Remuneration of the Board of Directors
Members of the Board of Directors will receive a monthly remuneration and a meeting fee as follows: The Chairperson of the Board of Directors is paid EUR 3,650, Deputy Chair of the Board of Directors EUR 2,350 and members of the Board of Directors are each paid EUR 2,100. A meeting attendance fee of EUR 600 per meeting is paid to all Members of the Board of Directors, and the meeting fee will be paid in double for the Board members residing outside Finland. At the Extraordinary General Meeting held on 16 November 2020, it was decided that the employee representative will also be paid a meeting fee for his or her membership of the Board 600 euros per meeting.
Remuneration and contractual arrangements for the President and CEO
The President and CEO is appointed and, if necessary, dismissed by the Board of Directors, which also decides the terms of employment, including remuneration of the President and CEO.
The Board of Directors of Posti Group Corporation has appointed Antti Jääskeläinen (MSc (Eng.), MSc (Econ.), MBA) as President and CEO of Posti Group Corporation as of August 1, 2024. The President and CEO receives a fixed salary of EUR 40,500 per month, which includes fringe benefits (such as car and mobile phone benefits) as per the company policy. In addition, the President and CEO is entitled to medical expense, risk, and life insurance.
The President and CEO is included in the short-term bonus and long-term incentive schemes, the details of which are described in Posti’s Corporate Governance Statement. Remuneration of the President and CEO follows the state-ownership guidelines concerning the remuneration of executive management. The maximum amount of the annual variable bonuses based on set targets can be at most 50% of the fixed yearly salary of the recipient of the remuneration. If the performance of the company and the recipient is exceptionally good, the maximum amount of the annual bonuses payable can be at most 120% of the fixed yearly salary.
The President and CEO has no supplementary pension plan. The retirement age and pension of the President and CEO are determined in accordance with general pension legislation. The mutual termination notice period is six months. The President and CEO is entitled to an additional severance pay of six months’ salary in case the company terminates his service without cause.
Remuneration and contractual arrangements of the Posti Leadership Team
Posti Group Corporation’s Leadership Team assists the President and CEO in business management and development, and coordinates Group management. In addition, it discusses and prepares matters for the Board of Directors. Key issues discussed by the Leadership Team include the Group strategy and annual business plans, financial and sales planning and monitoring, acquisitions, and other business-related investments. The Leadership Team is not a formal decision-making body: the issues it discusses, and the ensuing recommendations are submitted to Posti Group Corporation’s Board of Directors or executed under the authorization of the President and CEO.
The Leadership Team is included in the short-term bonus and long-term incentive schemes, the details of which are described in Posti’s Corporate Governance Statement. Remuneration of the Leadership Team follows the state-ownership guidelines concerning the remuneration of executive management. According to the guidelines, the maximum amount of the annual variable bonuses based on set targets can be at most 50% of the fixed yearly salary of the recipient of the remuneration. If the performance of the company and the recipient is exceptionally good, the maximum amount of the annual bonuses payable can be at most 120% of the fixed yearly salary.
The Leadership Team members have no supplementary pension plan. Their retirement age and pension are determined in accordance with general pension legislation. The termination notice period for members of the Leadership Team is 6 months if the employer terminates the contract and 3 or 6 months if the Leadership Team member terminates it. The Leadership Team member is entitled to an additional severance pay of six months’ salary in case the company terminates the service without cause.
The table below shows the total salary, short term bonuses and long-term incentives paid to the Posti Leadership Team (other than the CEO) in 2023. As of December 31, 2023, Posti Leadership Team composed of eight members in addition to the President and CEO. During 2023 one member left the Leadership Team.
Fixed salary including fringe benefits,
holiday pay and insurance benefits | |
|---|
Short-term bonus related
to 2022 performance | |
Long-term incentive relating
to performance in
2020-2022 (LTI12) | |
| |
