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.
 

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

 

Period

Salaries, KEUR

Jorma Wiitakorpi

1.1.2017 - 31.12.2017

240

Executive Management Team*

1.1.2017 - 31.12.2017

627