Citycon to convene an extraordinary general meeting to resolve on the election of two new Board members and to adopt the revised remuneration policy
CITYCON OYJ Stock exchange release 7 July 2021 at 18:00 hrs
HELSINKI, July 7, 2021 /PRNewswire/ -- The Board of Directors of Citycon Oyj proposes, on the recommendation of the Company's Nomination and Remuneration Committee, that Ms Ljudmila Popova and Citycon`s CEO Mr F. Scott Ball will be elected as new members to the Board of Directors for a term of office expiring at the close of the next Annual General Meeting. Citycon will propose the election of the new members to the Board of Directors and the adoption of the revised remuneration policy to the Extraordinary General Meeting to be held on 2 August 2021. The proposals by the Company's Board of Directors will be found in its entirety from the notice to Citycon's Extraordinary General Meeting that will be published later on 8 July 2021.
Ms Popova has global real estate experience as well as extensive finance knowledge. The Board of Directors considers that Ms Popova would with this combination further strengthen the real estate investment expertise of Citycon's Board of Directors. The election of Mr Ball would further strengthen the active communication between the Board of Directors and the management and support the efficient implementation of Citycon's strategy. Based on the information available, the Board of Directors has assessed the independence of the candidates and considered Ms Ljudmila Popova independent of both the Company and significant shareholders. Mr Ball is independent of the significant shareholders and not independent of the Company due to his CEO position at Citycon. Mr Ball´s Board role would mean a permanent deviation from the current remuneration policy which states that Board members would categorically not participate in the same remuneration or incentive schemes with the company's executive management. The remuneration policy will be amended in this regard. In addition to ensuring continuity of the management, the annual maximum earnings target for the long-term incentives is defined by the Board at the beginning of each performance period.
Further information on the candidates for the Board of Directors and the revised remuneration policy will be available on the Company's website after the publication of the notice.
Citycon Oyj
Board of Directors
For further information, please contact:
Eero Sihvonen
Executive VP and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com
Laura Jauhiainen
VP, Strategy & Investor Relations
Tel. +358 40 823 9497
laura.jauhiainen@citycon.com
Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.4 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare and services to cater for the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
www.citycon.com
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