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Solteq Plc has, in accordance with the existing legislation and corporate governance code, drawn up Solteq Plc's remuneration policy, defining the principles and frameworks for remunerating the Board of Directors and CEO. The principles applicable to the CEO shall apply, where appropriate, to any Deputy CEO.
The Annual General Meeting 2020 accepted Solteq Plc’s Remuneration Policy. The resolution on the Remuneration Policy is advisory.
The remuneration policy shall be presented to the General Meeting whenever material changes are made, but at least every 4 years, unless otherwise required by law or regulation. The remuneration policy may be updated on the basis of shareholder comments.
The Annual General Meeting decides on the fees of the Chairman and members of the Board of Directors and the auditor. The Board of Directors decides and approves the terms of the CEO’s employment relationship in a written contract.
The Board of Directors also decides on the remuneration principles of the senior management and approves the personnel’s incentive scheme annually.
The General Meeting decides on the remuneration paid to the Board of Directors and auditors. The Annual General Meeting resolved on March 27, 2018 to compensate the Chairman of the Board is paid a remuneration of 3,000 euros per month and the board members are paid a remuneration of 1,500 euros per month. In addition to this, it was decided that a remuneration of 500 euros per board meeting is paid to the Chairman of the Board and the board members.
According to the share register maintained by Euroclear Finland Oy, members of the Board held 15,000 shares of Solteq Plc on December 31, 2018.
The salary of the Chairman of the Board Markku Pietilä was 41,500 euros in 2018. The Chairman of the Board is not included in the bonus program of the company.
According to the share register maintained by Euroclear Finland Oy, Chairman of the Board Markku Pietilä held 15,000 shares of Solteq Plc on December 31, 2018.
The Board decides on the service terms and conditions of the CEO, specified in writing. Currently the CEO has:
The CEO and his substitute’s remuneration consists of salary in money, fringe benefits and of share and option based incentive scheme.
In the financial year 2018, CEO Olli Väätäinen’s total salary including benefits totalled 287,040 euros.
According to the share register maintained by Euroclear Finland Oy, CEO Olli Väätäinen owned directly or through controlled companies 577,028 shares of Solteq Plc on December 31, 2018.
The remuneration of the senior management consists of a salary, fringe benefits, possible performance-based annual bonus and share incentive. The Board of Directors decides on the remuneration principles.
Solteq Plc does not currently have a stock-based incentive scheme. No shares were issued based on the 2016 announced stock option scheme. and a share-based incentive scheme. The terms of the 2016 announced and 31.12.2019 ended stock options scheme can be seen here.
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