Page 61 - Restamax Plc Annual Report 2017

61

REMUNERATION

STATEMENT 2017

Remuneration for the members of the Board of Directors

The Annual General Meeting of Restamax Plc decides on the remuneration paid to the members of the Board of
Directors. The Annual General Meeting of 2017 set the annual remuneration of the Chairman of the Board of Direc-
tors at EUR 25,000, that of the Vice-Chairman of the Board of Directors at EUR 20,000, while the remuneration
paid to the members of the Board of Directors was set at EUR 10,000. Separate attendance allowances are not paid.

Remuneration of the CEO
The Board approves of the level of the CEO’s remuneration. In addition to a fixed salary and in line with the
company’s currently valid practices, the CEO of Restamax Plc, Juha Helminen, receives the following fringe bene-
fits: company car, company mobile phone and occupational health care in accordance with the company’s policies.

As a short-term incentive to the CEO, a performance reward is also paid, which is determined based on the finan-
cial result of the company’s monitoring-period financial period, and on the achievement of certain operational
goals.

The CEO’s contract can be terminated without special grounds by the CEO with a term of notice of three (3) months
and by the company with a term of notice of six (6) months. The retirement age of the CEO is regulated by the
law. The CEO is entitled to a supplementary pension insurance paid by the company. The supplementary pension
insurance is payment-based, which is why no additional liabilities can be incurred to the company in addition to
the insurance contribution already paid.

Remuneration of the Executive Team
The Executive Team receives a total remuneration, which includes monetary salary as well as taxable telephone
and other benefits. As a short-term incentive, the Executive Team can also be paid a performance reward, which is
based on the financial and operational goals set by the Board of Directors. The Board of Directors of the company
decides on the general principles of remuneration, while the CEO makes the decisions on related details.
Salaries paid to the CEO of the parent company Restamax Plc and other members of the Executive Team in 2017
(2016) (T€)

CEO’s salary with fringe benefits 175.7 (156.1)*.
Salaries of other members of the Executive Team with fringe benefits 624.0 (518.8).

*CEO Markku Virtanen 1 January–21 May 2017, acting CEO Jarno Suominen 22 May–31 August 2017, and
CEO Juha Helminen 1 September–31 December 2017

Annual Report 2017