Resolutions of Purmo Group’s Board of Directors’ constitutive meeting

In the constitutive meeting held subsequent to the Extraordinary General Meeting of Purmo Group on 3 September 2024, the Board of Directors appointed Waleed Elgohary as the Chair of the Board.

In its constitutive meeting, the Board of Directors appointed also the following members to its committees:

• Matts Rosenberg was elected as the Chair of the Audit Committee with Jordan Lubkeman and John Peter Leesi as members of the Committee;
• Waleed Elgohary was elected as the Chair of the M&A Committee with Trevor Mills, Matts Rosenberg and John Peter Leesi as members of the Committee;
• Waleed Elgohary was elected as the Chair of the Remuneration Committee with Jordan Lubkeman and Trevor Mills as the members of the Committee.

The Board concluded that each of the members of the Board of Directors is independent of Purmo Group, other than John Peter Leesi, who is the CEO of Purmo Group. Furthermore, the Board concluded that each of the members of the Board is not independent of significant shareholders of Purmo Group, other than John Peter Leesi.

The Board noted that according to recommendation 10 of the Finnish Corporate Governance 2020, the majority of the directors shall be independent of the company and at least two directors who are independent of the company shall also be independent of the significant shareholders of the company. The Board noted that the fact that only one Board member is independent of significant shareholders means a deviation from the Finnish Corporate Governance Code.

Explanation of the deviation from the Corporate Governance Code

Project Grand Bidco (UK) Limited owns more than 90% of the shares of Purmo Group Plc. Project Grand Bidco (UK) Limited has initiated a redemption process as a result of which all shares in Purmo Group Plc will be owned by Project Grand Bidco (UK) Limited presumably during the fourth quarter of 2024 and the company will consequently be de-listed. Due to this, the majority owner of Purmo Group Plc has considered it possible to deviate from the recommendations of the Finnish Corporate Governance Code for publicly listed companies relating to the independence of the Board members from the significant shareholders.

Further information:
Katariina Kataja, Head of Investor Relations, Purmo Group Plc
Tel. +358 40 527 1427

Distribution:
Nasdaq Helsinki Ltd
Principal media
investors.purmogroup.com

About Purmo Group:
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. We provide complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Our mission is to be the global leader in sustainable indoor climate comfort solutions. Our approximately 2,950 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to our over 100,000 customers in more than 100 countries. Purmo Group’s shares are listed on Nasdaq Helsinki with the ticker symbol PURMO. More information: www.purmogroup.com.