The Board of Directors

(Updated April 10, 2024)

The Board of Directors is responsible for the Company´s governance and proper organization of operations. The Board of Directors comprises three to seven (3–7) members and in addition, it may have one to three (1–3) deputy members. The Annual General Meeting shall elect the members of the Board of Directors for a term that expires at the end of the following Annual General Meeting. The number of terms for the members of the Board of Directors is not limited. The Board of Directors selects a Chairman among its members.

The Board conducts an annual evaluation of the independence of its members in accordance with recommendation 10. A member of the Board is required to submit to the Company the information necessary to conduct the evaluation of independence. A Board member is also required to notify the Company of any changes in information relating to independence.

The Annual General Meeting held on April 10, 2024, decided that the Board of Directors shall comprise six (6) members. Mr. Erkki Veikkolainen, Ms. Riitta Tiuraniemi, Mr. Veli-Pekka Paloranta, Mr. Petri Toljamo, and Mr. Pekka Kemppainen were re-elected as members of the Board of Directors for a term of office expiring at the end of the next Annual General Meeting. Further, Mr. Raimo Jyväsjärvi was elected as the new member of the Board of Directors for a corresponding term of office.

At its organizing meeting held on April 10, 2024, the Board of Directors elected Mr. Erkki Veikkolainen as the Chairman of the Board of Directors. Further, the Board of Directors resolved that it will continue to have an Audit Committee. Ms. Riitta Tiuraniemi (Chairman of the Committee), Mr. Petri Toljamo, and Mr. Veli-Pekka Paloranta were elected as members of the Audit Committee.

Description of Activities

The Board of Directors has defined a working order and evaluates its performance annually. The Board of Directors shall implement the decisions of the General Meeting. The Board of Directors supervises the operations and management. The Board of Directors makes decisions on the Company´s guiding principles for operation, strategy and budget. The Board of Directors decides on mergers and acquisitions and other strategic alliances as well as significant investments and significant matters regarding organization and finance. The Board of Directors supervises that the control of the Group companies´ accounting and financial affairs is duly organized. The Board of Directors appoints the CEO and possible Deputy for him or her as well as approves the Company´s organizational structure.

The CEO, CFO, CDO and CLO (who acts as secretary of the Board of Directors) attend the meetings of the Board of Directors. Other management attends the meetings when necessary or upon invitation by the Board of Directors. The Chairman of the Board approves the agendas of the meetings of the Board of Directors. The agendas are prepared by the CEO and the CLO.

An annual clock, according to which the regular subjects to be handled are determined, is applied in the Board´s work. In addition to the regular subjects of the annual clock, the most important subjects of the Board during the year were the change of CEO, updating the strategy, lightening the cost structure and reforming the organization.

The Annual General Meeting decides on the compensation of the members of the Board of Directors and the compensations can be publicly reviewed on the Company´s website at Salary and Remuneration Report.

In 2023, the Board convened 15 times. The Board members attended to the meetings as follows:

Diversity Principles of the Board of Directors

In the Company, diversity is seen as an essential part of corporate responsibility and as a factor in success, that enables achievement of strategic targets and continuous improvement of customer intimacy.

In planning the composition of the Board of Directors, the requirements of the Company´s business operations, the phases of development and the competence requirements of the Board committees are taken into account. In appointing members of the Board, the target is to ensure that the Board as a whole supports the development of the Company´s current and future business operations. Diversity plays a part in supporting this goal, so the Company aims to reach a situation where the facts supporting diversity are taken into account as significant criteria in planning the composition of the Board of Directors.

Diversity of the Board is considered from different perspectives. From the Company´s point of view it is important to have Board members with diverse backgrounds in terms of competence, training, and experience of differing business operations, of varying stages of business development, and of leadership as well as diverse personal characteristics. Experience of international business environments and different cultures in addition to consideration of age and gender will support the diversity of the Board. The objective is that both genders are represented in the Board and the Company aims to maintain a good and balanced distribution of genders.

