Information on the remuneration and other financial benefits of the Board of Directors as well as the total number of shares and stock options held by the President and CEO and the Management team are published in the Annual Report and on the company’s website.
The main criteria concerning the compensation system covering the President and CEO and other executives are decided upon by the Board of Directors and they are disclosed in the Annual Report and on the company’s website.
Remuneration and other benefits of the Members of the Board
Annual General Meeting will decide on the remuneration for the Board members. The 2016 Annual General Meeting resolved that the annual remuneration paid to the Chairman of the Board of Directors shall be EUR 15,000 and the annual remuneration paid to Directors shall be EUR 10,000. No separate fee for each meeting is to be paid to the members of the Board. The salaries and remuneration paid to Directors in 2016 totalled EUR 55,000. The Board members have no other financial benefits.
Remuneration of the President and CEO and the members of the management team
The Board of Directors decides on the President and CEO’s salary and other benefits. In 2015, the position of the President and CEO was held by Ville Vuori. In the respective chief executive’s contract, the period of notice is six months. The retirement age is determined in accordance with the Employees’ Pensions Act. If the executive contract is terminated by the company, the CEO will be paid the salary during the period of notice. The salary paid to Ville Vuori in 2016 amounted to a total of EUR 235,119. He is further paid an incentive amounting to maximum 35% of his annual salary, with payment criteria being the revenue, net result and cash flow. During the financial year 2016, a total of EUR 47,289 were paid as a performance bonus for the President and CEO.
The Management Team’s terms of employment and pay are approved by the Board of Directors, which is also deciding on the Group’s performance bonus system. The retirement age of the Management Team members is determined in accordance with the Employees’ Pension Act. The Management Team is paid a fixed salary, which is determined in the management contracts. In 2016, salaries and other employee benefits paid to the Management Team members amounted to EUR 445,615. The share of fixed salary was 89 %.