Bioretec Ltd's Shareholders' Nomination Board Proposals for 2025 AGM: Key Changes and Appointments
Overview of Bioretec Ltd's Shareholders' Nomination Board Proposals for 2025
On January 30, 2025, Bioretec Ltd, a pioneering Finnish medical device company, announced crucial proposals from its Shareholders' Nomination Board in preparation for the upcoming Annual General Meeting (AGM) scheduled for March 21, 2025. This meeting will address vital changes, including board member remuneration and appointments.
Board Member Remuneration Changes
The Shareholders' Nomination Board has made recommendations for remuneration for board members for a term that will commence at the conclusion of the upcoming AGM, continuing until the next AGM in 2026. The proposed monthly remunerations are as follows:
- - Chairperson of the Board: €3,750 (a decrease from €10,000 in 2024)
- - Deputy Chairperson: €2,500 per month, contingent upon the Board electing someone to this position.
- - Board Members: €2,000 per month, up from €1,500 in 2024.
Proposed Changes in Board Composition
The Nomination Board suggests an increase in the number of Board members from five to six. Key appointments have also been proposed:
1. Michael Piccirillo (B.Sc. Microbiology, BBA)
2. Sarah van Hellenberg Hubar-Fisher (MBA, M.Sc. Nutritional Epidemiology and Public Health)
3. Päivi Malinen (LL.M)
4. Kustaa Poutiainen (M.Sc. (Econ))
Furthermore, Antti Vasara (Doctor of Science in Technology) and Justin Barad (MD) are suggested to join the Board as new members. Notable is the fact that Tomi Numminen has expressed his unavailability for re-election.
The Nomination Board has assessed all proposed candidates to ensure they are independent of Bioretec and its major shareholders, except for Kustaa Poutiainen, who is deemed independent of Bioretec but not of its significant shareholder, Stephen Industries Inc Oy, owing to his role there.
Diversity and Expertise in the Board
The nominations were shaped with an emphasis on diversity, ensuring that the Board comprises members who collectively possess the necessary expertise and experience ideal for guiding Bioretec's strategic direction. The Shareholders' Nomination Board advises shareholders to consider the slate of nominations together at the AGM, highlighting the importance of a holistic decision that recognizes both individual qualifications and collective team competence.
Nomination Board Composition
The current composition of the Nomination Board consists of:
- - Kustaa Poutiainen: Chair and Founder, Stephen Industries Inc Oy
- - Karoliina Lindroos: Head of Responsible Investment, Ilmarinen Mutual Pension Insurance Company
- - Marko Berg: Investment Manager, University of Helsinki
About Bioretec Ltd
Bioretec is at the forefront of developing biodegradable orthopedic implants, demonstrating significant advancements in healthcare technology. The company is concentrating on enhancing surgical outcomes and accelerating fracture healing through innovative products like the RemeOs™ line, which is based on cutting-edge biodegradable materials. Recently, Bioretec has received market authorization for its RemeOs™ implants in the U.S. and is actively pursuing the corresponding approvals in Europe.
With a mission to transform surgical treatment methods, Bioretec aims to penetrate the expansive global orthopedic trauma market, valued over USD 9 billion. The company emphasizes its commitment to value-based healthcare, providing solutions that prioritize patient welfare. Bioretec continues to invest in research and development to maintain its leadership in orthopedic innovation, ensuring that better healing translates into better life quality for its patients.
For more information about Bioretec, please visit bioretec.com.
Topics Health）
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