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 2011–2018 as compensation:
|Board member||2011||2012||2013||2014||2015||2016||20187||2018||2011-2018 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, Member of the Board||3130||4000||2118||885||715||819||500||694||12861|
|Ari Kohonen, Member of the Board||1059||443||358||409||250||694||3212|
|Kyösti Kakkonen, Member of the Board||443||358||409||250||694||2154|
|Pekka Rönkä, Chair of the Board||443||358||409||250||1388||2848|
|Ann-Christine Sundell, Member of the Board||409||250||694||1353|
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 was Mikko Moilanen until November 24, 2019. Timo Hildén started as temporary CEO since November 25, 2019. In 2017-2018, the President & CEO was paid as follows:
|CEO||Monetary salary||Bonus payments||Fringe benefits||Employment-based options||Total|
|Timo Hildén||2018 / 2017||2018 / 2017||2018 / 2017||2018 / 2017||2018 / 2017|
|261633 / 191163||45939 / 48661||240 / 17201||141250/ -||403124 / 257025|
President & CEO Timo Hildén has a paid 6-month term of notice. If the company terminates the CEO, he is entitled to a severance pay equivalent to six months' salary. 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 nine months’ salary.
The Revenio Group Corporation’s President & CEO until December 31, 2016, was Olli- Pekka Salovaara. From January 1, 2017 to August 5, 2019, Timo Hildén, was President & CEO of the Group. From August 5, 2019 to November 24, 2019, Mikko Moilanen was 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 45,000 in audit fees for 2018.