Harvia Plc, proposal of the Shareholders’ Nomination Board to the Annual General Meeting 2021

Harvia Plc, Stock Exchange Release, January 29, 2021 at 02:00 pm

Proposal of Harvia Plc’s Shareholders’ Nomination board to the Annual General Meeting 2021

The Shareholders’ Nomination Board of Harvia Plc proposes to the Annual General Meeting planned to be held on April 8, 2021 that five members be elected to the Board of Directors, and Ia Adlercreutz, Olli Liitola ja Sanna Suvanto-Harsaae be reappointed. The Shareholders’ Nomination Board proposes that Hille Korhonen and Anders Holmen be appointed as new members of the Board of Directors.

All proposed persons have given their consent to the appointment. They are independent of the company and independent of the major shareholders of the company.

Hille Korhonen, Licentiate of Technology, b. 1961, worked as President and CEO of Nokian Tyres Plc in 2017–2020 and was a member of the company’s board of directors in 2006–2017. In 2012–2017, Hille Korhonen worked as President and CEO of Alko Oy, and in 2008–2012 in Fiskars Corporation Plc as Vice President of Operations responsible for manufacturing, sourcing and logistics. In 2003–2008 she worked as Group Director, Operations in Iittala Group, in 1996–2003 as a director and in a managerial position in Nokia Group, responsible for logistics, in 1993–1996 in Outokumpu Copper Plc in management duties of logistics and marketing development. Hille Korhonen is a Finnish citizen. The proposal to elect the experienced senior executive Hille Korhonen strengthens the expertise and experience of the board in production and logistics.

Anders Holmén, Master of Science, Finance, b. 1977. From 2013 managing director of Fyrklöver-Invest Oy AB. Between 2007-2013 Holmén held different positions related to mergers and acquisitions, at CapMan Plc, a Finnish Private equity house. Between 2013-2020 contracted as external part time consultant at CapMan Plc, and prior to that, 2002-2007, Investment Manager at the Nordic Environment Finance Corporation (NEFCO). 1999-2002 Stålbox, sales positions. Anders Holmén is a Finnish citizen. His current board memberships: K Hartwall AB, Etukodit Oy. Anders Holmén strengthens the board with experience of mergers and acquisitions and private equity, he also has strong experience from family-owned companies.

The Nomination Board notes that the proposed changes in the Board composition correspond to the diversity principles approved for the company. When electing Board members, attention shall be paid to members’ mutually complementary experience and competence. According to this proposal, there would be three female and two male members in the Board.

The Shareholders’ Nomination Board proposes that the remuneration to be paid to the Board members stay the same as in the previous year. Monthly remuneration: The Chair of the Board of Directors is paid EUR 3,500, Vice Chair of the Board and other members of Board of Directors are paid EUR 2,000. The Chair of the Audit Committee is paid EUR 1,300 a month and members of Audit Committee are paid EUR 750 a month.

The travel expenses of the members of the Board of Directors are compensated in accordance with the company’s travel rules.

The Chair of the Nomination Board is Juho Lipsanen, Member of the Board in Onvest Oy. Other members are Heikki Savolainen, Managing Director of WestStar Oy, Antti Katajisto, Director SEB Investment Management AB, Helsinki Branch, Pertti Harvia, Chair of the Board in Tiipeti Oy. In addition, Olli Liitola, the Chair of the Board of Directors of Harvia, has served as an expert in the Nomination Board without being a member.

Further information:

Juho Lipsanen, Chair of the Nomination Board, Tel. +358 40 183 3404

Ari Vesterinen, CFO, Secretary of the Nomination Board, Tel. +358 50 505 0440

Harvia in brief:

Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the needs of the international sauna and spa market of both private and professional customers.

Harvia’s revenue totaled EUR 74.1 million in 2019, and with EOS the pro-forma net sales of the group are estimated to exceed EUR 90 million. The company employed at the end of 2019 more than 500 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany, Estonia and Russia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.