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Solteq Oyj Remuneration Information 2022
3341_rns_2022-03-02_28c0eb45-d8a2-4fbf-a150-53bb27e96354.pdf
Remuneration Information
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SOLTEQ
Remuneration Report 2021
Remuneration Principles
Remuneration report contains information on the remuneration of Solteq Plc's Board of Directors and CEO for the period between January 1 and December 31, 2021. The report has been prepared in accordance with the recommendations on Corporate Governance Code 2020 and the requirements of the Finnish Securities Markets Act and Limited Liability Companies Act.
The remuneration of Solteq Plc's governing bodies is based on the remuneration policy, which was determined at the Annual General Meeting held on June 10, 2020. The remuneration policy shall be applied until the Annual General Meeting in 2024, unless the Board of Directors decides to present it to the Annual General Meeting earlier. The remuneration policy is available on the Company's website.
In 2021, the Company's remuneration policy was implemented accordingly, and no exceptions were made. This remuneration report contains essential information on the remuneration paid and due to the Company's Board of Directors and CEO for the financial year 2021.
The remuneration report will be presented at the Annual General Meeting in 2022. The remuneration report is also published on the Company's annual report and invitation to the Annual General Meeting as well as on the Company website.
Solteq's Performance and Remuneration Development
The following compares the development of the Company's result and the average salary of its employees with the remuneration of Board of Directors and CEO over the past five years.
The remuneration of the Board of Directors is based on monthly remuneration and a remuneration paid per meeting, which are decided by the Annual General Meeting. The latest increase to the amount of the monthly remuneration paid to the Board of Directors was decided in the Annual General Meeting 2017. The monthly remuneration paid to a member of the Board of Directors was increased by EUR 300 to EUR 1,500 and the monthly remuneration paid to the Chairman by EUR 1,800 to EUR 3,000. The fee paid per meeting has been EUR 500.
In 2021, the CEO's remuneration has consisted of the fixed fee based on the CEO's contract. During the financial years 2020 and 2021, the CEO had no performance-based or other short- or long-term incentive schemes. During the financial year 2016, a new stock option scheme and a share-based incentive scheme were adopted for the key employees of the Company. The subscription period ended on December 31, 2019. No shares were subscribed during the subscription period. During the year 2017, the Company's CEO changed, and figures represent compensations paid for both CEOs during the year 2017
** The comparison figures for 2017 have been retroactively adjusted according to the IFRS 15 standard. The Company's CEO changed in 2017.
Remuneration of the Board of Directors in 2021
The Annual General Meeting decides on the remuneration paid to the Board of Directors. In accordance with the decisions made in the 2020 and 2021 Annual General Meetings, the Chairman of the Board has been paid a monthly fee of EUR 3,000, other Board members have been paid a monthly fee of EUR 1,500. All Board members have been paid a meeting fee of EUR 500 for Board and Committee meetings. Board members' travel expenses have been compensated in accordance with the Company's applicable travel guidelines.
Remuneration paid and due to the Company's Board of Directors for the financial year 2021.
| TEUR | Annual Remuneration | Meeting Remuneration | Total Remuneration |
|---|---|---|---|
| Pietilä Markku (Chairman of the Board) | 36 | 9 | 45 |
| Aktan Aarne | 18 | 9 | 27 |
| Kopra Lotta | 18 | 6 | 24 |
| Porkka Panu | 18 | 6 | 24 |
| Segerstähl Katarina | 18 | 8 | 26 |
| Uotila Mika (Jan 1 - May 17, 2021) | 8 | 2 | 10 |
| Total | 116 | 39 | 154 |
The meeting fees also include the fees paid for Committee meetings.
CEO's Remuneration in 2021
The Board of Directors decides on the terms and conditions of the CEO's service agreement and decides on the remuneration of the CEO in accordance with the remuneration policy. The CEO was paid a fixed remuneration (a fixed part) in accordance with the CEO's service agreement. In 2021, the CEO did not have any performance-based or other short or long-term incentive schemes (possible variable part) in addition to the basic salary.
Remuneration paid and due to the CEO for the financial year 2021:
| TEUR | Fixed Annual Remuneration | Total |
|---|---|---|
| Väätäinen Olli | 313 | 313 |
The remuneration paid to the CEO includes taxable fringe benefits.
Other key terms:
- The CEO's notice period is 4 months.
- No severance pay is stipulated by the CEO's contract.
In accordance with the Remuneration Policy, the Board of Director's may decide changes to the remuneration of the CEO and deputy CEO. The remuneration paid may consist of a fixed remuneration, fringe benefits, and short and long-term incentive schemes.