Remuneration

The goal of Eezy’s remuneration scheme is to promote the Company’s competitiveness and long-term financial success, and contribute to the favourable development of shareholder value. The remuneration schemes are based on measurable, predetermined performance and profit criteria. In addition, a directed share bonus scheme exists for the Company’s key personnel.

REMUNERATION FOR THE BOARD OF DIRECTORS

Eezy’s general meeting decides on the emoluments payable to the Board of Directors and the grounds for compensation for expenses, typically on the basis of a proposal made by the Company’s largest shareholders.

For the period from 1 January 2019 to 28 March 2019, the Company paid a monthly emolument of EUR 2,000 to the members of the Board of Directors who are independent of the significant shareholders. On the basis of this, no emoluments were paid to the following members of the Board of Directors in the aforementioned period: Liisa Harjula (Chair), Mika Uotila, Virva Vesanen and Paul Savolainen. Joni Aaltonen, who chaired the audit committee, was paid a monthly emolument of EUR 500.

On 28 March 2019, the Company’s annual general meeting decided that a monthly emolument of EUR 2,000 would be paid to the members of the Board of Directors who are independent of the significant shareholders. In addition, a monthly emolument of EUR 500 was approved for the chair of the audit committee, if this person is independent of the significant shareholders. The Company did not pay emoluments to the following members of the Board of Directors in the aforementioned period because they were not independent of the Company’s significant shareholders: Liisa Harjula, Mika Uotila and Paul Savolainen. Joni Aaltonen, who chaired the audit committee, was paid a monthly emolument of EUR 500 from 28 March 2019 to 22 August 2019. After this period, Liisa Harjula was elected chair of the audit committee. She was not paid an emolument because she is dependent on one of the company’s significant shareholders. The decision was taken to compensate members of the Board of Directors for the travel expenses they incur by attending meetings in accordance with invoices at reasonable rates.

The extraordinary general meeting held on 17 December 2019 decided to alter the emoluments payable to the Board of Directors as of 1 January 2020 such that the chair of the Board of Directors shall be paid EUR 4,000 per month and all other members of the Board of Directors shall be paid EUR 2,000 per month. In addition, a meeting fee of EUR 300 shall be paid to the committees of the Board of Directors for each committee meeting. The decision was taken to pay compensation for reasonable travel expenses incurred by the Board of Directors in accordance with the Company’s travel guidelines and practices.

The emoluments paid to members of the Board of Directors for the financial period that ended on 31 December 2019 are described herein under “Emoluments paid to the Board of Directors in 2019”.

REMUNERATION FOR THE CEO AND MEMBERS OF THE MANAGEMENT TEAM

The Board of Directors decides on the terms and conditions of the CEO’s employment and the grounds for the remuneration payable to the members of the management team. The Board of Directors approves the incentive schemes for the CEO and other managers, as well as the principles for remuneration, which the Company follows. The aim of the annual incentive scheme is to reward the management and selected personnel for achieving measurable, predetermined strategic and financial targets. The Board of Directors confirms the rules for the payment of incentives. The Board of Directors evaluates the performance of the CEO and members of the management team.

The salary paid to Eezy’s CEO and the members of the management team consists of a monthly salary. The CEO and certain members of the management team and key personnel are entitled to short-term incentive schemes, which the Board of Directors decides upon annually. Any incentives are based on the achievement of personal targets set for the financial period and the profitability targets specified by the Board of Directors. Any incentive bonuses that come to fruition may vary between zero and a predetermined maximum bonus based on the results attained. The CEO and other members of the management team are entitled to mobile phone and meal benefits. The CEO and certain members of the management team are entitled to a car benefit. Some members of the management team have an internet connection benefit.

In addition to the short-term incentive scheme, the Board of Directors has approved a long-term share bonus scheme for the CEO and management team. This scheme is described in more detail under “Share bonus schemes”.

 

Salary and Remuneration report

Eezy Remuneration Statement 2019 ENG