Municipality Finance Plc has a Shareholders’ Nomination Committee (the Nomination Committee) established by the Annual General Meeting (the AGM).

The Nomination Committee is annually responsible for preparing the following proposals to the AGM:

• the number of members of the Board of Directors (the Board);
• the remuneration of the Board; and
• the individuals to be elected as the members of the Board.

The Nomination Committee is also responsible for preparing a proposal for the chairperson and vice chairperson of the Board to the Board to be elected. The Nomination Committee must in its activities consider the requirements set forth by the Finnish Act on Credit Institutions.

The Nomination Committee consists of five members.

• Three of the members are appointed by the three largest shareholders, one member by each shareholder, according to the share register. With the current ownership structure, the three largest shareholders are Keva, Republic of Finland and the City of Helsinki.
• The fourth member is appointed by the Association of Finnish Local and Regional Authorities.
• The next five largest shareholders (following the three largest shareholders) together have the right to appoint the fifth member. With the current ownership structure, the following municipalities have the right to appoint the fifth member together: the City of Espoo, the City of Vantaa, the City of Tampere, the City of Oulu and the City of Turku.

In this context, the ownership is considered based on the total ownership of a local authority corporation. The individuals appointed cannot have an employment relationship with the company. The company’s largest shareholder appoints its representative as the Chair of the Nomination Committee. The Chair of the Board attends the Nomination Committee meetings as an expert and as a part of this duty, prepares the meetings together with the secretary of the Nomination Committee to support the Chair of the Nomination Committee.

The following individuals have been appointed as members of the Nomination Committee:

• Jaakko Kiander, Chair (CEO, Keva)
• Timo Reina (Deputy Managing Director, the Association of Finnish Local and Regional Authorities)
• Jukka-Pekka Ujula (Chief Executive Officer, City of Helsinki)
• Maija Strandberg (Senior Finance Councellor, Prime Minister’s Office, Government ownership steering)
• Juha Yli-Rajala (Group Chief Executive Officer, City of Tampere)

No remuneration is paid to the members of the Nomination Committee.