Board nominees for new REC Silicon business

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As the rump REC Silicon ASA company left after the spin-off of REC’s Solar division prepares to officially get under way a week on Sunday, nominations have been prepared for the board of directors of the new U.S.-based business.

At an extraordinary general meeting of the company set for next Friday, shareholders will be asked to approve a pay package for the board members who have steered the formerly Norwegian vertically integrated solar company through ist split into the spun-off Singapore-based REC Solar ASA and the remaining Silicon business, which will be based in Moses Lake, Washington, from December 1.

The pay package will see the chairman paid around NOK500,000 (US$82,300), of which half is a one-off payment for ‘the extraordinary workloak and number of board meetings since May’. The deputy chairman will receive NOK160,000 plus a NOK125,000 bonus for the seven months’ work under the proposed package with the remaining three board members receiving NOK145,800 each plus the same NOK125,000 bonus payment. An unspecified number of committe members would receive NOK29,000 each for the seven-month period.

Jens Ulltveit-Moe, founder, president, CEO and board member of the Umoe AS shipping-energy-maritime-restaurant chain corporation has been nominated as chairman of the new REC Silicon company.

Fellow McKinsey alumnus, and CFO of Umoe Group, Espen Klitzing has been nominated as a board member along with former senior vice president of REC Solar Erik Løkke-Øwre and Ragnhild Wiborg and Inger Berg Ørstavik.

Løkke-Øwre was responsible for ramping up production capacity in Singapore for REC Solar from 2008 until this year whilst Ms Wiborg – the only one of the nominees who has served on the REC Silicon board since May – is a board member of EAM Solar and patent and competition law expert Ms Ørstavik, according to her pen portrait, has taught international human rights law at Fudan University in Shanghai.