Shareholdings and remuneration
Board of Directors
The Chairman of the Board of Directors will be paid EUR 48,000 per year and other Board members EUR 24,000 per year. Board members will be paid partly in company shares (40%) and partly in cash (60%). If a member of the Board of Directors resigns mid-term, he or she is obliged to return an amount of 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.
The number of shares granted to Board members during 2011–2017 as compensation:
|Board member||2011||2012||2013||2014||2015||2016||2017||2011-2017 total|
|Timo Mänty, former Chairman of the Board||5217||6667||11884|
|Rolf Fryckman, former Member of the Board||3130||4000||1 059||443||8990|
|Matti Hyytiäinen, former Member of the Board||3130||4000||7130|
|Julia Ormio, former Member of the Board||3130||4000||7130|
|Pekka Tammela, Chair of the Board||3130||4000||2118||885||715||819||500||12167|
|Ari Kohonen, Member of the Board||1059||443||358||409||250||2519|
|Kyösti Kakkonen, Member of the Board||443||358||409||250||1460|
|Pekka Rönkä, Member of the Board||443||358||409||250||1460|
|Ann-Christine Sundell, Member of the Board||409||250||659|
President & CEO
The Board of Directors decides on the President & CEO’s remuneration and the terms and conditions of his/her service contract. The Revenio Group Corporation’s President & CEO is Timo Hildén. In 2016-2017, the President & CEO was paid as follows:
|CEO||Monetary salary||Bonus payments||Fringe benefits||Employment-based options||Total|
|Timo Hildén||2017 / 2016||2017 / 2016||2017 / 2016||2017 / 2016||2017 / 2016|
|191163 / -||48661 / -||17201 / -||- / -||257025 / -|
The CEO’s fringe benefits comprises of additional pension insurance, a company cell phone and a car benefit. President & CEO Timo Hildén has a paid 6-month term of notice. The President & CEO’s retirement age and pension benefits are determined in accordance with legislation. In addition to a fixed monetary salary, the President & CEO is covered by a bonus scheme whose terms and conditions are set annually. The scheme’s maximum bonus payment equals six months’ salary.
The Revenio Group Corporation’s President & CEO until December 31, 2016, was Olli- Pekka Salovaara. On January 1, 2017, Timo Hildén, was appointed President & CEO of the Group.
In addition to monetary remuneration, the President & CEO has been granted option rights in Revenio Group Corporation’s 2015 stock option scheme as follows:
|CEO||Series||Number of option rights|
|Olli-Pekka Salovaara (CEO&President until Dec 31, 2016)||2015A||7500|
|Timo Hildén (CEO&President from Jan 1, 2017)||2015A||7500|
Group Management Team
The Management Team’s remuneration consists of a fixed monetary salary and a bonus scheme. The scheme’s maximum bonus payment equals four months’ salary. An amount equal to two months’ salary is based on the Group’s performance and a further amount, also equal to two months’ salary, is based on achieving other corporate and personal goals.
In addition to monetary remuneration, all members of the Management Team fall within the scope of the 2015 stock option scheme.
The Group’s auditor received a total of EUR 40,000 in audit fees for 2017.