The Shareholders´ Nomination Board
The Annual General Meeting of YIT Corporation decided on 15.3.2016 to establish a Shareholders’ Nomination Board, to prepare proposals on the election and remuneration of the members of the Board of Directors for the Annual General Meeting.
The Shareholders’ Nomination Board of YIT Corporation is a body comprised of the company’s shareholders or their representatives, the duty of which is to prepare proposals on the election and remuneration of the members of the Board of Directors for the Annual General Meeting and, where necessary, for the Extraordinary General Meeting. The primary purpose of the Nomination Board is to ensure that the Board of Directors and its members have sufficient expertise, competence and experience in view of the Company’s needs, and to prepare proposals, with justifications, on the election and remuneration of members of the Board of Directors to the General Meeting for this purpose.
Composition of YIT Corporation's Nomination Board
The merger between YIT Corporation and Lemminkäinen Corporation was completed on February 1, 2018. YIT’s Extraordinary General Meeting, which approved the merger on September 12, 2017, resolved that, in deviation from the current standing order of the YIT Shareholders' Nomination Board, the right to nominate members to the Nomination Board shall rest with the three largest shareholders who are registered in the shareholders' register on the registration date of the execution of the merger. According to the mentioned standing order, a shareholder group can agree on appointing a joint representative to the Nomination Board. The following shareholders have agreed on appointing a joint representative: PNT Group Oy, Noora Forstén, Fideles Oy, Kristina Pentti-von Walzel, Eva Pentti-Kortman and Kristian Pentti.
YIT’s three largest shareholders on February 1, 2018, in accordance with the shareholder register maintained by Euroclear, including the shareholder group, are the above mentioned shareholder group, Varma Mutual Pension Insurance Company and Onvest Sijoitus Oy. The following person have been nominated as their representatives to YIT’s Nomination Board:
Juhani Mäkinen, Counsellor of Law, the shareholder group (14.89% of shares and votes)
Risto Murto, President and CEO, Varma Mutual Pension Insurance Company (7.55% shares and votes)
Maarit Toivanen-Koivisto, Chair of the Board of Directors, Onvest Oy (4.21% shares and votes)
The Chairman of YIT Corporation’s Board of Directors, Matti Vuoria, serves as an expert member on the Nomination Board. The Nomination Board’s Chairman is Risto Murto.
The standing order of the Nomination Board decided by the Annual General Meeting of YIT Corporation on 15.3.2016 regulates in more detailed the appointment and composition of the Nomination Board and specifies its duties and responsibilities.