Board Fees and Other Benefits 2012
The Annual General Meeting on February 9, 2012 resolved on the proposal of the Board of Directors that the annual remuneration payable to the Board members shall be as follows: EUR 42,000 to the Chairman and EUR 21,000 to the Deputy Chairman and each of the other members. Approximately 40 per cent of the aggregate annual remuneration is payable in shares of the company. Payment of the annual remuneration will be paid as a one time payment according to the average of the closing prices of Efore shares between March 12-22, 2012. The members of the Board of Directors shall keep the shares until the end of the term of office. However, the obligation to keep the shares ends, in the event the Board membership ends already before the end of the term. If the member of the Board of Director resigns before October 31, 2012, half of the received shares shall be returned.
The annual remuneration is paid by the assignment of shares held by the company, based on the authorization to issue shares decided by the Annual General Meeting of Shareholders on 9 February 2012. In the event the assignment of shares cannot be implemented due to reasons related to the company or a Board member, the remuneration is paid in cash in its entirety.
In addition, a fee of EUR 1,000 per meeting will be paid to the Chairman of the Board and EUR 500 per meeting to the Deputy Chairman and the other members. In addition, a fee of EUR 500 be paid to the committee members per meeting. An additional fee of EUR 1,000 is payable for attendance at a meeting in Europe or Asia requiring a one-way flight of at least 6 hours in duration. In addition, travel and accommodation expenses are paid against receipt.
Board Fees and other Benefits FY 2009 - 2012
| Deputy Chairman | 21.000 | 21.000 | 1.750 | 1.750 |
| Board members | 21.000 | 21.000 | 1.750 | 1.750 |
| Attendance money/meeting, eur | Attendance money/meeting, eur | Attendance money/meeting, eur | Attendance money/meeting, eur |
| Chairman of the Board | 1.000 | 1.000 | 1.000 | 1.000 |
| Deputy Chairman | 500 | 500 | 500 | 500 |
| Board members | 500 | 500 | 500 | 500 |
| Work on the committees | 500 | 500 | 500 | 500 |
*) Approximately 40 per cent of the aggregate annual remuneration is payable in shares of the company
In addition, Board members were reimbursed for travel expenses in accordance with the Finnish Tax Administration's approved maximum limits for travel compensation in each case.
Remuneration of the members of the Board of Directors for the fiscal year 2011:
Annual and meeting fees (incl. annual remuneration payable in shares) & committee fees
Matti Vikkula: EUR 54,900, committee fees EUR 2,000
Marko Luoma: EUR 27,500
Ari Siponmaa: EUR 27,500, committee fees EUR 1,500
Olli Heikkilä: EUR 19,100, committee fees EUR 1,000
Richard Järvinen: EUR 19,600
Tei-Hu Liu: EUR 18,600
Remuneration of the members of the Board of Directors for the fiscal year 2010:
Isto Hantila: EUR 59,000
Marko Luoma: EUR 30,000
Ari Siponmaa: EUR 31,000
Timo Syrjälä: EUR 35,000
Matti Tammivuori: EUR 35,000
Matti Vikkula: EUR 38,000
The board members were not awarded options or company shares as compensation for their Board work.
Remuneration of the members of the Board of Directors for the fiscal year 2009:
Isto Hantila: EUR 55,000
Timo Syrjälä: EUR 27,000
Matti Tammivuori: EUR 27,000
Matti Vikkula: EUR 20,000
Ari Siponmaa: EUR 20,000
Marko Luoma: EUR 26,000
The board members were not awarded options or company shares as compensation for their Board work.
Updated 13.2.2012
