Board members' independence

The Board evaluates the independence of its members on a regular basis in accordance with Recommendation 10 of the Finnish Corporate Governance Code. A Board member is obliged to provide the Board with necessary information for the evaluation of independence.

All members of Kesko's Board of Directors are non-executive directors.

The Board carried out its annual independence evaluation at its meeting on 26 March 2024. Based on the independence evaluations, the Board deemed that the majority of the Board members are independent of Kesko. Esa Kiiskinen, Pauli Jaakola and Jussi Perälä are not considered independent of the Company, as they each control a company that has a chain agreement with Kesko. All Board members apart from Pauli Jaakola are considered independent of Kesko's significant shareholders. Jaakola is the Chairman of the Board of Kesko's significant shareholder K-Retailers' Association. The Board and Committee compositions meet the independence requirements of the Corporate Governance Code.