Board committees and workgroups

The Board has established a Remuneration Committee to enhance the preparation of remuneration and nomination matters pertaining to the Board.

The duties of the Remuneration Committee include the preparation of matters concerning: (1) remuneration and other financial benefits of the CEO and deputy managing director (if any), (2) the appointment of the CEO, deputy managing director (if any) and other company executives, as well as the assessment of successor issues, (3) the incentive and remuneration schemes of management, key employees and staff, as well as (4) significant organisational changes.

The Committee has two members, elected by the Board of Directors among its members. In April 2015, Matti Perkonoja and Michael Ramm-Schmidt were elected as members.

The Remuneration Committee is convened by the Chairman as often as needed and it may use the company's own experts as well as outside experts to the extent it considers necessary. The Committee's secretary is either the secretary of the Board or the Group's Vice President, Human Resources. In 2015, the Remuneration Committee convened three times, with all of the members present at these meetings.

The Grain Workgroup, established by the Board and active since 1995, was terminated by the Board's decision made on 22 January 2015. The decision was effective immediately. The workgroup did not convene during 2015.