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 |
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.