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Election and term of office

The AGM elects the Company’s Board of Directors for a term of one (1) year. According to the Articles of Association, the Board shall have a minimum of five (5) and a maximum of ten (10) members.

The Board elects a Chairman from among its members. The Articles of Association approved by the EGM on September 15, 2016 and registered on September 28, 2016 contain a provision which grants Terex Corporation or any member of the Terex Group to appoint members to the Board of Directors depending on the amount of Terex Group’s ownership in the Company. As Terex has ceased to own any Company shares, the special appointment procedure of members of the Board of Directors is no longer applied.

Candidate Board members will be announced in invitations to General Meetings, provided that the proposal has been made by the Nomination Committee, or if the candidate is supported by at least 10 percent of the total votes of all Company shares and the candidate has given his/her consent. Any candidates proposed after the invitation has been sent out shall be announced separately. The Company will publish the biographical details of candidates on the Company’s website.