Nokia Board to get three new members; Indian market and software industry expertise added
Lalita D. Gupte becomes second woman on Board
The Nokia Board Corporate Governance and Nomination Committee will propose to the Annual General Meeting that Lalita D. Gupte, Henning Kagermann, and Olli-Pekka Kallasvuo be elected as new members of the Nokia Board of Directors.
Lalita D. Gupte is the former Joint Managing Director of ICICI Bank Limited, the second-largest bank in India, and currently the non-executive Chairman of ICICI Venture Funds Management Co Ltd.
Gupte would be the second woman on the Nokia Board, in addition to Dame Marjorie Scardino, the CEO of Pearson PLC, an international publishing firm.
Henning Kagermann is the CEO and Chairman of the Executive Board of SAP AG, the world’s leading provider of business application software, headquartered in Germany.
Olli-Pekka Kallasvuo is the new President and CEO of Nokia Corporation, and he is also a member of the Board of Directors of EMC Corporation.
Regardless of the fact that the good governance policy of international public companies suggests that the executives of a company should not be Board members, as it is one of the Board’s duties to control the executive management, the Board of Nokia is to continue its tradition of having the CEO of the company on the Board.
The Annual General Meeting is to make a decision on the composition of the new Board of Directors on May 3rd.
Paul J. Collins, the current Vice Chairman of the Nokia Board, has reached the Board’s retirement age of 70 years, and hence will not be standing for re-election to the Board of Directors of Nokia Corporation.
The Nokia Annual General Meeting will also make a decision on the proposal by the Board of Directors to increase the maximum number of Board members from ten to twelve. However, the Nokia Board Corporate Governance and Nomination Committee will propose to the General Meeting that the number of Board members be eleven. Six of them are Finnish citizens.
Originally, the current Board of Directors consisted of ten members. However, one of the members, the Michelin Group CEO, Édouard Michelin, died in a boating accident last May.
In addition, the Committee will propose that the following persons be re-elected: Jorma Ollila as Chairman, Georg Ehrnrooth, Bengt Holmström, Keijo Suila, Vesa Vainio, Daniel R. Hesse (U.S.A), Marjorie Scardino (U.K.), and Swede Per Karlsson.
Previously in HS International Edition:
Nokia CEO Kallasvuo decides to forgo personal bonus for 2006 (28.2.2007)
Major Nokia shareholder keeps low profile (27.2.2007)
Announcing record result, Nokia reiterates faith in Siemens deal (26.1.2007)
Jorma Ollila presides over Nokia shareholders´ meeting for the last time (31.3.2006)
Press release: Nokia Board Corporate Governance and Nomination Committee presents proposals for Composition of and Remuneration to the Board of Directors March 5, 2007