Remuneration

The remuneration of the members of the Board and the Board committees is decided by the General Meeting of Shareholders of the Company based on a proposal by the Nomination Board.

The remuneration of the members of the Board and the Board committees is decided by the General Meeting of Shareholders of the Company based on a proposal by the Nomination Board.

The Nomination Board shall not be entitled to remuneration from the Company on the basis of their membership unless otherwise decided by the General Meeting of Shareholders.

The Board decides on the remuneration of the CEO. The remuneration of the Executive Management Team is decided by the Board based on a proposal by the CEO, which is initially reviewed by the Human Resources Committee.

The Company has published its Remuneration Statement on the Company’s website in accordance with the Governance Code.

The Annual General Meeting 2020 adopted the Remuneration Policy for the governing bodies.


Members of the Board of Directors

The members of the Board of Directors received term of office fees and attendance fees in 2020 as follows:

 Euros

Term of
office fees

Board meeting
fees (1

Committee
meeting fees (1

Total

Sanna Suvanto-Harsaae

48 000

21 600

25 200

94 800

Jyrki Mäki-Kala (as of 4 June 2020)

17 500

7 200

3 600

28 300

Tiina Lencioni

24 000

10 800

4 800

39 600

Jukka Ohtola

24 000

10 800

2 400

37 200

Anette Rosengren, jäsen (as of 15 May 2019)

24 000

21 600

-

45 600

Torsten Steenholt

24 000

21 600

7 200

52 800

Jukka Leinonen (as of 4 June 2020)

14 000

7 200

1 200

22 400

Kai Telanne (until 4 June 2020)

13 125

3 600

1 200

17 925

Kim Henriksson (until 4 June 2020)

10 500

6 000

3 600

20 100

1) Meeting fees have been entered in the table on the year when they have been paid.

CEO

The salary and other remuneration paid in 2020 to CEO Pekka Tennilä amounted to a total of 573 679 euros:

 

Euros

Fixed base salary and benefits

304 481

Fringe benefits

12 780

Short-term incentives (1

-

One-off merger project reward (2

229 530

Long-term incentives (3

26 888

Total remuneration

573 679

Share of fixed pay of total remuneration

55 %

Share of variable pay of total remuneration

45 %

1) Paid short-term incentives have been entered in the table on the year when they have been paid, and payment is based on performance in the previous year.

2) In 2020 the CEO received a one-time cash reward for his exceptional performance in connection with negotiation and preparation for the merger of Altia and Arcus.

3) Remuneration paid based on Cash LTI plan 2017–2019

Remuneration of the CEO not yet paid but due based on the year 2020

Short-term incentives  Euros
Remuneration due based
on the achievement of STI
performance measures in 2020
150 000
Retention Incentive Programme (1  
Long-term incentives -

1) Retention Incentive Programme of closing- and post-closing phase of the combination of Altia and Arcus.