To fulfill the diversity principles, the diversity principles are taken into account in the process to find and assess member candidates and representatives of both genders are looked for to the process. The status of diversity and progress of the goal mentioned above are monitored in the self-assessment discussions of the Board. A person elected as a Board member of the Company must have the competence required for the position and be able to devote a sufficient amount of time for the duties required. In forming the composition of the Board long-term needs and successor planning will be taken into account.

According to the Articles of Association of the Company, the Board of Directors comprises three to seven (3–7) members and in addition it may have one to three (1–3) deputy members. The composition of the Board and the number of members shall be such that they enable the Board to perform its duties efficiently. The members of the Board are appointed annually at the Company´s Annual General Meeting.

During the financial period ending on December 31, 2023, the Board of Directors has comprised five members. Four of the members have been males and one female. The self-assessment discussions of the Board have concluded that the members of the Board are so different in their special skills, backgrounds and age and gender that the Board as a whole has therefore been able to effectively support the business of the Company and its development.

Members of the Board

Erkki Veikkolainen, Chairman of the Board of Bittium Corporation

b. 1952, M.Sc. (EE), eMBA

Full-time occupation: Mevita Invest Oy, CEO

Positions of Trust:

• Bittium Corporation (prev. Elektrobit Corporation), Member of the Board 2008-2015, Chairman of the Board 2015-.
• Elcoflex (Suzhou) Co. Ltd, Member of the Board 2007-.
• Elcoflex Oy, Member of the Board 2015-, Chairman of the Board 2006-2015.
• Maustaja Oy, Member of the Board 2006-.

Work History:

• Bittium Technologies Ltd. (prev. Elektrobit Technologies Ltd.), Member of the Board 2011-2015.
• Elektrobit Corporation, Executive Vice President, Contract R&D and Test Business Units 2002-2003.
• Elektrobit Technologies Ltd., Managing Director 2001-2003.
• Elektrobit Ltd., Vice President, Business Development 1998-2001.
• Nokia Mobile Phones, various positions 1985-1998, latest Vice President.

Holdings:

Mr. Erkki Veikkolainen’s holdings

Independent as regards both the Company and its significant shareholders.

Riitta Tiuraniemi, Member of the Board of Bittium Corporation

b. 1962, M.Sc, Electrical Engineering,

Full-time occupation: Professional Board Member

Positions of Trust:

• Bittium Corporation, Member of the Board 2018-, Member of the Audit Committee 2018-2020, Chairman of the Audit Committee 2020-.
• Skoggi Ltd, Member of the Board 2022-.
• Gratis Finland Ltd, Founder and Chairman of the Board 2022-.
• Wamma Consultants Ltd, Founder and Member of the Board 2021-.

Previous Work History:

• Skoggi Ltd, Operational Director, Founder and Chairman of the Board 2019-2022.
• HealthOperator Ltd., CEO, Founder and Member of the Board 2014-2019.
• DNA Ltd, CEO , 2009-2013.
• DNA Finland Ltd, CEO , 2005-2008.
• DNA Networks Ltd, CEO , 2004-2005.
  DNA Networks Ltd, CTO, Chief technicalofficer, Member of management group, 1999-2005.
• Omnitele Oy, Department Head, Mobile Communications Consultancy, Member of management group , 1990-1999.
• Technology Development Centre, TEKES, Finland Senior Technical Adviser , Information Technology , 1996-1997.
• Nokia Telecommunications, System Designer, Chief System Designer , 1986-1990.

Holdings:

Ms. Riitta Tiuraniemi’s holdings

Independent as regards both the Company and its significant shareholders.

Pekka Kemppainen, Member of the Board of Bittium Corporation

b. 1954, Lic.Sc. (Tech.)

Full-time occupation: Professional Board Member

Positions of trust:

• Bittium Corporation, Member of the Board, 2019-.
• Valmet Corporation, Member of the Board 2018-.
• Junttan Ltd, Member of the Board 2018-.

