Remuneration statement

Remuneration and other benefits of the members of the Board of Directors

The annual general meeting confirmed the following monthly fees for the Board members on 23 March 2018:

• Chair of the Board EUR 2,400
• Deputy Chair of the Board EUR 1,300
• Board members EUR 1,000

In addition, it was decided that Board members will be paid a meeting fee of EUR 600 for each meeting and committee meeting attended by the member. In 2017, the Board convened 8 times, the audit committee convened 5 times and the remuneration committee convened 4 times.

Further information from the remuneration statement. 

Remuneration of President & CEO

The service terms of the President & CEO have been specified in a separate President & CEO service contract which is approved by the Board of Directors. The retirement age and pension accrual of the President & CEO are determined in accordance with general pension legislation.

The total remuneration of the CEO consisted in 2017 of a fixed total salary, a one-year bonus scheme (max. 40 per cent of the annual pay for the earnings year), and a three-year long-term incentive scheme (max. 35 per cent of the annual pay for the earnings year). There is no share or share-based remuneration scheme or supplementary pension scheme in place for the CEO on behalf of the company.

The criteria for the CEO’s one-year bonus scheme in 2017 were the company's result, customers' confidence, functionality of the workplace community and leadership. An additional criterion was a strategic project concerning the development of the electricitymarket. The criteria for the long-term incentive scheme are system security, electricity market functionality and shareholder value. Corporate social responsibility is taken into account in both the year-long and long-term incentive schemes.

The mutual period of notice for the President & CEO is six months. If the company dismisses the President & CEO, an amount of money corresponding to nine months’ fixed salary is paid to the President & CEO in addition to the salary for the period of notice.

Remuneration of executives

The total remuneration of the members of the executive management group consists of a fixed total salary, a one-year bonus scheme, and a three-year long-term incentive scheme. The maximum amount of the one-year bonus scheme is 20 per cent of the annual pay for the earnings year. The annual maximum amount of the long-term incentive scheme is 25 per cent of the annual pay for the earnings year.

The criteria for the executive management’s one-year bonus scheme in 2017 were  the company's result, customers' confidence, functionality of the workplace community, and leadership. The criteria additionally comprised the attainment of the key objectives of each member of the executive management group. The criteria for the long-term incentive scheme are operational reliability, electricity market functionality and shareholder value. Corporate social responsibility is taken into account in both the year-long and long-term incentive schemes.

There is no share or share-based remuneration scheme or supplementary pension scheme in place for Fingrid’s executive management group on behalf of the company.


Updated 9.7.2018