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|
|PSP 2017–2019||11,226||22,452||Gross shares||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|
|Voluntary pension contribution
by the company, EUR
Updated April 5, 2019