Cargotec Corporation's Board of Directors Organizing Meeting 2013

By MarEx 2013-03-22 09:58:00

Cargotec Corporation's Board of Directors elected by the Annual General Meeting has in its organising meeting elected Ilkka Herlin to continue as Chairman of the Board. Tapio Hakakari was elected as Vice Chairman.

The Board of Directors considers all members to be independent of the company and all except Ilkka Herlin and Peter Immonen to be independent of major shareholders. Tapio Hakakari was the interim President and CEO as of 8 October 2012 until 28 February 2013, but because the position was temporary, the Board considers him to be independent of the company after the position has ended.

The Board decided to continue the practice that the members are to keep the Cargotec shares they have obtained in remuneration under their ownership for at least two years from the day they obtained them. The shares will be purchased at market price on a quarterly basis.

The Board of Directors elected among its members Ilkka Herlin, Teuvo Salminen and Anja Silvennoinen as members of the Audit and Risk Management Committee. Teuvo Salminen was re-elected as Chairman of the committee. The Board considers that the membership of Ilkka Herlin, as a significant shareholder, in the committee is warranted.

Board members Tapio Hakakari, Ilkka Herlin, Peter Immonen and Antti Lagerroos were elected to the Nomination and Compensation Committee. Ilkka Herlin was re-elected as Chairman of the committee.

Outi Aaltonen, Senior Vice President, General Counsel, will continue as Secretary to the Board.

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