Board of Directors

The Board of Directors has general responsibility for Spinnova’s governance and the appropriate organisation of operations. The Board of Directors has approved rules of procedure that define the matters within the Board of Directors’ responsibility.

Duties

Pursuant to the Finnish Limited Liability Companies Act and the Articles of Association, the Board of Directors is in charge of Spinnova’s administration and the proper organization of operations, and represents the Company.

The Board of Directors adopts the Company’s strategy and monitors its implementation. The duties of the Board of Directors include approving the Company’s financial statements and interim reports and supervising the appropriateness of the accounts and the Company’s financial affairs. The Board of Directors decides on significant individual investments as well as corporate and real estate acquisitions and strategically significant business expansions and reductions, confirms the Company’s long-term strategic and financial objectives and approves budgets and risk management principles. The Board of Directors also approves and confirms the charters of Board committees, as well as the Company’s internal guidelines and remuneration policy, and decides on incentive schemes for the CEO and the personnel.

The Board of Directors also elects the CEO of Spinnova and decides on the terms of his/her employment.

Self-assessment and independence assessment

The Board of Directors evaluates its operations and working methods annually as an internal self-assessment. The Board of Directors also assesses the independence of its members from the Company and significant shareholders annually and as required.

Board composition

The Company’s Board of Directors consists of a minimum of three and maximum of eight ordinary members. The term of office of the members of the Board of Directors expires at the end of the Annual General Meeting of shareholders following their election. The Board of Directors elects a Chair from among its members for the duration of its term of office.

The Company’s Board of Directors must have sufficient expertise and as a collective must have requisite knowledge and experience in matters of the Company’s industry and business. The Company has defined the principles of the diversity of the Board. The diversity of the Board of Directors is supported by experience from the international operating environment and relevant industries, as well as cultural knowledge and the consideration of age and gender distribution.

Spinnova’s Board of Directors has seven members. The members of the Board of Directors are: Janne Poranen, Harri Sundvik, Petri Kalliokoski, Hanna Liiri, Julio Ramundo, Juha Salmela and Kirsi Sormunen.

Janne Poranen

Chair and Member of the Board since 2022
Co-founder of the company
Born 1972
PhD in Physics
Finnish citizen

Not independent of the company, independent of major shareholders

Company shareholding: 2 663 030 shares and 8 000 2020 B options

Work history 

  • CEO at Spinnova Plc between 2014 and 2022
  • Principal Scientist at VTT Technical Research Centre of Finland Ltd between 2014 and 2015 
  • Head of Research Area, Fibres and Biobased Materials at VTT Technical Research Centre of  Finland Ltd during 2014 
  • Technology Manager at VTT Technical Research Centre of Finland Ltd between 2006 and 2013 
  • Key Account Manager at VTT Technical Research Centre of Finland Ltd during 2006 
  • Group Manager at VTT Technical Research Centre of Finland Ltd between 2005 and 2006 
  • Deputy Group Manager at VTT Technical Research Centre of Finland Ltd between 2002 and  2004 
  • Team Leader, VTT Processes, Fluid Dynamics Team at VTT Technical Research Centre of Finland Ltd during 2002 
  • Senior Researcher, VTT Processes at VTT Technical Research Centre of Finland Ltd between 2001 and 2002 
  • Expatriate, VTT Processes (University of Maine, Department of Chemical Engineering) at VTT Technical Research Centre of Finland Ltd during 2001 
  • Research, VTT Energy at VTT Technical Research Centre of Finland Ltd between 1999 and 2001 
  • Researcher positions at the University of Jyväskylä during 1997

Harri Sundvik

Deputy Chair of the Board since 2022; Member of the Board of since 2021; Member of the Audit Committee
Born 1957
British and Finnish citizen
Master’s in Business Administration
Independent of the company and its major shareholders

Company shareholding: 0 shares and 1 250 2020 B options (held by COBL UK Ltd, a company controlled by Sundvik)

