the fiscal year ending in October 2010, consolidated net sales totaled EUR 69,7 million and the Group’s personnel averaged 534. The company's share is quoted on the Nasdaq OMX Helsinki Ltd.
Vesa Vähämöttönen, CEO, tel +358 9 4784 6312.