Fortum (FORTUM) AGM 2020 summary

Financial performance review

• FY2019 sales were EUR 5.4bn; 59% of electricity generation was CO2-free.

• The AGM adopted the financial statements and consolidated financial statements for FY2019.

Board and executive committee updates

• The Board will have nine members: Matti Lievonen as Chairman, Veli-Matti Reinikkala as Deputy Chairman, and Eva Hamilton, Essimari Kairisto, Klaus-Dieter Maubach, Anja McAlister, Philipp Rösler, Teppo Paavola and Annette Stube as members; terms end at the next AGM.

• The AGM discharged Board members and the President and CEO from liability for 2019.

• Annual Board remuneration set at EUR 77,200 for the Chairman, EUR 57,500 for the Deputy Chairman and Audit and Risk Committee chair (if not also Chair or Deputy Chair), and EUR 40,400 per member.

• Meeting fees set at EUR 600, doubled or tripled for specified member residence and meeting-location combinations; telephone meetings carry the single fee for all members.

• Deloitte Oy was re-elected auditor; Reeta Virolainen, APA, will act as responsible auditor. Payment is based on an invoice approved by the company.

Shareholder proposals

• The AGM rejected Maailman Luonnon Säätiö, World Wide Fund for Nature, Suomen rahasto sr’s proposal to amend the Articles of Association.