Page 116 - Restamax Plc Annual Report 2017

29 EVENTS OF RELATED ENTITIES

Parties are considered to be related when one party can exercise control, shared control or significant influence
over the other in decision-making involving its economy and operating activities. The Group’s related entities are
the parent company, subsidiaries, associated company, the parent company’s subsidiaries and the key management
personnel. Key management personnel covers the members of the Board of Directors, the Group’s Executive Team and
the Chief Executive Officer and his/her deputy, as well as their close family members. Furthermore, Restamax’s related
entities include any owners who can exercise control or significant influence in Restamax, the companies where the
said owners have a controlling interest, and companies where a person exercising control over Restamax exercises
significant influence or works in the management of the company or its parent company.

Management’s employee benefits

The management’s employee benefits have been presented on a cash basis.
EUR thousand 2017 2016
Salaries to the Executive Team (incl. CEO) with associated costs and other short-term employee benefits 983.2 841.4
Fees for the Board of Directors 85.0 83.8

Fees and benefits for Chief Executive Officer and other Executive Team members

EUR thousand 2017 2017 2017 2016 2016 2016
Attendance Attendance
allowances allowances
for the for the
Salary with Board of Salary with Board of
Salaries and fees benefits Directors Total benefits Directors Total
*CEO Markku Virtanen, up to 22 May 109.8 0.0 109.8 156.1 0.0 156.1
Acting CEO Jarno Suominen, 22 May - 36.7 0.0 36.7 0.0 0.0 0.0
CEO Juha Helminen, 1 September - 52.9 0.0 52.9 0.0 0.0 0.0
Other Executive Team members 600.2 0.0 600.2 518.8 0.0 518.8
Total 799.6 0.0 799.6 674.9 0.0 674.9

The Chief Executive Officer is covered by the Employees Pensions Act that offers pension security based on the time of
service and earnings in the manner defined in the Act. No separate retirement age provisions are included in the Chief
Executive Officer’s contract. The Chief Executive Officers’ accrued pension costs for the financial period were TEUR 37.8.
For the company, the CEO’s term of notice is six (6) months; for the CEO, it is three (3) months. In addition to the pay
for the term of notice, the Chief Executive Officer is not entitled to any separate termination compensation.

Fees for the Board of Directors
EUR thousand 2017 2016
Attendance allowances
Timo Laine, Chairman of the Board of Directors 25.0 23.8
Mikko Aartio, member of the Board of Directors 10.0 10.0
Jarmo Viitala, member of the Board of Directors 10.0 10.0
Petri Olkinuora, member of the Board of Directors 20.0 20.0
Mika Niemi, member of the Board of Directors (from 23 April 2014) 10.0 10.0
Timo Everi, member of the Board of Directors (from 22 April 2015) 10.0 10.0
Total 85.0 83.8

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