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Organization of the Board of Directors of Tecnotree Corporation
In accordance with the resolution by the Extraordinary General Meeting held earlier today, the term of office of the new Board of Directors elected today commenced upon the completion of the first tranche of the investment by Fitzroy Investment Limited.
In the organizing meeting of the Board of Directors, Harri Koponen was elected as Chairman and Neil Mcleod as Vice Chairman of the Board of Directors. The Board of Directors resolved to establish an audit committee, a remuneration committee, a nomination committee and a strategy and investment committee.
Harri Koponen, Neil Mcleod and Priyesh Ranjan were elected members of the audit committee, Jyoti Desai, Pentti Heikkinen and Priyesh Ranjan were elected members of the remuneration committee, Neil Mcleod, Conrad Neil Phoenix and Christer Sumelius were elected members of the nomination committee and Jyoti Desai, Harri Koponen and Priyesh Ranjan were elected members of the strategy and investment committee. The chairmen of the committees will be elected later.
The Board of Directors has assessed the independence of the members according to the recommendations of the Finnish Corporate Governance Code. Based on the assessment, Jyoti Desai, Pentti Heikkinen, Harri Koponen, Priyesh Ranjan and Christer Sumelius are considered independent of the company and its major shareholders. Neil Macleod and Conrad Neil Phoenix are considered independent of the company.
Board of Directors
FURTHER INFORMATION Kirsti Parvi,CFOtel. +358 50 517 4569 www.tecnotree.com