Valmet - AGM 23 March 2021
In general, Valmet Corporation is in compliance with the Finnish regulations relating to the organization and procedures of the Annual General Meeting.
Under ITEM 10, shareholders are called to an advisory vote on the Remuneration Report. In general, we deem the overall level of transparency of Valmet's executive remuneration policy in line with Finnish standards, and remuneration amounts are reasonable. However, concerns may arise over the possibility to pay extraordinary bonuses, and long-term incentives depend on performance periods of 1 year, which is not long enough to align the interests of executives with the creation of sustainable value in the long term. Furthermore, we regret that the Board has not proposed any amendments to the remuneration policy (apart from increasing the maximum STI of the CEO from 80% to 100% of the base salary) despite the very high level of opposition from shareholders at last year's AGM (42.1%). In view of the above concerns, we recommend to vote OPPOSE.
Co. is a holding company. Through its subsidiaries, Co. is a supplier of paper and board machines, and process automation systems. Co.'s operations are divided into five segments: paper and board machinery, which makes paper, board and finishing machines; converting equipment, which supplies machinery for the packaging and printing industries; automation, which makes applications and solutions used for the measurement, control and information management of industrial processes; power transmission, which makes industrial gears and hydraulic motors, and automotive, which specializes in the production of cars.
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