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  • 2006-01-27 KONE Nomination Committee’s Proposal for Composition of Board, and Audit Committee’s Proposal for Auditors
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KONE Nomination Committee’s Proposal for Composition of Board, and Audit Committee’s Proposal for Auditors

Stock Exchange Release Published 27/01/2006

KONE Corporation’s Nomination Committee proposes to KONE Corporation’s Annual General Meeting on 27 February, 2006 that eight members be elected to the Board of Directors.

The Nomination Committee proposes that Sirpa Pietikäinen be elected as a new Board Member. In making the Board member selections, attention is paid to the candidates’ broad and mutually complementary experience, know-how, and their views of both KONE’s and other businesses. Sirpa Pietikäinen’s, M.Sc. (Econ.), born 1959, work experience includes serving as a Member of Parliament and in the Ministry of the Environment in Finland. Specifically, she brings knowledge of sustainable development, housing politics, and community planning issues to the Board.

The Nomination Committee also proposes that Antti Herlin, Sirkka Hämäläinen-Lindfors, Matti Alahuhta, Jean-Pierre Chauvarie, Reino Hanhinen, Masayuki Shimono and Iiro Viinanen be re-elected to the Board. Jean-Pierre Chauvarie, Reino Hanhinen, Sirkka Hämäläinen-Lindfors, Sirpa Pietikäinen and Iiro Viinanen are independent of the corporation.

Gerhard Wendt, who has served on the Board from 1979, did not wish to be considered for re-election. KONE extends its gratitude to Mr. Wendt for his significant contribution in developing the company both as President (1989-1994) and as Board Member.

The Nomination Committee proposes a monthly salary of EUR 4,000 for the Chairman of the Board, EUR 3,000 for the Vice Chairman, and EUR 2,000 for Board Members. In addition, compensation of EUR 500 is proposed for attendance at Board and Committee meetings.

The term of the board ends at the next Annual General Meeting. Tapio Hakakari will continue as secretary to the Board.

KONE’s Audit Committee proposes to KONE Corporation’s Annual General Meeting on 27 February, 2006 that two auditors be elected. The proposed auditors are authorized public accountants Heikki Lassila and PricewaterhouseCoopers Ltd.

Sender:

KONE Corporation

Tapio Hakakari
Director, Secretary to the Board

Minna Mars
Senior Vice President, Corporate Communications & IR

For further information, please contact:
Tapio Hakakari, Director, Secretary to the Board, tel. +358 (0)204 75 4226

KONE is one of the world’s leading elevator and escalator companies. It provides its customers with industry-leading elevators and escalators and innovative solutions for their maintenance and modernization. KONE also provides maintenance of automatic building doors. KONE has annual net sales of approximately EUR three billion and about 27,000 employees. Its class B shares are listed on the Helsinki Exchanges.

www.kone.com