Remuneration and other benefits of the Board and top management
The Annual General Meeting decides about the remuneration to the members of the Board. The salary, bonus and other benefits of the President and CEO and his/her Deputy are resolved by the Board.
Bonus schemes within the Group are profitability, growth and performance-based and part of the individual's total remuneration. The key principles on bonuses are defined in the Group Policy on Bonuses. The bonuses of senior management are dependent on the Group's sales and return on investment targets. Directors do not receive bonuses.
The Annual General Meeting on 5 March 2007 resolved that the annual fees are EUR 40 000 for members of the Board, EUR 50 000 for the Vice Chairman of the Board and EUR 60 000 for the Chairman of the Board, and EUR 12 500 for members of the committees of the Board of Directors. In addition, the Annual General Meeting authorised the Board to decide on an additional fee of not more than EUR 12 500 per annum for each of the foreign resident members of the Board. The Board has exercised this authorisation and decided on the payment of an additional fee of EUR 12 500 to Karen de Segundo and Franz Steinegger. For 2007, a total of EUR 421 666 was paid in fees to Board and committee members. The members are entitled to compensation for travel expenses in accordance with the Company's travel rules.
| Fees paid to Board members |
|
|
| |
|
|
| EUR 1000 |
2007 |
2006 |
| |
|
|
| Henrik Ehrnrooth, Chairman |
70 |
55 |
| Heikki Lehtonen, Vice Chairman |
72 |
56 |
| Pekka Ala-Pietilä |
51 |
38 |
| Matti Lehti |
51 |
46 |
| Harri Piehl |
51 |
46 |
| Karen de Segundo |
63 |
56 |
| Franz Steinegger |
51 |
45 |
| |
|
|
| Fees paid to the external member of the Nomination Committee |
|
|
| |
|
|
| EUR 1000 |
2007 |
2006 |
| |
|
|
| Georg Ehrnrooth |
12 |
10 |
| |
|
|
Remuneration of the President and CEO and his Deputy
and other members of the Group Executive Committee |
|
|
| |
|
|
| EUR 1000 |
2007 |
2006 |
| |
|
|
| President and CEO |
|
|
| Salary and bonus |
655 |
636 |
| Fringe benefits |
17 |
17 |
| Deputy to the President and CEO |
|
|
| Salary and bonus |
549 |
501 |
| Fringe benefits |
13 |
14 |
| Other members of the Group Executive Committee |
|
|
| Salary and bonus |
1432 |
1205 |
| Fringe benefits |
90 |
48 |
The salary, bonus and fringe benefits paid to the President and CEO, Erkki Pehu-Lehtonen, and the Deputy to the President and CEO, Teuvo Salminen, during 2007 totalled EUR 1 234 512.
Option rights of the President and CEO and his Deputy and
other members of the Group Executive Committee
The option rights of the President and CEO and his Deputy and other members of the Executive Committee as well as the conditions of the option scheme are described on the pages Insiders' ownership, Stock options 2004 and Terms and conditions of stock options 2004. The members of the Board are not part of the option scheme. |
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