Remuneration Committee

The RC comprises at least three non-executive directors elected by the Board. The majority of the members shall be independent of the company. The head of Human Resources (HR) acts as secretary of the meetings.

All committee members are non-executive directors who are independent of the company and of significant shareholders.

The RC is composed of:

  • Kurt Jofs (Chairman)
  • Johanna Lamminen
  • Endre Rangnes

The committee meets regularly and at least twice a year. The Chairman of the committee reports to the Board when applicable. The main tasks of the committee are to:

  • monitor the targets of the compensation schemes, implementation of the compensation schemes, performance assessment and compensation determination
  • ensure that the targets set for earning the bonuses defined in the compensation scheme are met
  • prepare a proposal for the Deputy Chairman of the Board
  • prepare a proposal on the committees (members and Chairmen, and the duties and responsibilities of the committees)
  • monitor corporate governance
  • prepare a compensation proposal concerning the President and CEO and his immediate subordinates, and the principles of personnel compensation
  • prepare for the Board option schemes and other share-based incentive schemes
  • evaluate the performance of the President and CEO
  • prepare the assessment of the Leadership Team
  • prepare a proposal on the Board's charter
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