Election of the Board of Directors The members of the Board of Directors are elected annually in the Annual General Meeting. The Board of Directors consists of no fewer than 4 and no more than 8 members. The proposal to the Annual General Meeting on the number of members and the composition is prepared and made by the Personnel and Remuneration Committee.
The Personnel and Remuneration Committee`s proposal on Board composition will be submitted to the Board of Directors each year by January 31st at the latest in order for it to be incorporated into the Agenda of the Annual General Meeting.
Board Composition Planning When planning the composition of the Board of Directors, account is taken of the needs and phases of the company’s businesses and the competence areas required. In the proposal on the Board’s composition, long-term needs and successor planning are also taken into consideration.
Individuals elected as members of the Board of Directors must be qualified for the position, with a suitable competence profile, and they must be able to allocate enough time to perform their duties. The goal in selecting members to the Board of Directors is to ensure that the Board of Directors as a whole has a competence profile which supports the development of Nokian Tyres’ business.
Diversity Diversity will also be ensured in the election. Diversity is conceived as a success factor enabling the achievement of Nokian Tyres’ strategic goals and business growth.
In practice, diversity means different factors such as gender, age, nationality, complementary expertise of the members, their education and experience in different professional areas and industrial sectors. Leadership experience and personal capacities are also considered. The objective is to have at least two representatives of both genders.
The status of diversity and progress will be monitored by the Personnel and Remuneration Committee in its self-assessment discussion.