Evaluation of Independence
Exel Composites' Board of Directors has reviewed the independence of Board members in accordance with Recommendation 15 of the Corporate Governance Code.
Heikki Hiltunen, Reima Kerttula and Heikki Mairinoja are independent Board members. Peter Hofvenstam is considered as independent from the Company, but non-independent from a major shareholder, since he is the Senior Vice President of Nordstjernan AB. Göran Jönsson is considered as non-independent from the Company as former President and CEO of the Company.
The Board was considered to comply with the Corporate Governance independency rules.
Updated 29 March 2012.