Board of Directors

The Board of Directors is responsible for the company’s strategic development and for supervising and steering the company’s business and management. Further, under the Articles of Association and in line with the Companies Act, the Board of Directors represents the company and is responsible for the proper arrangement of the control of the company’s accounts and finances. The Board of Directors is also responsible for defining the company’s mission and values.

Sari Baldauf
Sari Baldauf

Chairman

Born 1955, nationality: Finnish

M.Sc., Business Administration, honorary doctorate degrees in Technology (Helsinki University of Technology) and Business Administration (Turku School of Economics and Business Administration, and Aalto University School of Business)
Independent member of Fortum's Board of Directors since 2009
Member of the Nomination and Remuneration Committee
Fortum shareholding on 31 Dec 2016: 2,300

 

Main occupation:

Non-executive Director

 

Primary work experience:

Nokia Corporation, several senior executive positions. Member of the Group Executive Board until 2005.

 

Key positions of trust:
Vexve Holding OY, Chairman of the Board
Akzo Nobel N.V., Daimler AG, and Deutsche Telekom AG: Member of the Supervisory Board
DevCO Partners Oy, Senior Advisor
Aalto University Foundation sr., Tukikummit-säätiö, Kasvuryhmä ry: Member of the Board

Matti Lievonen

Deputy Chairman

Born 1958, nationality: Finnish

B.Sc. (Eng.), eMBA, D.Sc. (Tech) h.c.

Independent member of Fortum's Board of Directors since 2017

Chairman of the Nomination and Remuneration Committee
Fortum shareholding 2016: 1,500

 

Main occupation:

President & CEO, Neste Corporation

 

Primary work experience:

President of the Fine and Speciality Papers Division at UPM-Kymmene Corporation, and number of other senior positions at UPM 1986–2008, and prior to that at ABB, Member of UPM-Kymmene's Executive Board 2002–2008

 

Key positions of trust:
European Business Leaders' Convention, Member of the Board

East Office of Finnish Industries Oy, Member of the Board
Chemical Industry Federation of Finland, Member of the Board

Suomen Messut Osuuskunta, Member of the Supervisory Board

National Emergency Supply Agency (HVK), Member of the Supervisory Board
The Finnish Business and Policy Forum (EVA), Member of the Supervisory Board

Nynäs AB, Member of the Board

SSAB AB, Member of the Board

Matti Lievonen

Heinz-Werner Binzel

 

Heinz-Werner Binzel

Born 1954, nationality: German

Economics and electrical engineering degree

Independent member of Fortum's Board of Directors since 2011

Member of the Audit and Risk Committee

Fortum shareholding on 31 Dec 2016: 0

 

Main occupation:

Independent consultant

 

Primary work experience:

RWE Energy AG, Member of the Executive Board, procurement and sale of electricity, gas, and water 2003–2005

RWE Solutions AG, Member of the Executive Board as CFO, 1999–2002 and as CEO 2002–2003

NUKEM GmbH, several senior executive positions in Germany and the USA 1981–1999

 

Key positions of trust:

TÜV Rheinland Holding AG, Member of the Supervisory Board

Chairman of the Audit Committee

Eva Hamilton

Born 1954, nationality: Swedish

B.A. Journalism, honorary doctorate degree at Mid Sweden University (Mittuniversitetet)

Independent Member of Fortum's Board of Directors since 2015

Member of the Nomination and Remuneration Committee

Fortum shareholding on 31 Dec 2016: 40

 

Main occupation:

Senior adviser

 

Primary work experience:

Sveriges Television (SVT), CEO, 2006–2014

Sveriges Television (SVT), Head of SVT Fiction, 2004–2006

Sveriges Television (SVT), Head of News, 2000–2004

Sveriges Television (SVT), Foreign Correspondent, Brussels 1993–1996

Aftonbladet 1978–1979, Svenska Dagbladet 1979–1988, Dagens Industri 1988–1989: news reporter

 

Key positions of trust:

Nexiko Media AB, Chairman of the Board

Kungliga Dramatiska Teatern AB, Member of the Board

LKAB, Member of the Board

Lindex AB, Member of the Board

IVA (Royal Swedish Academy of Engineering), Member of the Board

Näringslivsrådet, Chairman

Moment Group AB, Member of the Board

Swedish Film & TV Producers Association, Chairman

Arholma Landsort AB, Member of the Board

Eva Hamilton

 

Kim Ignatius

 

Kim Ignatius

Born 1956, nationality: Finnish

B.Sc. (Econ.), Helsinki School of Economics and Business Administration

Independent member of Fortum's Board of Directors since 2012

Chairman of the Audit and Risk Committee

Fortum shareholding on 31 Dec 2016: 2,400

 

