Board of Directors
The Annual General Meeting of 10 September 2020 confirmed that the Board of Directors will consist of five (5) members, and the Board members were elected for a period of office expiring at the end of the first Annual General Meeting following the election. The Annual General Meeting re-elected as Board Members Mr. Neil Macleod, Mr. Conrad Neil Phoenix, Ms. Jyoti Desai, Mr. Anders Fornander and appointed Mr. Markku Wilenius as a new member of the Board.
Tecnotree’s Board of Directors consists of a minimum of three and a maximum of eight members, as outlined in the Articles of Association. The Annual General Meeting elects the Board and confirms the number of Board members. The Board of Directors elects the Chairman and Vice Chairman among its members for a term of one year at a time. The term of office of Board members expires at the end of the first Annual General Meeting following election. The Board of Directors appoints the CEO of the company.
Decision making
The Board of Directors shall work so as to promote the interests of the company and the shareholders. A meeting of the Board of Directors constitutes a quorum if more than half of its members are present. Matters are decided by a simple majority vote. In the event of a tied vote, the Chairman has the casting vote. A Board member is ineligible to participate in decisions on matters between the Board member and the company.
Independence of Directors
As per the Corporate Governance Code, Majority of Board Members must be independent of the company. In addition to that at least two members of mentioned majority must be independent of the company and its significant shareholders.
Tecnotree’ s Board of Directors has assessed the Board members’ independence of the company and shareholders in compliance with the Finnish Corporate Governance Code. Based on the assessment, three Board members are independent of the company and of significant shareholders and two Board members are independent of the company but non-independent of the significant shareholders.
Assessment of Board activities
Tecnotree's Board of Directors regularly assesses its activities and working procedures to ensure the Board functions effectively and to high standards. The assessment is in the form of an internal self-evaluation once a year.
