Remuneration of the Board of Directors

The Annual General Meeting decides annually on the fees to be paid to the members of the Board of Directors for one term of office at a time.

Outokumpu’s Annual General Meeting 2021 approved the following annual remuneration to be paid to the members of Outokumpu’s Board of Directors. 40% of the annual remuneration is paid in the company’s own shares, using treasury shares or shares to be purchased from the market at a price formed in public trading and in accordance with the applicable insider regulations.

The annual fee is paid once a year and members of the Board are not entitled to any other share-based rewards. In addition to their annual remuneration, all the members of the Board of Directors are paid meeting fees of 600 euros per meeting (1,200 euros per meeting when travelling to a meeting held outside the Board member’s country of residence.)

BOARD REMUNERATION
 Position Annual remuneration, EUR  Meeting fee, EUR/meeting
 Chairman of the Board 163,000  600
 Vice Chairman of the Board 91,600   600
 Board members 71,100  600

The Board members are not entitled to other financial benefits and they are not as a main rule employed by the company or any company belonging to its group. Thus, the Board members are not eligible for any employment related salaries or pension schemes. The fees paid to the Board members are presented in the table below.

ANNUAL COMPENSATION in 2020
  Due based
on 2020
Paid in 2020  
Board member Meeting
fees 1)

Share
portion

Cash
portion
Meeting
fees 1)
 Total
Kari Jordan, Chairman      1,800 66,241 96,759 18,000 181,000
Eeva Sipilä, Vice Chairman 2) 1,800 37,225 54,375 16,200 107,800
Kati ter Horst, Member  1,800 42,206 28,894  16,800 87,900
Vesa-Pekka Takala, Member  1,800 42,206 28,894  16,800 87,900
Pierre Vareille, Member  1,800 42,206 28,894
22,800 93,900
Julia Woodhouse, Member    1,800 42,206 28,894 21,600 92,700
Heikki Malinen, Vice Chairman 3)     0  0 0 7,200  7,200
Total  10,800  272,291  266,709 119,400 658,400

 

ANNUAL COMPENSATION PAID IN 2019
Board member Share portion Cash portion Meeting fees1) Total
Kari Jordan, Chairman 64,645 95,355 12,600 172,600
Eeva Sipilä, Vice Chairman2) 36,360 53,640 9,000 99,000
Kati ter Horst, Member 28,280 41,720 10,200 80,200
Vesa-Pekka Takala, Member 28,280 41,720 7,200 77,200
Pierre Vareille, Member 28,280 41,720 20,400 90,400
Julia Woodhouse, Member 28,280
41,720 10,800 80,800
Heikki Malinen, Vice Chairman3) 36,360 53,640 12,600 102,600
Olli Vaartimo 4)  0 3,000
3,000
Total 272,291 266,709 119,400 658,400

1) Meeting fees have been entered in the table on the year when they have been paid and include also committee meeting fees.
2) Eeva Sipilä was elected as the new Vice Chairman of the Board at the Annual General Meeting 2020.
3) Heikki Malinen was Vice Chairman of the Board until April 30, 2020.
4) Olli Vaartimo was Vice Chairman of the Board until March 27, 2019.

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Find out more on the members of the Board of Directors, their tasks and committees as well as shareholding.