SHERIDAN, WYOMING – Jan. 22, 2025 – The Shareholders’ Nomination Board of Teleste Corporation, a leading international technology company, has announced its proposals for the composition and remuneration of the Board of Directors for the upcoming Annual General Meeting (AGM) in 2025.
Shareholders’ Nomination Board: Ensuring Competent Leadership
Established in 2020, the Shareholders' Nomination Board plays a crucial role in ensuring that Teleste Corporation's Board of Directors possesses the necessary expertise and experience to effectively guide the company. The Nomination Board comprises representatives from the three largest shareholders:
- Timo Luukkainen (Chairman), representing Tianta Oy
- Patrick Lapveteläinen, representing Mandatum Henkivakuutusosakeyhtiö
- Esko Torsti, representing Keskinäinen Eläkevakuutusyhtiö Ilmarinen
Proposed Board Composition: Continuity and Expertise
The Nomination Board proposes maintaining the current Board size of six members and re-electing all current members for a new term:
- Timo Luukkainen
- Jussi Himanen
- Vesa Korpimies
- Mirel Leino-Haltia
- Anni Ronkainen
- Kai Telanne
All proposed members have been assessed for independence, with Timo Luukkainen and Vesa Korpimies identified as independent of the company but not independent of its significant shareholder, Tianta Oy, due to their respective roles within that company.
The Nomination Board emphasizes the importance of evaluating the proposed Board composition as a whole to ensure a diverse range of expertise and experience aligned with the company's needs and the Finnish Corporate Governance Code.
Proposed Remuneration: Maintaining Current Structure
The Nomination Board proposes maintaining the current remuneration structure for the Board of Directors:
- Chairman: EUR 66,000 per year
- Board Member: EUR 33,000 per year
- Audit Committee Chairman: EUR 49,000 per year
The proposed remuneration will be paid partially in Teleste Corporation shares (40%) and the remainder in cash. No separate meeting fees will be paid for Board meetings, but committee members will receive EUR 400 per meeting attended.
Teleste Corporation: A Leader in Networked Society Solutions
Teleste Corporation is a prominent international provider of technology solutions for broadband, security, and information networks. The company's integrated product and service portfolio supports the development and operation of a better-connected society. With a strong track record of innovation and a global presence, Teleste connects with customers through a network of offices and partners worldwide.
About Teleste:
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. Our solutions bring television and broadband1 services to you, secure your safety in public places, and guide your use of public transport. With solid2 industry experience and a drive for innovations, we are a leading international company in broadband, security and information technologies and related services. We connect with our customers through a global network3 of offices and partners. In 2023, Teleste's net sales reached EUR 151.3 million and it had approximately 800 employees. Teleste is listed on Nasdaq Helsinki. For more information, visit www.teleste.com.