The Board of Directors nominates the CEO and his/her possible deputy and decides on the CEO's terms of service, including base salary, fringe benefits, pension benefits and incentive schemes. The Remuneration Committee of the Board determines and approves the terms of service, including salaries, bonuses, pension benefits and other benefits, of the Outokumpu Leadership Team members other than the CEO
The Board of Directors decises on the interpretation and implementation of the terms and conditions and any other matters relating to the share-based incentive programs. The Board also decides on the exact contents of the performance criteria.
The remuneration of the Board of Directors is decided annually by the Annual General Meeting.
Main principles of rewarding
The compensation of the CEO and the members of the Leadership Team consist of base salary, fringe benefits, short-term incentives, share-based long-term incentives and pension arrangements. The total compensation is reviewed regularly by the Board of Directors. The review includes benchmarking the different components of total remuneration to market practices in corresponding positions. Outokumpu has adopted a compensation philosophy which includes shareholder value as the underlying focus of the reward strategy, incentives aligned with the business staretgy, pay for performance and competitive salaries and total compensation. Incentive plans emphasize absolute performance to ensure that management achieves its goals and relative performance to encourage Outokumpu to perform better than its peers.
Latest remunerations statements
Outokumpu's remuneration statement includes description of the following matters:
- Main principles, remnueration elements and decision making process of rewarding
- Economic benefits
- Share-based incentive plans
- Remuneration report
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