Outokumpu’s Annual General Meeting 2020 approved the following annual remuneration to be paid to the members of Outokumpu’s Board of Directors. The Annual General Meeting 2020 decided that 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 meeting fees (EUR 1,200 per meeting when travelling to a meeting held outside the Board member’s country of residence.)
| BOARD REMUNERATION | ||
|---|---|---|
| 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 |
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 to the Board members are presented in the table below.
| ANNUAL COMPENSATION in 2020 | |||||
|---|---|---|---|---|---|
| Due based on 2020 |
Paid in 2020 | ||||
| Board member | Meeting fees 1) |
Share |
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 |
| ANNUAL COMPENSATION PAID IN 2019 | ||||
|---|---|---|---|---|
| Board member | Share portion | Cash portion | Meeting fees1) | Total |
| Kari Jordan, Chairman | 64,645 | 95,355 | 12,600 | 172,600 |
| Eeva Sipilä, Vice Chairman2) | 36,360 | 53,640 | 9,000 | 99,000 |
| Kati ter Horst, Member | 28,280 | 41,720 | 10,200 | 80,200 |
| Vesa-Pekka Takala, Member | 28,280 | 41,720 | 7,200 | 77,200 |
| Pierre Vareille, Member | 28,280 | 41,720 | 20,400 | 90,400 |
| Julia Woodhouse, Member | 28,280 |
41,720 | 10,800 | 80,800 |
| Heikki Malinen, Vice Chairman3) | 36,360 | 53,640 | 12,600 | 102,600 |
| Olli Vaartimo 4) | 0 | 0 | 3,000 |
3,000 |
| 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 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.