Previous work history:

• Nestor Cables Ltd, Member of the Board 2020, Chairman of the Board 2021-2022.
• KONE Corporation, Executive Vice President, Service business 2010-2017.
• KONE Corporation, Executive Vice President & Area Director Asia Pacific, 2004-2010.
• KONE Corporation, Senior Vice president, New Elevator and Escalator Business, 1999-2004.
• KONE Corporation, various positions 1984-1999, last R&D and Technology Director.

Holdings:

Mr. Pekka Kemppainen’s Holdings

Independent as regards both the Company and its significant shareholders.

Veli-Pekka Paloranta, Member of the Board of Bittium Corporation

b. 1972, M.Sc. (Econ)

Full-time occupation: Lehto Group Oyj, Chief Financial Officer

Positions of trust:

• Bittium Corporation, Member of the Board and Member of the Audit Committee 2020-.
  

Previous work history:

• Bittium Corporation (former Elektrobit Corporation), Chief Financial Officer, 2010-2015.
• Elektrobit Corporation, Director, Finance, 2008-2010.
• JOT Automation Ltd, Chief Financial Officer, 2007-2008.
• Elektrobit Group Corporation, Business Controller,
  2000-2007.

Holdings:

Mr. Veli-Pekka Paloranta’s holdings

Independent as regards both the Company and its significant shareholders.

Petri Toljamo, Member of the Board of Bittium Corporation

b. 1974, M.Sc., Radio Engineering, eMBA

Full-time occupation: Professional Board Member

Positions of trust:

• Bittium Corporation, Member of the Board and Member of the Audit Committee, 2021-.
• Bittium Corporation, Member of the Board, 2018-2020.
• Creowave Oy, Chairman of the Board, 2023-.
• HT Growth Partners Oy, Founder, CEO and Chairman of the Board, 2022-.
• Manea Capital Oy, Chairman of the Board, 2016-2023, Member of the Board 2023-.
  

Previous work history:

• Keysight Technologies Inc., NEMO Wireless Network Testing, Vice President and Keysight Technologies Finland Oy, Managing Director 2017-2022.
• Anite Finland Oy, Managing Director and AniteNetwork Testing Business Unit, Managing Director, 2013-2017.
• Pulse Electronics, Mobile Division Director and Pulse Finland, Managing Director, 2011-2013.
• ElektrobitWireless Communications, Vice President, Device and Network Solutions Business Area, 2010.
• ElektrobitWireless Communications, Vice President, Mobile Device Solutions Business Area, 2008-2009.
• ElektrobitWireless Communications, Cellular Terminal Solutions Business Area, Director, 2007-2008.
• ElektrobitWireless Communications, Platform R&D and Head of Terminal Programs, Director, 2005-2006.
• ElektrobitGmbH, Business Development, Director, 2004-2005.
• ElektrobitOy, various product development, project management and business positions, 1996-2004.

Holdings:

Mr. Petri Toljamo’s holdings

Independent as regards both the Company and its significant shareholders.

Raimo Jyväsjärvi, Member of the Board of Bittium Corporation

b. 1956, General Staff Officer, Master of Science in National Resource Strategy, Lieutenant General (ret)

Positions of trust:

• Bittium Corporation, Advisor to the Board of Directors, 2023-2024, Member of the Board 2024-,
• Oy Sisu Auto Ab, Memberof theBoard, 2023-,
• National Emergency Supply Agency, Memberof theBoard, 2016-2023,
• Senate Properties, Memberof the Board ,2019-2020.

Previous work history:

• Department Head and Director General of the Resource Policy Department, Finnish Ministry of Defense, National Armaments Director (NAD) 2016-2022,
• Deputy Chief of Staff Logistics and Armaments in the DefenceCommand in 2014-2015,
• Commander of the Finnish Army in 2011-2014,
• Commanding General of the Army Materiel Command in 2009-2011,
• Special assignments, National Defence University USA 2008-2009,
• Chief of Planning, Finnish Defence Forces, 2004-2008,
• KFOR NATO Operation, DeputyBrigadeCommander 2003-2004,
• Artillery Brigade Commander 2000-2003.

Holdings:

Mr. Raimo Jyväsjärvi’s holdings

Is not independent of the Company, as Jyväsjärvi acts as an advisor to the Company.