Decision-making process concerning remuneration
The General Meeting decides on the remuneration of the Board of Directors. The Board of Directors’ Nomination and HR Committee presents to the Annual General Meeting proposals on the Board of Directors’ remuneration, taking into account this policy, the company’s financial standing at the time as well as the level of remuneration in other comparable companies, among other things. When necessary, the committee consults the company’s majority shareholder, which exercises a controlling interest at the General Meeting with regard to Board remuneration.
The Board of Directors approves the salary and rewards of the CEO and the principles applicable to the remuneration of other members of the Corporate Management Team. The Board of Directors approves also the structure, target groups and principles of the company’s remuneration systems, as well as selects the performance indicators used and sets related target values. The Board of Directors’ Nomination and HR Committee assists the Board in matters related to the remuneration, terms of employment and rewarding of Management Team members and prepares Board decisions related to management remuneration. The CEO decides on the compensation of other Corporate Management Team members in cooperation with the Chair of the Board and in accordance with the principles approved and guidelines given by the Board.
