President and CEO’s remuneration
The President and CEO’s compensation consists of a salary, Annual Bonus Plan and the Long-term Incentive Plan. The annual base salary is EUR 500,000, including salary and fringe benefits (car and mobile phone). The annual target bonus is 75% of the annual base salary and maximum payment is 90% of the base salary.
The President and CEO participates on a pro rata basis (according to time) on the ongoing Performance Share Plans, which include three performance periods of three calendar years each: 2015–2017, 2016–2018 and 2017–2019. The target bonus for the President and CEO’s Long-term Incentive Plan corresponds to 100% of annual base salary and maximum bonus 200% of the annual base salary. 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.
In 2017, the financial targets of the Annual Bonus Plan relate to net sales growth, adjusted operating profit, and cash flow. The financial targets of the Long-term Incentive Plan relate to consolidated net sales, cumulative EBIT and total shareholder return.
The President and CEO is provided with a voluntary contribution-based pension, as part of which the Company contributes 20% of the annual base salary.
The President and CEO is entitled to a signing bonus of EUR 250,000 during the first quarter of 2018. If the President and CEO resigns before having been two (2) years at the Company’s, the signing bonus shall be repaid to the Company in full. 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 the annual base salary, in addition to the salary for the six-month notice period.
The salary, benefits, and bonuses paid in 2017 to the President and CEO, Jaana Tuominen, totaled EUR 120,292.
|Remuneration of the President and CEO Jaana Tuominen as of October 9, 2017||2017|
|Basic salary, EUR||120,292|
|Annual bonus for previous year, EUR||0|
|Bonus paid through long-term incentive plan, EUR||0|
|Voluntary pension contribution
by the company, EUR
Updated February 20, 2018