Work history

  • Managing Director of Investment Banking at JPMorgan between 1987 and 2006 (London)
  • Vice Chair, Managing Director of Global Investment Banking at Bank of America Merrill Lynch between 2006 and 2016 (London)

Positions of trust

  • Chair at Aurion Machining Technologies Oy (Sustainable machining) since 2020
  • Chair at ICS Oy (Solar energy technology) since 2019
  • Chair of Dassiet Oy (Sustainable materials & technologies) since 2022

Petri Kalliokoski

Member of the Board of since 2023, Chair of the Remuneration Committee
Born 1975
Finnish citizen
Master of Science (ICT)
Independent of the company and its major shareholders
0 shares and 0 options

Work history

  • CEO & Entrepreneur, High Metal Oy 2/2018 –
  • Deputy CEO at VTT between 2016 and 2018
  • Executive Vice President (ICT & Electronics) at VTT between 2014 and 2018
  • Senior Vice President (Strategy & Business Development) at VTT between 2010 and 2013
  • CEO VTT International (part-time) at VTT between 2010 and 2015
  • Vice President (Innovation) at VTT between 2006 and 2009
  • Team Leader (Industrial Management) at VTT between 2002 and 2005
  • Research positions at VTT between 1999 and 2001
  • Technical Sales (part-time), Etherma Scandinavia Oy between 1997 and 1998

Positions of trust

  • Chair, SPL Company Oy, ukko.fi (Fintech and SaaS software) 2018 –
  • Chair, mcare Group Oy (Mobile devices lifecycle services) 2018 –
  • Chair, The Warming Surfaces Company Oy (start-up) 2023 –
  • Member, Innovestor Group Oy (Venture capital, real estate) 2020 –
  • Chair of the Board at Mielipalvelut Oy (Therapy services) between 2021 and 2023
  • Chair of the Board at Innovestor Ventures Oy (Venture capital) between 2018 and 2021
  • Vice Chair of the Board at Energent Oy (Air ventilation equipments) between 2015 and 2021
  • Vice Chair of the Board at SopValm Oy (Manufacturing services) between 2015 and 2019
  • Chair & Vice Chair of the Board at Makron Group Oy (Machinery workshop) between 2010 and 2019
  • Member, Gasera Oy (Measurement Devices) between 2018 and 2019
  • Chair of the Board at VTT Ventures Oy (Venture capital) between 2012 and 2018
  • Chair of the Board at VTT Expert Services Oy (currently Eurofins Oy) between 2016 and 2018
  • Member of the Board at DIMECC Oy between 2016 and 2018
  • Member of the Board at Technology Industries of Finland 2021 –
  • Member of the Board at Research Impact Foundation 2018 –
  • Vice Chair of the Board at the New Work Association 2021
  • Deputy member of the Board at Technology Industries of Finland between 2018 and 2020
  • Chair of the Board at ICT Labs Helsinki between 2015 and 2017

Hanna Liiri

Member of the Board of Directors since 2018; Member of the Audit Committee and the Remuneration Committee
Born 1970
Finnish citizen
Master of Science (Economics)
Independent of the company and its major shareholders
Company shareholding: 4 048 680 shares (held by Besodos Investors Oy) 6 000 (personal holding) and 0 options

Work history

  • Managing Partner and Portfolio Manager at Besodos Investors Oy since 2005
  • Stockbroker at United Bankers Securities between 1999 and 2004
  • Assistant in Financing at Jaakko Pöyry Group in 1999
  • Various positions in Financial Administration in Finland and Germany at GS-Hydro Group between 1991 and 1998

Positions of trust

  • Member of the Board of Directors of Rester Oy since 2022
  • Member of the Board of Directors of Woodly Oy since 2017
  • Member of the Board of Directors of Paptic Oy since 2015
  • Member of the Board of Directors of GuardianX Technologies Ltd between 2019 and 2020
  • Member of the Board of Directors Sellusta Finland Oy/Sukarwood between 2016 and 2018
  • Substitute member of the Board of Directors of Spinnova Oy between 2014 and 2018

