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Shareholders’ proposals to the Annual General Meeting for the number of Marimekko’s Board members, the composition of the Board and its remuneration

Marimekko Oyj
·5-min read

Marimekko Corporation, Stock Exchange Release, 1 February 2021 at 9.30 a.m.

Shareholders’ proposals to the Annual General Meeting for the number of Marimekko’s Board members, the composition of the Board and its remuneration

Shareholders representing in total approximately 26% of all of Marimekko Corporation’s shares and votes have made a proposal to the Annual General Meeting to be held on 14 April 2021 for the number of members of the Board of Directors, the composition of the Board and its remuneration.

Proposal for the number of members of the Board of Directors

Shareholders who represent approximately 26% of all of Marimekko Corporation’s shares and votes have informed the company that they propose to the Annual General Meeting that seven (7) members be elected to the Board of Directors.

Proposal for the composition of the Board

The above-mentioned shareholders have also informed the company that they propose that Elina Björklund, Mika Ihamuotila, Mikko-Heikki Inkeroinen and Catharina Stackelberg-Hammarén be re-elected to the Board of Directors until the close of the next Annual General Meeting. Of the current members of the Board, Arthur Engel and Helle Priess have announced that they will not be available for re-election.

The same shareholders further propose that Carol Chen, Jussi Siitonen and Tomoki Takebayashi be elected as new members of the Board. All of them are independent of the company and its significant shareholders according to the evaluation of the above-mentioned shareholders.

Carol Chen (b. 1967, master’s degree in Marketing) is co-CEO of the Chinese fashion company Semir. Previously, Chen has worked as General Manager of Sports Business of the Chinese e-commerce operator Tmall (part of Alibaba) as well as in several leadership positions at the sports apparel and footwear company Nike in China and the USA, among other countries, including the role of General Manager of Converse for the Asia-Pacific region.

Jussi Siitonen (b. 1969, M.Sc. (Econ.)) is CFO of the sporting goods company Amer Sports. Before joining Amer Sports, Siitonen worked for the renewable materials company Stora Enso as Senior Vice President and Group Controller and in other leadership positions in finance, business controlling and project management. He has also acted as Chairman of the Board of Suunto Oy and Peak Performance AB.

Tomoki Takebayashi (b. 1976, MBA) is CEO of the luxury fashion company Bottega Veneta (part of Kering) in Japan. Previously, Takebayashi has worked for example as Executive Vice President and COO of the fashion company Kate Spade in Japan and as a management consultant at McKinsey & Company in the USA.

”Marimekko wants to strengthen its position in the fast-growing Asian markets. Therefore, it is important for us that our Board of Directors has robust knowledge and experience of these markets, in particular in fashion and e-commerce. Tomoki and Carol have a deep understanding of Japanese and Chinese cultures and networks, which will give Marimekko a valuable new perspective. Growth and internationalization have been the focus of Marimekko for several years, and I want to extend my gratitude to Helle and Arthur for their indispensable contribution in executing these,” Chairman Mika Ihamuotila says.

The proposed Board members have informed the company that in the event that they are elected, they intend to elect Mika Ihamuotila as Chairman of the Board and Elina Björklund as Vice Chairman of the Board as well as Elina Björklund as Chairman and Mikko-Heikki Inkeroinen, Catharina Stackelberg-Hammarén and Jussi Siitonen as members of the Audit and Remuneration Committee.

All proposed persons have given their consent to the election. Biographical details of the new proposed Board members are available on the company’s website at company.marimekko.com under Investors/Management/General Meeting.

Proposal for the remuneration of the Board

In addition, the above-mentioned shareholders have informed the company that, they propose to the Annual General Meeting that the fees payable to the members and the Chairman of the Board would remain unchanged from 2020 and be as follows: an annual remuneration of EUR 48,000 would be paid to the Chairman, EUR 35,000 to the Vice Chairman and EUR 26,000 to the other Board members. In addition, a separate remuneration would be paid for committee work to persons elected to a committee as follows: EUR 2,000 per meeting to Chairman and EUR 1,000 per meeting to members. The fees for committee work are unchanged from 2020.

Furthermore, the above-mentioned shareholders propose that approximately 40% of the annual remuneration would be paid in Marimekko Corporation’s shares acquired from the market and the rest in cash. The shares would be acquired directly on behalf of the Board members within two weeks from the release of the interim report for 1 January– 31 March 2021 or if this would not be possible due to the insider rules, as soon as possible thereafter. The annual remuneration would be paid entirely in cash, if a Board member on the date of the Annual General Meeting, 14 April 2021, holds the company’s shares worth more than EUR 1,000,000.

The above proposals will be included in the notice of the Annual General Meeting which will be published separately.

Photos: https://mediabank.marimekko.fi/l/KgDf2DCZnJ7t

Further information:
Mika Ihamuotila, Chairman of the Board, tel. +358 9 758 71


MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. +358 40 584 6944
anna.tuominen@marimekko.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company’s product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. Marimekko products are sold in about 40 countries. In 2019, brand sales of the products worldwide amounted to EUR 251 million and the company's net sales were EUR 125 million. Roughly 150 Marimekko stores serve customers around the globe. The key markets are Northern Europe, North America and the Asia-Pacific region. The Group employs about 450 people. The company’s share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com