Board of directors

The general meeting appoints the members of the board of directors. The board of directors comprises at least three and no more than eight members. In addition, a maximum of eight vice members may be appointed to the board. The board’s term of office terminates at the end of the next annual general meeting after its appointment.


Three members were appointed to the board of directors at the extraordinary general meeting. President of Okmetic is a member of the board of directors.


Since 7 July 2016, the board of directors comprises the following persons:


Mr Leo Ren, chairman of the board, is independent of the company. However, Mr Ren acts as the managing director of National Silicon Industry Group and therefore is not independent of the most significant shareholder of the company NSIG Finland S.à r.l., which is a wholly owned indirect subsidiary of National Silicon Industry Group. Dr Jeffrey Wang, member of the board, is independent both of the company and of its significant shareholders. Mr Kai Seikku, member of the board, acts as the president and CEO of Okmetic and is thus not independent of the company. Mr Seikku also acts as the EVP of National Silicon Industry Group and therefore is not independent of the most significant shareholder of the company NSIG Finland S.à r.l., which is a wholly owned indirect subsidiary of National Silicon Industry Group.


Hence the composition of the board of directors departs from the recommendation 10 of the Finnish corporate governance code according to which at least two directors who are independent of the company shall also be independent of the significant shareholders of the company. The board of directors was elected in the Extraordinary General Meeting on 7 July 2016 based on the proposal of the shareholder NSIG Finland S.à r.l., who holds more than 90% of the shares and votes of the company and has applied for the mandatory proceeding in accordance with the Finnish Limited Liability Companies Act in order to redeem the outstanding shares in Okmetic. In connection with said process, the delisting of the shares of Okmetic from Nasdaq Helsinki Ltd will be applied for.