Julio Ramundo

Member of the Board of since 2023, Member of the Remuneration Committee
Born 1969
Brazilian citizen
Bachelor’s degree in Economics, MBA
Not independent of the companym, not independent of its major shareholders
Company shareholding: 0 shares and 0 options

Work history

SUZANO SA:

  • New Business Director, CVC and Carbon 2022-
  • Corporate Finance Director, CVC and Carbon, 2019-2021

BNDES – the Brazilian Development Bank:

  • Deputy Managing Director (Head of Division), Industrial and Services: 2017-2019
  • BNDES and BNDESPAR’s Executive Director 2011-2016
  • Deputy Managing Director (Head of Division), Industrial and Services 2008-2011
  • Deputy Managing Director (Head of Division), Social Infrastructure 2006-2008
  • Head of the ITC Industry department 2003-2006
  • Head of the Retail, Tourism and Services department 2001-2002

IFC, The World Bank:

  • Summer intern (during MBA course), LATAM Division: 2000-2000
  • BNDES, Assistant for the fiscal affairs division 1997-1999
  • BNDES, Economist (project analyst) in the steel industry department 1993-1996

Juha Salmela

Chief Technology Officer, Co-founder
Member of the Management Team since 2014
Member of the Board of Directors since 2014
Born 1973
Finnish citizen
Master of Science degree
Not independent of the company, independent of major shareholders
Company shareholding: 1 960 322 shares and 8 000 2020 B options

Work history

  • Researcher, Team Manager, and Principal Investigator at VTT Technical Research Centre of Finland Ltd between 1997 and 2014
  • Expat at the University of British Columbia in Canada between 2004 and 2005

Kirsi Sormunen

Member of the Board of since 2023, Audit Committee Chair
Born 1957
Finnish citizen
Master of Science (Economics)
Independent of the company and its major shareholders
Company shareholding: 0 shares and 0 options

Work history

  • Head of Nokia Bridge, Vice President, CSR, Nokia 2012–2014
  • Vice President, Sustainability/CSO, Nokia 2009-2012
  • Vice President, Head of Environmental Affairs, Nokia 2004-2009 
  • Vice President, Strategy Development, Nokia 2003-2004 
  • Finance Director/CFO, Nokia Americas 1999-2003       
  • Finance Director/CFO, Nokia Telecommunications Business Group 1995-1999
  • Vice President & Group Treasurer, Nokia Group 1993-1995

Positions of trust 

  • Board Member and Audit Committee Chair, WithSecure 2022-
  • Board Member of Exel Composites 2020-
  • Senior Advisor, DIF / Directors Institute of Finland 2015 –
  • Board Member and Audit Committee Chair, UNICEF, Finland 2016 –2022
  • Board member and Audit Committee Chair, DNA 2014-2021
  • Advisory Board Member, Lappeenranta University of Technology 2015-2021
  • Board Member, Suomen Mentorit Ry (Mentoring Association) 2015 -2018
  • NED, AC Member, Sustainability Committee Chair, Talvivaara Mining 2012-2014
  • Executive Advisor, Sustainability50 in World 50 Inc. 2013-2015
  • Chair (2013-2016) and Member of TEKES Green Growth Program 2011-2016                
  • Board Member, SESKO (Electrotechnical Standardization) 2005-2007
  • Management Group Member, Nokia Americas 1999-2003
  • Board Member, Nokia-Gradiente Joint Venture and Nokia Brazil 2000-2003
  • Management Group Member, Nokia Telecommunications 1995-1999
  • Board Member, Nokia China 1995-1999
  • Advisory Board Member (Aufsichtsrat), Nokia Germany 1995-1999
  • Board Member, Finnish Chemicals (Kemira Chemicals) 1993-1995