Under the Finnish Corporate Governance Code 2015, the majority of directors shall be independent of the Company. In addition, at least two directors of this majority shall be independent of the Company’s major shareholders. The Board shall evaluate the independence of directors and report which directors it determines to be independent of the Company and which directors it determines to be independent of major shareholders.
Mr. Ole Johansson, Ms. Janina Kugel, Mr. Bertel Langenskiöld, Mr. Ulf Liljedahl and Mr. Christoph Vitzthum, are deemed to be independent of the company. With the exception of Mr. Ole Johansson and Mr. Bertel Langenskiöld, all Board members are independent of any significant shareholders. Mr. Ole Johansson is deemed to be dependent of significant shareholders of the company based on his current position as Chairman of the Board of Directors of Hartwall Capital Oy Ab. Bertel Langenskiöld is deemed to be dependent of significant shareholders of the company based on his previous position as the Managing Director of Hartwall Capital Oy Ab. While Ms. Malin Persson has served as director of the company for more than ten consecutive years, she is deemed to be independent of the company since her independence is not compromised by this or any other factor according to the Board's overall evaluation. She is also deemed to be independent of significant shareholders.
More detailed criteria for independence are listed in Recommendation 10 of the Finnish Corporate Governance Code 2015, which can be consulted online at www.cgfinland.fi.