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Tecnotree Corporation Stock Exchange Release 19 April 2022 at 12.00 EET

The Annual General Meeting of Tecnotree Corporation was held today 19 April 2022 at the company's headquarters at Tekniikantie 14, 02150 Espoo. In order to prevent the spread of the COVID-19 pandemic, the Annual General Meeting was held without shareholders' and their proxy representatives' presence at the meeting venue.

The Annual General Meeting confirmed the 2021 annual accounts and consolidated annual accounts and discharged the Board of Directors and the CEO from liability for the financial year 2021. The Annual General Meeting also approved the remuneration report of the governing bodies of the company.

The Annual General Meeting resolved that the profit of the parent company EUR 18.522.673,02 is transferred to the retained earnings account and that no dividend is paid.

The Annual General Meeting confirmed in accordance with the proposal of the Board of Directors that the Board of Directors will consist of five (5) members. Mr. Neil Macleod, Ms. Jyoti Desai, Mr. Anders Fornander, Mr. Conrad Neil Phoenix, and Mr. Markku Wilenius were re-elected as Board members. The Board members were elected for a term expiring at the end of the first Annual General Meeting following the election.

The Annual General Meeting that the annual fee of the Chairman of the Board of Directors will be EUR 210,000, the annual fee of the Vice Chairman of the Board EUR 120,000 and the annual fee of the other members of the Board of Directors EUR 70,000. Approximately 45 per cent of the remuneration will be paid in Tecnotree's shares and approximately 55 per cent will be paid in cash. The part of the remuneration paid in shares will be paid by either purchasing shares from the public market, or by transferring company's own shares. The shares will be delivered to the Board members within two weeks from the day following the publication of the company's interim report for 1 January 2022 - 30 September 2022.

The audit firm Tietotili Audit Oy was re-elected as the company's auditor. Tietotili Audit Oy has informed the company that APA Mr. Urpo Salo will continue as the auditor with principal responsibility.

The organization of the Board of Directors 0f Tecnotree Corporation
The Board of Directors of Tecnotree Corporation elected today at the Annual General Meeting has held an organizing meeting. Neil Macleod was elected as Chairman and Jyoti Desai as Vice Chairman of the Board of Directors. 

The Board resolved to establish an Audit Committee, a Remuneration Committee, a Nomination Committee and a Strategy Committee. The members of the Committees were elected as follows:
  • Audit Committee: Neil Macleod (chairman), Jyoti Desai, Conrad Neil Phoenix
  • Remuneration Committee: Anders Fornander (chairman), Jyoti Desai, Neil Macleod
  • Nomination Committee: Conrad Neil Phoenix (chairman), Jyoti Desai, Neil Macleod
  • Strategy Committee: Jyoti Desai (chairman), Anders Fornander, Markku Wilenius

The Board of Directors has evaluated the independence of the Board members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 and has noted that all Board members are independent of the company and with the exception of Neil Macleod and Conrad Neil Phoenix also independent of the company's significant shareholders.