Remuneration of the Board of Directors

Outokumpu's Board members are compensated for their time, commitment, knowledge and required experience for contributing to the long-term financial performance and success of the company.
Page last updated: 03.03.2023

The remuneration of the Board members is decided annually by the Annual General Meeting. Observing general market trends and in accordance with the proposal by the Nomination Board, the Annual General Meeting 2022 decided to increase the annual remuneration of the Board of Directors as presented in the adjacent table.

SET fees of the Board of Directors    
   2022
2021 
 Position Annual remuneration, EUR  Meeting fee, EUR/meeting Annual remuneration, EUR  Meeting fee, EUR/meeting 
Chairman of the Board 169,000  600/1,200* 163 000   600/1,200* 
Vice Chairman of the Board and Chairman of the Audit Committee 93,500   600/1,200* 91 600   600/1,200*
Board members 72,500  600/1,200* 71 100   600/1,200* 

*) 1,200 euros per meeting for a meeting held outside a country of residence. 

40% of the annual remuneration is paid in the company’s own shares using treasury shares or shares to be purchased from the market at a price formed in public trading and in accordance with the applicable insider regulations. If a Board member, on the date of the Annual General Meeting, owns shares of the company, which based on the closing price of that day represent a value exceeding the annual remuneration, he or she can opt to receive the remuneration in cash.

The annual fee is paid once a year, and in addition to the annual remuneration, all the members of the Board of Directors are paid a fee for each meeting they attend. The members of the Board are not entitled to any other share-based rewards. The Board members are not eligible for any pension schemes.     

ANNUAL COMPENSATION in 2022
Board member

Share
portion

Cash
portion
Meeting
fees 1)
 Total
Kari Jordan, Chairman        169,000 21,000 190,000
Eeva Sipilä, Vice Chairman until Annual General Meeting 2022       4,200 4,200
Kati ter Horst, Vice Chairman as of the Annual General Meeting 2022
91,600 22,200 113,800
Heinz Jörg Fuhrmann, Member 29,463 43,037 22,200 94,700
Päivi Luostarinen, Member  29,463 43,037 19,200 91,700
Petter Söderström, Member as of the Annual General Meeting 2022  29,463 43,037  14,400  86,900
Vesa-Pekka Takala, Member   37,996 55,504 19,200 112,700
Pierre Vareille, Member  29,463 43,037
27,000 99,500
Julia Woodhouse, Member    29,463 43,037 32,2002) 104,700
Total  185,308 531,292 181,600 898,200

1) Meeting fees are entered in the table on the year when they are paid and include committee meeting fees.
2) Meeting fees include 7,000 € meeting fees for the ESG (environmental, social and governance) Board.

ANNUAL COMPENSATION PAID IN 2021
Board member Share portion Cash portion Meeting fees1) Total
Kari Jordan, Chairman 66,243 96,757 12,600 175,600
Eeva Sipilä, Vice Chairman 37,226 54,374 12,000 103,600
Heinz Jörg Fuhrmann, Member as of the Annual General Meeting 2021  28,894 42,206 6,600   77,700
Kati ter Horst, Member 28,894 42,206 12,600 83,700
Päivi Luostarinen, Member as of the Annual General Meeting 2021 28,894 42,206 8,400  79,500
Vesa-Pekka Takala, Member 28,894 42,206
12,000 83,100
Pierre Vareille, Member 28,894 42,206 13,800 84,900
Julia Woodhouse, Member 28,894
42,206 21,4002) 92,500
Total 276,832
 404,368
92,400
780,600

1) Meeting fees have been entered in the table on the year when they have been paid and include committee meeting fees.
2) Meeting fees include 7,000 € meeting fees of the ESG (Environment, Social and Governance) Advisory Council.

Read more

Find out more on the members of the Board of Directors, their tasks and committees as well as shareholding.

Members of the Board of Directors
Tasks and committees of the Board
Management's shareholding