Remuneration of the Executive Management Team

Remuneration System for the President and CEO and the Company’s Other Executive Management

Efore Plc’s Board of Directors approves contract terms of the CEO and the executive management of the company. Efore Plc’s Board of Directors decides the performance-related pay system for the CEO and the executive management of the company yearly.

Long-term remuneration

The Board of Directors of Efore Plc resolved on March 30, 2016 to issue stock options to the key employees of Efore Plc, based on the authorization received from the Annual General Meeting on March 30, 2016. The Board of Directors shall determine later the key employees. In accordance with the attached terms of the Stock Option Plan 1/2016, the stock options will be marked with symbol "1/2016" and the maximum number of stock options to be issued in 2016 shall be 1,500,000. The stock options shall be given free of

The Company will grant a maximum of 1,500,000 stock options, entitling to the subscription for a maximum of 1,500,000 new shares in the Company. One (1) stock option entitles its holder to subscribe one (1) new share in the Company. The stock options shall be subscribed on December 31, 2016, at the latest.

The Board of Directors of Efore Plc decided to launch a  share-based incentive plan for Roal Electronics S.p.A (Roal) key directors on July 11, 2013. Roal key directors joined the Efore Group in connection with the acquisition of Roal. The aim of the Plan is to combine the objectives of the shareholders and Roal key directors in order to increase the value of the Company, to commit Roal key directors to the Company, and to offer them a competitive reward plan based on holding the Company shares.

More information about long-term remuneration 

President and CEO’s service contract

Jorma Wiitakorpi's  service contract as from December 1, 2016

The Board of Directors of Efore Plc and the company’s CEO, Mr. Jorma Wiitakorpi, have agreed that Mr. Wiitakorpi will continue as Efore Plc’s CEO by a contract remaining in force until further notice. Originally Mr. Wiitakorpi’s service contract, commenced on 29 April 2016, was agreed to remain in force for a specific term ending on 28 April 2017. Mr. Wiitakorpi’s service contract will remain in force until further notice as of 1 December 2016.

President and CEO’s salary consists of a fixed monthly salary and a performance bonus. The President and CEO’s fixed monthly salary is 20.000 EUR as from December 1, 2016. and his fixed monthly salary is 23.000 EUR as from January 1, 2018. Furthermore, the CEO can be paid a performance bonus and the maximum sum is  equal to CEO’s six months  fixed salary. Furthermore, the CEO has a mobile phone benefit. He has not been paid a signing fee.

Mr. Wiitakorpi’s service contract terminates without notice when Mr. Wiitakorpi reaches the statutory retirement age.


Remuneration of President and CEO and other members of the Management group in 2017



Salaries, KEUR

Jorma Wiitakorpi

1.1.2017 - 31.12.2017


Executive Management Team*

1.1.2017 - 31.12.2017