As confirmed at Outokumpu’s Annual General Meeting 2020, the annual remuneration for the members of the Board are the following:
| 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 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 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.
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.
| 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 | 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 |
Following the MAR regulation, Outokumpu publishes the managers' transactions with Outokumpu's financial instruments as stock exchange releases. The share ownership status on Dec 31, 2019 is given in the table below.
| Shares owned by the members of the Board of Directors on Dec 31, 2019 | |
|---|---|
| Member of the Board | Shares |
| Kari Jordan | 122,474 |
| Heikki Malinen* | 45,459 |
| Eeva Sipilä | 24,823 |
| Kati ter Horst | 23,275 |
| Vesa-Pekka Takala | 9,225 |
| Pierre Vareille | 34,206 |
| Julia Woodhouse | 9,225 |
| Total | 268,787 |
*) Malinen stepped down from the Board in April 2020 to join Outokumpu as the company CEO.