Management Shareholdings and Remuneration
Board of Directors
For up-to-date information on Board members’ and management shareholdings, see the Group’s website at Investors/Public Insiders.
The Chairman of the Board of Directors will be paid a remuneration of EUR 60,000 per year and other Board members a remuneration of EUR 36,000 per year, however such that no remuneration will be paid to Boardmembers holding at least 5% of the capital stock of Revenio Group Corporation either personally or through a company in which their holding is 50% or more. The remuneration to Board members will be paid partly in Company shares (40%) and partly in cash (60%).
Number of shares granted to Board members during 2009–2011 as Board members' remoluments:
| Board member |
2009 | 2010 | 2011 | Total 2009-2011 |
| Timo Mänty | 45 130 | 47 085 | 52 174 | 144 389 |
| Rolf Fryckman | 47 085 | 31 304 | 78 389 | |
| Matti Hyytiäinen | 31 304 | 31 304 | ||
| Julia Ormio | 31 304 | 31 304 | ||
| Pekka Tammela | 45 130 | 47 085 | 31 304 | 123 519 |
If a member of the Board of Directors resigns mid-term, he or she is obliged to return an amount of shares, from the remuneration paid in Company shares, that equals the remuneration paid in shares for the remainder of his or her term as a member of the Board at the time of resignation.
President and CEO
In 2009-2010, the CEO was paid the following remuneration:
| CEO | Monetary salary | Bonus payments | Fringe benefits | Total | ||||
| Olli-Pekka Salovaara | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 |
| 167 383 | 154 113 | 17 861 | 6 715 | 1 810 | 17 860 | 187 054 | 178 688 | |
CEO Olli-Pekka Salovaara has an 18-month term of notice on full pay. His retirement age and pension benefits are determined by the laws applicable to a president and CEO.
The CEO's fringe benefits comprise a company cell phone.
In addition to a fixed monetary salary, the CEO is covered by a bonus scheme. The conditions of this scheme are determined on an annual basis. Within the bonus scheme, the maximum bonus payment equals four months' salary. Of the maximum bonus payment, an amount equal to two months' salary is based on the Group's performance. A further amount, equal to two months' salary, is based on achieving other company and personal goals.
In addition to monetary remuneration, the CEO has been granted option rights in Revenio Group Corporation's stock option scheme of 2007 as follows:
| Series | Number of option rights |
| 2007A | 456.243 |
| 2007B | 73.122 |
| 2007C | 155.000 |
Up-to-date information on the shareholdings is available on this website, under Investors/Public Insiders.
The Group's Management Group
The Board of Directors decides on the Management Group's remuneration. The Management Group's remuneration consists of a fixed, monetary salary and a bonus scheme. Within the bonus scheme, the maximum bonus payment equals four months' salary. Of the maximum bonus payment, an amount equal to two months' salary is based on the Group's performance. A further amount, equal to two months' salary, is based on achieving other company and personal goals.
In addition to monetary remuneration, all members of the Management Group are covered by the 2007 stock option scheme. Up-to-date information on the shareholdings is available on this website under Investors/Public Insiders.
Auditor
The Group’s auditor received, in total, EUR 45,000 in audit fees for 2010. Furthermore, the Group’s auditor received other remuneration to the amount of EUR 16,000.
