The Board has a Remuneration Committee which is responsible for recommending, evaluating and approving executive nominations and remunerations (including CEO), evaluating the performance of the CEO, and making recommendations to the Board relating to management compensation issues generally, including equity incentive compensation plans.
There is a Remuneration Committee representative present at the AGM to answer questions relating to the management remuneration. The Board appoints the CEO and approves his/her compensation.
The Committee is comprised of three to four Board members who are independent and not affiliated with the Company. The Remuneration Committee meets regularly, at least once a year. The Chairman of the Committee presents a report on each Remuneration Committee meeting to the Board. The tasks and responsibilities of the Remuneration Committee are defined in its charter, which is approved by the Board.
Jorma Eloranta (chairman), Elisabeth Fleuriot and Hans Stråberg were elected as members of the Remuneration Committee on 27 April 2017.
Remuneration: Chairman EUR 10 000 per annum and member EUR 6 000 per annum as decided by the AGM 2017.
The Remuneration Committee comprised three members in 2016. The members were Gunnar Brock (Chairman), Jorma Eloranta and Hans Stråberg. The Committee convened 4 times.
During 2016 the main tasks of the Committee were to recommend, evaluate and approve executive nominations and remunerations, and to make recommendations to the Board relating to management remuneration in general, including short and long term incentive programs. In addition the Committee
discussed and evaluated a new format for external reporting on executive remuneration.