Proposals from Honkarakenne Oyj's Shareholders’ Nomination Committee
Honkarakenne Oyj, a leading manufacturer of ecological log homes, has put forth important proposals regarding the composition and remuneration of its Board of Directors. These recommendations were presented by the Shareholders’ Nomination Committee, which has worked diligently to ensure effective leadership for the company.
Annual General Meeting and Board Composition
The Shareholders’ Nomination Committee has submitted their proposals for consideration at the forthcoming Annual General Meeting. Following thorough discussions, the committee unanimously supports the adjustments they propose regarding board membership.
Number of Board Members
The committee suggests a revised number of board members, reducing the count to four from the current five. This change reflects the committee's strategic evaluation of optimal governance structures.
Proposed Board Members
The current members—Timo Kohtamäki, Maria Ristola, and Arto Halonen—are recommended for re-election. In addition, they propose that Rose-Mari Saarelainen be elected as a new member, with all terms concluding at the 2026 Annual General Meeting. It is noteworthy that Antti Tiitola will not be seeking re-election.
Chairmanship and Member Independence
Furthermore, the committee recommends the re-election of Timo Kohtamäki as the Chairman, an important role given the responsibilities associated with guiding the board. All nominees have consented to their potential election, ensuring seamless transitions should they be approved. While all candidates are recognized as independent directors, it is significant to mention that Maria Ristola and Rose-Mari Saarelainen have substantial ties to key shareholders of the company.
Remuneration Structure for Board Members
The remuneration proposal suggests maintaining the current pay structure for board members, providing EUR 3,500 per month for the Chairman and EUR 2,000 for other members. Should committees be established within the board, members of these committees will receive EUR 500 per meeting, which ensures that those taking on additional responsibilities are duly compensated. In addition, reasonable travel and accommodation expenses incurred while conducting board responsibilities will be reimbursed, ensuring all expenses are accounted for.
Shareholders’ Nomination Committee Overview
The committee is composed of representatives from the company's four major shareholders based on their holdings. The committee members include Julius Pihlaja, Arimo Ristola, Marko Saarelainen, and Josefin Degerholm. Timo Kohtamäki, as the chairman, provided valuable insights during the committee’s discussions but recused himself from any decision-making regarding board nominations to maintain objectivity.
About Honkarakenne Oyj
Honkarakenne Oyj is renowned for its production of high-quality log homes crafted from solid Finnish wood. With a notable heritage, the company has built and delivered over 90,000 structures globally, making significant export contributions which composed 31% of its net sales in the previous year. Their commitment to sustainability and environmental friendliness remains a cornerstone of their operations, with their factory located in Karstula, Finland.
Contact Information
For further inquiries regarding the proposed board composition and remuneration, interested parties may contact:
Timo Kohtamäki, Chairman of the Board
Phone: +358 40 585 3113
Marko Saarelainen, President and CEO
Phone: +358 40 542 0254
Email: marko.saarelainen@honka.com
Frequently Asked Questions
What are the key proposals from the Shareholders’ Nomination Committee?
The committee proposes reducing the board members to four and re-electing some current members while including a new member.
Who are the proposed new members for the Board of Directors?
Rose-Mari Saarelainen is proposed as a new member, alongside the re-election of Timo Kohtamäki, Maria Ristola, and Arto Halonen.
What is the rationale behind reducing the number of board members?
This change reflects an assessment aimed at enhancing board efficiency and governance.
How will board members be compensated?
The proposed remuneration remains unchanged, with monthly payments for members and additional compensation for committee meetings.
How long will the elected board members serve?
The proposed term for the elected board members will end at the closure of the 2026 Annual General Meeting.
