The Board
of Directors

The Board of Directors has overall responsibility for management of the Company and the proper organization of its operations. The Board of Directors directs and supervises the Company’s executive management, appoints and dismisses the CEO and approves important decisions concerning the Company’s strategy, investments, organization, remuneration system for the management and financing. The CEO is responsible for the implementation of the Company’s strategy and daily operations according to the guidelines and instructions given by the Board of Directors.

Merus Power has a Board of Directors composed of a minimum of three (3) and a maximum of 8 permanent members. Additionally as many deputy members can be appointed to the Board of Directors as there are permanent members. The term of the Board members lasts until the end of the next Annual General Meeting.

The Merus Power Board of Directors consists of Tapani Kiiski (Chair), Anne Koutonen, Vesa Riihimäki and Martin Backman.

Tapani Kiiski, born 1962

Licentiate in Technology
Chair of the Board of Directors

Tapani Kiiski has previously served as President and CEO of Raute Corporation from 2004 to 2022, as Vice President -Sales and Technology from 2002 to 2004, and as Vice President – Technology in 2002.

At Konecranes Oyj, Tapani was Group CIO from 1999 to 2002 and held various positions in Technology management of the Standard Lifting Equipment Group and Group R&D from 1985 to 1995.

Board of Directors of Helkama Emotor Group of companies since 2014, Orfer Oy since 2023, Geneset Powerplants Oy since 2023, Jartek Invest Oy since 2023, Mantsinen Group Ltd since 2023, Dimecc Oy during 2008 – 2018, Finnish Wood Research Oy during 2009 – 2014 and as a Chairman of the Board during 2011 – 2014, Technology Industries of Finland during 2016 – 2021, Technology Industry Employers of Finland since 2021, Häme Chamber of Commerce during 2005 – 2022 and as a Chairman during 2014 to 2018 and Technology Academy Finland Foundation (Millennium Technology Prize) since 2016.

Shareholding: 1000

Independent of the company and its significant shareholders.

Anne Koutonen, born 1962

Master of Economic Sciences
Member of the Board of Directors

Anne Koutonen has been a Member of the Board since 2001.

Anne Koutonen has been a Member of the Board of Directors of Modulight Oyj since 2023, Member of the Board of Directors of Kemppi Oy since 2022, Member of the Board of Directors of Robit Oy since 2020 and Chairman of the Audit Committee since 2021, Member of the Board of Directors of Image Wear Oy since 2019, Member of the Board of Directors of Tammer Brands Oy and Chair of the Board since 2020, Member of the Board of Directors of HKScan Oyj and Chair of the Audit Committee since 2019, Member of the Board of Directors and Audit Committee of Kojama Oy since 2018 and Chair of the Audit Committee since 2019 and Member of the Board of Componenta Oy since 2017 and Vice Chair of the Board of Directors since 2019.

Koutonen has previously served as the CFO and Head of Investor Relations at Nokian Tyres Plc during 2006-2018 and Team Leader of Treasury during 1997-2006.

1995-1997 Koutonen held a position of Financial Analyst at Oy Kyro Ab.

1992-1994 Koutonen was Domestic Money Market Manager, Member of the Management Team and Head of Market Dealers of Financial Bank of Finland Savings Bank – SSP Ltd.

Shareholding: 205

Independent of the company and its significant shareholders.

Vesa Riihimäki, born 1966

Master of Science in Technology
Member of the Board of Directors

Vesa Riihimäki has been a Member of the Board since 2005.

Riihimäki is Director, Delivery Management of Wärtsilä Finland Oy and a Member of the Management Team of the Power Supply Business Line.

2018-2020 Riihimäki served as President and CEO of Wärtsilä Finland Ltd.

Riihimäki served as Vice President, Wärtsilä Quality during 2014-2018, as Vice President, QEHS, Wärtsilä Services and concurrently in the Management Team of the Services Business Line, 2009-2014 he was President, Power Plants & Executive Vice President and concurrently on the Wärtsilä Corporation Management Team,
2004-2009 he was Vice President, Power Plant Technology and concurrently on the Management Team of the Power Plants Business Line. Additionally Riihimäki has held various positions at Wärtsilä Finland Oy during the period 1992-2003.

Shareholding: 16 581

Independent of the Company and its significant shareholders.

Martin Backman, born 1969

Master of Science in Technology and Master of Economic Sciences
Member of the Board of Directors

Martin Backman is proposed as Member of the Board in 2025.

Mr. Backman has acted as an Independent Adviser since 2018. In 2017–2018, he served as President and CEO of Aktia Bank Plc and in 2014–2017 as President and CEO of Finnish Industry Investment Ltd (TESI). Mr. Backman served as Managing Director and Director at CVC Capital Partners in Sweden in 2007–2014 and in 2000–2006 as Deputy Director and Associate Director at Industri Kapital (IK Partners) in Sweden.

In 2007, Mr. Backman served as Director at Advium Corporate Finance Ltd (eQ Bank Plc), and in 1996–2000, he served at Lexel Group, subsequently an affiliate of Schneider Electric SE, in various leadership positions in Denmark and Sweden.

Mr. Backman has served as the Chairman of the Board of Engel Square Capital Partners Ltd since 2022. Prior to that, he was Chairman of the Board of Aktia Asset Management Ltd in 2017–2018, Board Member of Finance Finland in 2017–2018 and Board Member of Opus Capita Group Ltd in 2015–2017.

Mr. Backman served as the Chairman of Tesi Industrial Management Ltd in 2014–2017, as Vice Chairman of the Board of Aker Arctic Technology Ltd in 2015–2017, as Member the Board of Directors of Allsaint Co-Investment GP Limited in 2012–2014, as Member the Board of Directors of Ahlsell AB in 2012, as Member the Board of Directors of Enermet Group Ltd in 2001–2006, as Member the Board of Directors of Dataphone Scandinavia AB in 2005–2006 and as Member the Board of Directors of Citylink AB in 2001–2005.

Shareholding: –

Independent of the company and its significant shareholders.