Shareholder group's proposal on the composition of the board of directors and the auditors

Wartsila Corporation
  • Stock exchange release
4 March 2003 at 2:01 AM E. Europe Standard Time

Wärtsilä Corporation STOCK EXCHANGE RELEASE 4 Mar. 2003, 08.30

Under Wärtsilä’s Articles of Association the term of office of all the members of the Board of Directors expires at the Annual General Meeting following their election.

Shareholders representing approximately 37 % of all the Wärtsilä Corporation votes will propose to the company’s Annual General Meeing on 12 March 2003 that the Board of Directors should have six members and that the following be elected to the Board:
Mr Göran J. Ehrnrooth, Mr Risto Hautamäki, Mr Jaakko Iloniemi, Mr Antti Lagerroos, Mr Bertel Langenskiöld and Mr Paavo Pitkänen. All have given their consent to be elected.

The aforementioned shareholders also propose that the firm of authorised public auditors KHT-yhteisö KPMG Wideri Oy Ab be appointed as the company’s auditors. The company has consented to being appointed to this task.

According to §5 of the Articles of Association the Board of Directors chooses a chairman and a deputy chairman from among its members who serve until the close of the subsequent Annual General Meeting. The aforementioned candidate members of the Board have announced that, if elected to the Board, they would choose Antti Lagerroos as the chairman of the Board of Directors and Göran J. Ehrnrooth as the deputy chairman.