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.

As confirmed at Outokumpu’s Annual General Meeting 2020, the annual remuneration for the members of the Board are the following:

 Position Annual remuneration, EUR  Meeting fee, EUR/meeting 
 Chairman of the Board 163,000  600
 Vice Chairman of the Board 91,600   600
 Board members 71,100  600
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.

The annual fee is paid once a year, and members of the Board are not entitled to any other share-based rewards. In addition to their annual remuneration, all the members of the Board of Directors are paid a meeting fee of EUR 600 per meeting for each member of the Board of Directors and EUR 1,200 per meeting when travelling to a meeting held outside the Board member’s country of residence.

Remuneration paid in 2019
   Meeting fees  Annual remuneration Total remuneration
Chairman of the Board, Kari Jordan  12,600  160,000  172,000 
Vice Chairman of the Board, Heikki Malinen*)  12,600  90,000   102,600 
Vice Chairman of the Board, Olli Vaartimo (until AGM 2019)   3,000  0   3,000 
 Board member, Kati ter Horst  10,200  70,000  80,200 
 Board member, Eeva Sipilä  9,000  90,000  99,000 
 Board member, Vesa-Pekka Takala  7,200  70,000  77,200 
 Board member, Pierre Vareille  20,400  70,000  90,400 
 Board member, Julia Woodhouse  10,800  70,000  80,800 

*) Malinen stepped down from the Board in April 2020 to join Outokumpu as the company CEO.  

Information on fees paid to the Board of Directors in 2019 can be found in the table below as well as in the remuneration statement.

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