Chief Executive Officer
Base salary, benefits and short-term incentive programs
The annual gross base salary of the Group CEO Roeland Baan is EUR 950,000 excluding holiday pay. In addition, he is entitled to taxable housing benefit, car benefit, phone benefit, medical and life insurance and compensation for schooling costs of his children in Finland.
In 2018, the maximum reward from the short-term incentive program is 95% of the annual base salary for the CEO. The pay-out will be based on the achievement of targets related to EBITDA, occupational safety, delivery reliability and individual objectives. The incentive payable in spring 2017 based on the 2017 targets included targets for EBITDA, occupational safety, savings and individual objectives.
Share-based incentive plans
The CEO participates in share-based incentive plans - the Matching Share Plan for the CEO as well as the plans 2016-2018 and 2017-2019 of the Performance Share Plan with a maximum reward of 220,000 gross shares including taxes for plan 2016-2018 and maximum 92,000 gross shares for plan 2017-2019. The first and second vesting portions of the CEO's Matching Share Plan weredelivered to te CEO in the end of 2016 and 2017 - both a total of 185,077 shares after deduction of applicable taxes. 879,424 and 749,134 euros was paid in cash for taxes at the end of both years.
More information on share-based incentive plans
More information on CEO's participation in the share plans can also be found in the latest Remuneration statement.
The CEO has the right to retire at the age of 63. He participates in the Finnish TyEL pension system in addition to which he is included in a defined contribution pension plan with an annual insurance premium of 25% of his annual earnings, excluding share rewards.
Terms of notice
The CEO is not entitled to a specific severance payment, and the notice period is three months for both parties.