Remuneration of the Board of Directors

The Annual General Meeting decides annually on the fees to be paid to the members of the Board of Directors for one term of office at a time.

The Annual General Meeting 2022 decided the following annual remuneration in the table below to be paid to the members of Outokumpu’s Board of Directors. 40% of the annual remuneration will be 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 General Meeting decided on the meeting fee of EUR 600 per meeting for each member of the Board of Directors and EUR 1,200 when travelling to a meeting held outside the Board member’s country of residence. The meeting fees are also paid for the Board Committee meetings, and they are paid in cash.

BOARD REMUNERATION
 Position Annual remuneration, EUR  Meeting fee, EUR/meeting
 Chairman of the Board 169,000  600
 Vice Chairman of the Board 93,500   600
 Board members 72,500  600

The Board members are not entitled to other financial benefits and they are not as a main rule employed by the company or any company belonging to its group. Thus, the Board members are not eligible for any employment related salaries or pension schemes.

The fees paid for the Board members for the past years are presented in the table below.

 

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, Member2)  28,894 42,206 6,600   77,700
Kati ter Horst, Member 28,894 42,206 12,600 83,700
 Päivi Luostarinen, Member2) 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 21,4003) 92,500
Total 272,291 266,709 119,400 658,400

1) Meeting fees have been entered in the table on the year when they have been paid and include committee meeting fees.
2) Appointed as a Board member March 31, 2021.
3) Meeting fees include 7,000 € meeting fees of the ESG (Environment, Social and Governance) Advisory Council.

ANNUAL COMPENSATION in 2020
  Due based
on 2020
Paid in 2020  
Board member Meeting
fees 1)

Share
portion

Cash
portion
Meeting
fees 1)
 Total
Kari Jordan, Chairman      1,800 66,241 96,759 18,000 181,000
Eeva Sipilä, Vice Chairman 2) 1,800 37,225 54,375 16,200 107,800
Kati ter Horst, Member  1,800 42,206 28,894  16,800 87,900
Vesa-Pekka Takala, Member  1,800 42,206 28,894  16,800 87,900
Pierre Vareille, Member  1,800 42,206 28,894
22,800 93,900
Julia Woodhouse, Member    1,800 42,206 28,894 21,600 92,700
Heikki Malinen, Vice Chairman 3)     0  0 0 7,200  7,200
Total  10,800  272,291  266,709 119,400 658,400

1) Meeting fees have been entered in the table on the year when they have been paid and include also committee meeting fees.
2) Eeva Sipilä was elected as the new Vice Chairman of the Board at the Annual General Meeting 2020.
3) Heikki Malinen was Vice Chairman of the Board until April 30, 2020.
4) Olli Vaartimo was Vice Chairman of the Board until March 27, 2019.

 

Updated on March 31, 2022. 

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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