Remuneration Reports

Board of Directors’ remuneration and other benefits

The following monthly fees are paid for the Board members:

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

In addition, Board members are paid a meeting fee of EUR 600 for each Board meeting and committee and Nomination Board meeting attended by the member.

The members of the Board have no share or share-related remuneration schemes or supplementary pension schemes or other financial benefits. Fingrid also does not pay pension fees for the Board’s remuneration. None of the Board members are in an employment or service relationship with the company.

Remuneration of President & CEO

The total remuneration of the President & CEO is consisting of

• a fixed total salary (EUR 23,000 January 1, 2024-)
• a one-year bonus scheme (the maximum amount of 40 per cent of the annual pay for the earnings year), and
• a three-year long-term incentive scheme (the maximum amount of 40 per cent of the annual pay for the earnings year).

The Board of Directors annually decides on the criteria for Fingrid’s President & CEO’s bonus schemes and their lower and upper limits. Both bonus schemes are described in the Remuneration Policy for Governing Bodies.

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.

There is no share or share-based remuneration scheme or supplementary pension scheme in place for the President & CEO on behalf of the company.

The mutual President & CEO period of notice 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 executive management group

The total remuneration of the members of the executive management group is consisting of

• a fixed total salary
• a one-year bonus scheme (the maximum amount of 25 per cent of the annual pay for the earnings year)
• and a three-year long-term incentive scheme (the maximum amount 25 per cent of the annual pay for the earnings year).

The Board of Directors annually decides on the criteria for the members of the executive management group’s bonus schemes and their lower and upper limits as well as their salaries and service terms based on the proposal of the remuneration committee.

The metrics for the executive management’s one-year bonus scheme are the company’s results, customer satisfaction, functionality of the workplace community, and leadership. The metrics additionally comprised the attainment of the key objectives of each member of the executive management group.

The metrics for the long-term incentive scheme are system security, electricity market functionality, shareholder value and competitiveness of the grid tariffs.

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.

The period of notice for executives is typically 5-6 months. If the company dismisses an executive, an amount of money corresponding to a maximum of six months’ fixed salary (in the oldest contracts) is paid in addition to the salary for the period of notice.

*  Merit pay earned in 2022 and paid in 2023.
** Merit pay earned in 2023 and payable in 2024.

Updated 27.2.2024