Remuneration paid to the President and CEO and to the Executive Board is determined by the Board of Directors based on the proposal of the Personnel Committee.

The monthly salary of Heikki Malinen, the Group CEO, is EUR 41,000. Total salary includes monthly salary with benefits and holiday pay. CEO is entitled to medical expense, risk and life insurance and to fringe benefits (car and mobile phone) according to Group policy. The CEO’s pension plan is according to TyEL legislation, there are no supplementary pension arrangements in addition to the statutory pension. A mutual termination notice period is six months. The CEO is entitled to an additional severance pay of 6 months' salary in case the company terminates his service.

The table below includes the total salary, fringe benefits, profit bonuses and long-term compensation paid to the President and CEO and the Executive Board during 2016. Total salary includes fringe benefits and holiday pay.

 

Total salary

Short-term incentives

Long-term incentives

Total

CEO

519,000

150,000

0

669,000

Other members of Executive Board

1,728,000

524,000

0

2,252,000

Total

2,247,000

674,000

0

2,921,000

Executive board members nominated prior 2012 belong to a defined contribution pension plan. Executive Board members nominated after 2012 have no supplementary pension plan arrangements.