Remuneration and incentives

Administration of Remuneration

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.

 

Board of Directors

The Annual General Meeting decided on the 16th of March, 2016 that the monthly remuneration of 1.200 euros and remuneration of 500 euros per meeting will be paid to each Board Member.

According to the share register maintained by Euroclear Finland Oy, the members of the Board of Directors held 15,000 Solteq Plc shares at 31 December 2015.

 

Chairman of the Board

The fee paid to the Chairman of the Board of Directors, Ali Saadetdin (until 30 September 2015), was EUR 80 533.01 in 2015. The fee paid to the Chairman of the Board of Directors, Mika Uotila (as from 1 October 2015), was EUR 7,500.00 in 2015. The Chairman of the Board of Directors is not covered by the company’s incentive schemes.

According to the share register maintained by Euroclear Finland Oy, the Chairman of the Board of Directors, Mika Uotila, held no Solteq Plc shares at 31 December 2015.

 

CEO

The Board of Directors decides and approves the terms of the CEO’s employment relationship in a written contract.

The main terms of the company’s current CEO are as follows:

  • The period of notice and the salary for the period is 3 months if the notice is given by the company, in addition to which the CEO is entitled to severance pay that equals 9 months’ salary.

 

The remuneration of the CEO consists of a salary, fringe benefits, possible performance-based annual bonus and share incentive.

The salary and benefits paid to the CEO amounted to EUR 390,454.20 in 2015.

 

Management Team

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.

 

Share-based incentive scheme

Solteq has announced in a stock exchange bulletin a stock option scheme and a share-based incentive scheme. The terms of the stock options can be seen here.

 

Management Shareholding

According to the share register maintained by Euroclear Finland Oy, CEO Repe Harmanen held no Solteq Plc shares directly at 31 December 2015. The other members of the Board of Directors held 42 608 Solteq Plc shares directly. In March 2011, Solteq’s senior management (CEO and CFO) established a limited liability company called Solteq Management Oy, and in July 2012, the rest of Solteq’s Management Team established a limited liability company called Solteq Management Team Oy. A share-based incentive scheme for the senior management was implemented through these companies. The companies held a total of 750,000 Solteq Plc shares. The share-based incentive scheme of the senior management was dissolved on 19 March 2015, when Solteq Plc purchased the share capitals of both the companies. Solteq Management Oy and Solteq Management Team Oy were merged into Solteq Plc on 31 December 2015.

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