Stock Exchange release February 2, 2005 09:41:48 AM CET
The Nomination Committee proposes six members to Metso Board of Directors
The Nomination Committee established by the Metso Annual General Meeting proposes to the next Annual General Meeting to be held on April 4, 2005 that the number of board members be decreased to six. The Committee proposes Svante Adde, CFO of Ahlstrom Corporation, be elected as a new member of the Metso Board.
Moreover, the Committee proposes that the current members of the Board, Maija-Liisa Friman, Satu Huber, Matti Kavetvuo, Juhani Kuusi and Jaakko Rauramo, would be re-elected for a term of one year. Risto Hautamäki, who is currently member of Metso Board of Directors has announced that he will not be available for re-election.
Svante Adde, 49, has been CFO of Ahlstrom Corporation since 2003. Previously Adde worked at Lazard, a global investment banking group. Adde is a Swedish citizen living in London.
Remuneration of the Board of Directors
The Nomination Committee proposes the following annual fees to be paid: Chairman of the Board EUR 60,000, Vice Chairman of the Board and Chairman of the Audit Committee EUR 40,000, and other Board members EUR 30,000. In addition, a fee of EUR 500 per meeting is paid to all members of the Board for the Board and Board committee meetings they attend.
The Nomination Committee notes that the Finnish units of Metso Corporation and Metso's management propose that a personnel representative will in the future participate as an external expert in the Metso Board meetings within the limitations imposed by the Finnish law on corporte governance. Currently a personnel representative is a Member of the Board.
The Nomination Committee
The members of Metso's Nomination Committee are Heikki Sara, Executive Vice President, Strategy (UPM-Kymmene Corporation), Markku Tapio, Director General, State Shareholdings unit (State of Finland), Kari Puro, President and CEO (Ilmarinen) and Matti Vuoria, President and CEO (Varma). Chairman of Metso's Board of Directors Matti Kavetvuo serves as the Committee's expert member. The members represent Metso's four biggest registered shareholders as of December 1, 2004.
Metso is a global technology corporation serving customers in the pulp and paper industry, rock and minerals processing, energy industry as well as in selected other industries. In 2004, the net sales of Metso Corporation were approx. EUR 4 billion, and it has some 23,000 employees in more than 50 countries. Metso's shares are listed in the Helsinki and New York Stock Exchanges.