Remuneration and incentives

Read more about our administration of remuneration.

Management of Remuneration

The General Meeting decides on the remuneration paid to the Board of Directors and auditors. The Board decides on the terms and conditions of the CEO’s written service contract. The Board decides on the remuneration principles of senior management. The Board annually approves potential incentive schemes for the company’s personnel.

Board of Directors

The Annual General Meeting of March 27, 2019 resolved that the Chairman of the Board of Directors shall be paid 3,000 euros per month and the members of the Board 1,500 euros per month. Additionally, it was decided that a meeting fee of 500 euros per meeting be paid to the Chairman and the members of the Board.

According to the shareholding register maintained by Euroclear Finland Oy, the members of the Board held 15,000 Solteq Plc shares on December 31, 2019.

Chairman of the Board

The total remuneration of Chairman of the Board Markku Pietilä amounted to 46,000 euros in 2019. The Chairman of Board is not included in the company’s performance-based bonus scheme.

According to the shareholding register maintained by Euroclear Finland Oy, Chairman of the Board Markku Pietilä owned 15,000 Solteq Plc shares on December 31, 2019.

CEO

The Board decides on the terms and conditions of the CEO’s written service contract.

The key terms and conditions of the current CEO’s service contract are as follows:

• The CEO’s period of notice is 4 months.
• No severance pay is stipulated by the CEO’s contract.

The remuneration of the CEO and deputy CEO consists of a monetary salary, fringe benefits and an incentive scheme based on shares and stock options.

The total remuneration of CEO Olli Väätäinen amounted to 289,800 euros for the period January 1–December 31, 2019.

According to the shareholding register maintained by Euroclear Finland Oy, the total number of Solteq Plc shares held by CEO Olli Väätäinen directly and through companies he controls amounted to 577,028 shares on December 31, 2019.

Executive Team

The remuneration of the other members of the Executive Team consists of a monetary salary, fringe benefits and a potential annual bonus based on the company’s result or the price of the company’s share. The Board of Directors decides on the Executive Team’s remuneration principles.

The members of the Executive Team, excluding the CEO, held a total of 115,857 Solteq Plc shares on December 31, 2019.


Stock-based incentive scheme

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.