Outokumpu leadership team
The Outokumpu Leadership Team assists the CEO in the the overall management of Outokumpu's business. Members of the team have extensive authority in their individual areas of responsibility and their duty is to develop the Group's operations in line with the targets set by the Board of Directors and the CEO
Salaries and employee benefits
Performance/ project related bonuses, EUR||Share rewards, EUR 2)||Total, EUR|
|CEO Baan|| 1,073,219|| 947,629|| 2,083,469||4,104,317|
|Deputy to the CEO || 440,000|| 168,000|| 491,835||1,099,835|
|Other Leadership Team Members 1)|| 2,724,872|| 2,988,248 || 2,759,509||8,472,628|
1) Erkkilä January 1 - 31, 2017, Tahvanainen January 1 - February 28, 2017, Kaukiainen March 1 - December 31, 2017, other members 1 - December 31, 2017
3) Gross, including the value of the shares on the day of delivery and taxes.
Short-term and long-term incentives
For the 2018 financial year, the performance-based short-term incentive payable to the members of the Leadership Team in addition to their base salary and employee benefits will be based on the achievement of EBITDA, occupational safety, a savings target and individual objectives. The maximum incentive payment varies between 50% and 100% of the annual base salary in line with local market practices for similar positions.
The Leadership Team members also participate in Outokumpu's share-based incentive programs. For more details, see Share-based incentive programs.
The total amount of short-term incentives and payments from Performance Share Plan and Restricted Share Pool programs must not exceed 200% of the annual base salary of the members of the Leadership Team, excluding CEO Baan. Should this limit be exceeded, the share-based reward will be reduced to the extent decided by the Company.
The retirement age for the members of the Leadership Team is 63 or 65 years, depending on the start date in the Leadership Team, and they participate in the local retirement programs applicable to employees in the country where their employing company is located. The members employed in Germany are entitled to pension benefits in accordance with the rules of the German Essener Verband. The members employed in Finland participate in the Finnish TyEL pension system, in addition to which they are entitled to a defined contribution pension plan, for which the maximum premium is 25% of an individual's annual earnings, excluding share rewards or of annual base salary, depending on start date in the Leadership Team. The pension benefits of the other Leadership Team members vary in line with the local market practices.
Terms of Notice
For the members of the Leadership Team, the notice period is six months for the employee and either twelve months for the Company, without additional severance compensation and with the possibility to stop salary payment during notice period if the executive finds another employment before the end of notice period, or 18 months' base salary at the maximum, including salary for notice period and severance compensation.