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, Glaston

The Board of Directors of Glaston Corporation (“Glaston” or “Company”) has decided, following consultation with the Nomination Board of the Company, to convene an Extraordinary General Meeting to elect a new member of the Board of Directors to complement the current Board of Directors. The Extraordinary General Meeting is planned to be held on 4 September 2020. Notice to the General Meeting will be published separately. 
The Nomination Board of the Company has prepared the following proposal for a new member of the Board of Directors:

Proposal for the composition of the Board of Directors
The Nomination Board of Glaston Corporation, representing in aggregate more than 50 per cent of the shares and votes of the Company, proposes to the Extraordinary General Meeting that the number of the members of the Board of Directors would resolved to be eight (8), and that Veli-Matti Reinikkala would be elected as a new member of the Board of Directors, in addition to the current members of the Board of Directors, until closing of the Annual General Meeting 2021.
Veli-Matti Reinikkala (b. 1957), Executive Master of Business Administration, serves in the Board of Directors of Fortum Corporation and UPM-Kymmene Corporation. Veli-Matti Reinikkala has served in various managerial positions at ABB Group including Switzerland, China and the US during the years 1993–2015. Prior to his transition to ABB, Veli-Matti Reinikkala worked for Finnish paper and packaging companies in Finland, UK and Canada. Veli-Matti Reinikkala is a Finnish citizen and independent of the Company and its significant shareholders.
Veli-Matti Reinikkala has given his consent for the election. More information on the nominee is available on Glaston Corporations’s website
Teuvo Salminen, the Chairman of the Board of Directors of Glaston Corporation, has indicated to the Nomination Board of the Company that he is not available for re-election at the Annual General Meeting in spring 2021. According to the Company’s Articles of Association, the Board of Directors elects the Chairman of the Board of Directors amongst themselves. Therefore, the Nomination Board recommends that the Board of Directors would elect amongst themselves Veli-Matti Reinikkala as the Chairman of the Board of Directors for the term of office starting after the Annual General Meeting 2021 at the latest.
“We are very happy to be able to propose Veli-Matti Reinikkala a new member of the Board of Directors of Glaston Corporation. At this point, election of a new Board member strengthens the continuity of Board work as Teuvo Salminen, the current Chairman of the Board of Directors, has indicated that he is not available for re-election”, comments Lasse Heinonen, Chairman of the Nomination Board.

Nomination Board
The Nomination Board consists of the representatives of the four largest shareholders and also, as an expert member, the Chairman of the Board of Directors of Glaston Corporation. Based on the ownership situation on 1 September 2019, Glaston’s Nomination Board consists of the following members: Lasse Heinonen, Chairman (nominated by AC Invest Eight B.V.), Jaakko Kurikka (nominated by Hymy Lahtinen Oy), Pekka Pajamo (nominated by Varma Mutual Pension Insurance Company) and Esko Torsti (nominated by Ilmarinen Mutual Pension Insurance Company).

, Glaston

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