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Remuneration and other financial benefits paid to the Board of Directors

The Annual General Meeting confirms in advance the remuneration payable to the Board of Directors annually. In the Annual General Meeting held on 18 March 2013, the following were confirmed as the annual remunerations for the members of the Board of Directors:

Chairman EUR 60,000
Deputy Chairman EUR 36,000
Member EUR 31,200

Of the annual remuneration paid to the Board of Directors, 40 per cent is paid in the form of Sponda Plc shares to be acquired by means of public trading. The shares shall be purchased within two weeks of the release of the interim report of the first quarter.

Additionally, the Chairman of the Board will be paid a fee of EUR 1,000 and members EUR 600 per Board meeting attended. Members of the Board will be paid EUR 600 per meeting and the Chairman of the Audit Committee EUR 1,000 per meeting of the Audit Committee.

The Board of Directors has no other remuneration schemes. Members of the Board of Directors are not in an employment relationship with the company.

In 2013, members of Sponda’s Board of Directors were paid a total of EUR 327,400 in remuneration (incl. annual remuneration and meeting fees) as follows:

  

Name

Annual remuneration, €

 Meeting fees, €

Number of shares included in annual remuneration

Total remuneration (incl. annual and meeting fees), €

Kaj-Gustaf Bergh (Chairman since 18 March 2013)

60,000

10,600

6,194

70,600

Lauri Ratia (Chairman until 18 March 2013)

-

4,800

-

4,800

Klaus Cawén (Deputy Chairman)

36,000

10,200

3,716

46,200

Christian Elfving (as of 18 March 2013)

31,200

7,200

3,221

38,400

Tuula Entelä

31,200

11,400

3,221

42,600

Juha Laaksonen (as of 18 March 2013)

31,200

7,200

3,221

38,400

Arja Talma

31,200

10,800

3,221

42,000

Raimo Valo

31,200

10,200

3,221

41,400

Erkki Virtanen (until 18 March 2013)

-

3,000

-

3,000

Total

252,000

75,400

26,015

327,400