Main occupation:

Non-executive Director

 

Primary work experience:

Sanoma Corporation, Chief Financial Officer 2008-2016, Executive Vice President 2017

TeliaSonera AB, Executive Vice President and Cfo 2003–2008

Sonera Oyj, Executive Vice President and CFO 2000–2002

Tamro Oyj, group CFO 1997–2000

 

Key positions of trust:

Rovio Entertainment Corporation, Member of the Board

RR Holding Oy, Chairman of the Board

Anja McAlister

Born 1960, nationality: Finnish

M.Sc., Energy technology, MBA

Independent member of Fortum's Board of Directors since 2017

Member of the Audit and Risk Committee

Fortum shareholding: 0

 

Main occupation:

Independent consultant

 

Primary work experience:

Pöyry PLC, President Energy Business Group 2015–2017

Pöyry Management Consulting Oy, Vice President 2014–2015

Renewa Oy, (biomass boiler manufacturer), Managing director 2013

UPM Group, Senior Vice president, head of
Energy Business 2004–2013

Electrowatt-Ekono Oy (part of the Pöyry Group), Senior Vice President, Head of the Management Consulting Northern
Europe 2000–2004

Ministry of Trade and Industry, Finland, Industrial Counsellor, head of Energy Policy and Analyses team 1998–2000

Kymppivoima Oy, Operations Manager and
Managing Director 1995–1998

Energia-Ekono Oy, Senior Consultant 1993–1995

Sheffield Heat and Power Ltd., Sheffield, UK, Technical
Manager 1990–1993

City of Kuopio, Finland, Operations Manager of 100/200 MW biomass CHP plant 1984–1989

Anja McAlister

 

 

Veli-Matti Reinikkala
Veli-Matti Reinikkala

Born 1957, nationality: Finnish

Ëxecutive Master of Business Administration

Independent Member of Fortum's Board of Directors since 2016

Member of the Audit and Risk Committee

Fortum shareholding on 31 Dec 2016: 3,000

 

Main occupation:

Non-executive Director

 

Primary work experience:

ABB, President of Region Europe 2015 and Member of the Group Executive Committee 2006–2015

ABB, President of Process Automation division 2006–2014, Head oof Business Area Process Automation 2005

ABB China, Automation Technologies Division Manager 2003–2004

ABB Drives & Power Electronics, Business Area Manager 2002

ABB Drives, Manager, 1996–2002

ABB Industry Oy, CFO 1994–1996

Before 1994, various positions in paper and packaging
companies in Finland

 

Key positions of trust:

Cramo Plc, Chairman of the Board

UPM-Kymmene Corporation, Member of the Board

 

 

The Board of Directors comprises five to eight members who are elected at the Annual General Meeting for a one-year term of office expiring at the end of the first Annual General Meeting following the election. The Annual General Meeting also elects the Chairman and the Deputy Chairman of the Board of Directors.

Assesment

As part of its duties, the Board of Directors conducts an annual self-assessment in order to further develop its work. In accordance with the Finnish Corporate Governance Code, the Board of Directors also annually evaluates which of the directors are independent of the company and which are independent of its significant shareholders.

Board of Directors in 2017

The Annual General Meeting on 4 April 2017 re-elected Sari Baldauf as Chairman, Kim Ignatius, Heinz-Werner Binzel, Eva Hamilton, Tapio Kuula, and Veli-Matti Reinikkala. In addition, Matti Lievonen was elected as new Vice Chairman and Anja McAlister as new member to the Board of Directors until the end of the Annual General Meeting in 2018.

On 9 November 2017, Fortum announced the unfortunate death of the company's board member Tapio Kuula. After a review, the Shareholders' Nomination Board of Fortum confirmed the company's Board of Directors' ability to function with 7 members until the Annual General Meeting 2018.

The Chairman, the Deputy Chairman and the members of the Board of Directors are, with the exception of Tapio Kuula (Mr. Kuula acted as President and CEO of Fortum until 31 January 2015), independent of the company and all are independent of the company’s significant shareholders. Three members, including the Chairman, are female and four members are male.

Board of Directors in 2016

In 2016, until the Annual General Meeting held on 4 April 2017, the Board of Directors comprised the following eight members: Chairman Sari Baldauf, Deputy Chairman Kim Ignatius, Minoo Akhtarzand, Heinz-Werner Binzel, Eva Hamilton, Tapio Kuula and Jyrki Talvitie, and Veli-Matti Reinikkala.

The Board of Directors met 15 times, and the attendance rate was 99%.