Remuneration and incentives
Annual General Meeting will decide on the remuneration for the Board members. The 2019 Annual General Meeting resolved that the annual remuneration paid to the Chairman of the Board of Directors shall be EUR 40,000 and the annual remuneration paid to Directors shall be EUR 20,000. No separate fee for each meeting is to be paid to the members of the Board.
The Board of Directors decides on the President and CEO’s salary and other benefits, and they are confirmed in written in the executive’s contract. The period of notice of the President and CEO is six months. The retirement age is determined in accordance with the Employees’ Pensions Act.
The Management Team’s terms of employment and pay are approved by the Board of Directors, which is also deciding on the Group’s performance bonus system. The retirement age of the Management Team members is determined in accordance with the Employees’ Pension Act. The Management Team is paid a fixed salary, which is determined in the management contracts. In addition to the fixed salary, there may be an annual remuneration which is paid on the basis of agreed metrics depending on the achievement of related targets.