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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 2022 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 May 24, 2021 to compensate the Chairman of the Board is paid a remuneration of 5,000 euros per month and the board members are paid a remuneration of 2,500 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 and the CEO (Olli Väätäinen) held 328,178 shares of Solteq Plc on December 31, 2021.
The salary of the Chairman of the Board Markku Pietilä was 45,000 euros in 2021. The Chairman of the Board is not included in the bonus program of the company.
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 2021, CEO Olli Väätäinen’s total salary including benefits totalled 313,000 euros.
According to the share register maintained by Euroclear Finland Oy, CEO Olli Väätäinen owned directly or through controlled companies 313,178 shares of Solteq Plc on December 31, 2021.
The remuneration of the Executive Team – excluding the CEO – consists of a fixed salary and possible short- and / or long-term incentive schemes. There were no short- or long-term incentive schemes for the financial period of 2020.
Currently, the members of the Executive Team have:
• A notice period of 3 to 6 months
• An additional severance payment worth 0 to 6 months’ salary
In 2021, the fixed salary paid to the members of the Executive Team (excluding the CEO) totalled TEUR 633. The fixed salary included taxable benefits. No variable remuneration or additional pension contributions were paid to the members of the Executive Team.
The members of the Executive Team (excluding the CEO) held 91,503 shares of Solteq Plc on December 31, 2021.
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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