Remuneration statement 2016
Remunerations to the members of the Board of Directors
The Annual General Meeting of Restamax Plc decides on the remunerations paid to the members of the Board of Directors. The Annual General Meeting of 2014 set the remuneration of the Chairman and the Vice-Chairman of the Board at EUR 20,000, while the remuneration paid to the members of the Board was set at EUR 10,000 for the financial period. Separate attendance allowances are not paid.
Remuneration to 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, Markku Virtanen, receives the following fringe benefits: 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 financial result of a financial period and the achievement of specific operational goals.
The CEO’s contract can be terminated without special grounds by both parties with a term of notice of six (6) months. The retirement age of the CEO is as laid down in the law. The CEO does not have retirement benefits that would exceed the statutory employee’s pension.
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 receive a performance reward based on the financial and operational goals set by the Board of Directors. The Board of Directors of the comapny decides on the general principles of remuneration, while the CEO makes the decisions on related details.