President and CEO’s remuneration

The President and CEO’s compensation consists of base salary, Annual Bonus Plan and Long-term Incentive Plans. The annual base salary is EUR 500,000, including salary but excluding fringe benefits (car and mobile phone). For year 2018, the annual target bonus is 75% of the annual base salary and maximum payment is 90% of the base salary and the financial targets relate to net sales growth, EBITA excluding IAC., and cash flow.

The President and CEO participates on a pro rata basis (according to time) on the ongoing Performance Share Plans for years 2016–2018, 2017–2019 and 2018–2020. The President and CEO is required to build up the holding of the company’s shares until the value of the holding corresponds to at least 100% of the annual gross base salary.

The President and CEO is provided with a voluntary defined contribution pension, as part of which the Company contributes 20% of the annual base salary. The President and CEO’s employment contract will end by the time of the statutory retirement age. The President and CEO and the Company have a notice period of six months. Remuneration upon dismissal by the Company equals annual base salary, in addition to the salary for the six-month notice period.

The salary, benefits, and bonuses paid in 2018 to the President and CEO, Jaana Tuominen, totaled EUR 1,006,241.

INCENTIVE PLAN SUMMARY FOR THE CEO TARGET REWARD MAXIMUM REWARD UNIT PAYMENT YEAR
Short-term incentive plan 75 90 % of base salary 2019
PSP 2016–2018 7,407 14,814 Gross shares 2019
Cash-plan 2016–2018 127,626 255,252 Euros 2019
PSP 2017–2019 11,226 22,452 Gross shares 2020
Cash-plan 2017–2019 211,152 422,304 Euros 2020
PSP 2018–2020 21,777 43,554 Gross shares 2021

 

REMUNERATION OF THE PRESIDENT AND CEO jAANA TUOMINEN IN 2018   2018 2017
Basic salary, EUR   559,055 120,292
Annual bonus for previous year, EUR   297,600 0
Bonus paid through long-term incentive plan, EUR   149,586 0
Total, EUR   1,006,241 120,292
Voluntary pension contribution
by the company, EUR
  108,819 23,947

 

Remuneration Statements »

 

Updated April 5, 2019