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Fees and benefits

The Annual General Meeting decides on the remuneration of the Board of Directors.

The Board of Directors of Olvi plc shall prepare and confirm the salary, fringe benefits (total salary), short-term incentives and long-term share-based incentive plans for the Managing Director within the framework of the Remuneration Policy presented to the General Meeting.

Starting from 2020 the remuneration of the Board of Directors and the Managing Director is reported in Remuneration Report in the Annual Report.

Remuneration to other top management

The structure of total remuneration to management comprises fixed remuneration consisting of basic salary and fringe benefits (company car and mobile phone benefit), as well as short-term and long-term incentives.

Fixed remuneration

The terms of service of other top management shall be decided by the Board of Directors based on the Managing Director’s proposal. Other management executives shall not receive separate remuneration for their work in the management group or other internal management organs within the Olvi Group.

Short-term incentives (STI) 

Short-term incentives are performance bonus schemes in which the monitoring period is maximum of one accounting period. The Board of Directors shall decide upon the basis for definition of the incentive. The goal of short-term incentives is to encourage and reward the realisation of short-term business strategy and the achievement of operational and financial targets.

The maximum performance bonus payable to other top management can be 40 percent of annual income determined based on the basis of monthly income. 

Long-term incentives (LTI)

The objectives for long-term incentives include increasing shareholder value, improving competitive ability, supporting profitable growth and relative profitability, and making operational management and key employees committed to the company.

Share-based incentive schemes shall have a performance period of at least two years.

The other top management belongs to the share-based incentive plan for Olvi Group’s key personnel, the earning period of which began in 2019 and ends in 2021. In accordance with the rules of the share-based incentive plan, participation in the plan required the other management to acquire 9,000 Olvi plc Series A shares. The rewards are payable in 2021 partially in Olvi plc’s Series A shares and partially in cash. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the employees involved. As a rule, no reward will be paid if employment or service ends before the reward payment.

Salaries and performance bonuses paid to other Management Group members

EUR 1,00020202019
Salary in money698688
Performance bonuses258220
Fringe benefits1416
Total970924

Pension

Pension of the other management is determined on the basis of valid legislation. They belong to the Finnish TyEL pension scheme. One can retire on old-age pension between 63 and 68 years of age, and the pension is determined on the basis of an increasing percentage. The company’s pension schemes are defined contribution plans.

Terms and conditions of termination and serving notice

Terms and conditions of termination and serving notice of the other management are determined on the basis of collective bargaining.

Olvi Oyj käyttää evästeitä käyttäjäkokemuksen parantamiseen. Jatkamalla selaamista hyväksyt tietosuoja- ja evästekäytäntömme. Lue lisää

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