The Annual General Meeting 2022 decided the following annual remuneration in the table below to be paid to the members of Outokumpu’s Board of Directors. 40% of the annual remuneration will be 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. If a Board member, on the date of the Annual General Meeting, owns shares of the company, which based on the closing price of that day represent a value exceeding the annual remuneration, he or she can opt to receive the remuneration in cash.
The Annual General Meeting decided on the meeting fee of EUR 600 per meeting for each member of the Board of Directors and EUR 1,200 when travelling to a meeting held outside the Board member’s country of residence. The meeting fees are also paid for the Board Committee meetings, and they are paid in cash.
| BOARD REMUNERATION | ||
|---|---|---|
| Position | Annual remuneration, EUR | Meeting fee, EUR/meeting |
| Chairman of the Board | 169,000 | 600 |
| Vice Chairman of the Board and Chairman of the Audit Committee | 93,500 | 600 |
| Board members | 72,500 | 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 for the Board members for the past years are presented in the table below.
| ANNUAL COMPENSATION PAID IN 2021 | ||||
|---|---|---|---|---|
| Board member | Share portion | Cash portion | Meeting fees1) | Total |
| Kari Jordan, Chairman | 66,243 | 96,757 | 12,600 | 175,600 |
| Eeva Sipilä, Vice Chairman | 37,226 | 54,374 | 12,000 | 103,600 |
| Heinz Jörg Fuhrmann, Member2) | 28,894 | 42,206 | 6,600 | 77,700 |
| Kati ter Horst, Member | 28,894 | 42,206 | 12,600 | 83,700 |
| Päivi Luostarinen, Member2) | 28,894 | 42,206 | 8,400 | 79,500 |
| Vesa-Pekka Takala, Member | 28,894 | 42,206 |
12,000 | 83,100 |
| Pierre Vareille, Member | 28,894 | 42,206 | 13,800 | 84,900 |
| Julia Woodhouse, Member | 28,894 |
42,206 | 21,4003) | 92,500 |
| 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 committee meeting fees.
2) Appointed as a Board member March 31, 2021.
3) Meeting fees include 7,000 € meeting fees of the ESG (Environment, Social and Governance) Advisory Council.
| ANNUAL COMPENSATION in 2020 | |||||
|---|---|---|---|---|---|
| Due based on 2020 |
Paid in 2020 | ||||
| Board member | Meeting fees 1) |
Share |
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 |
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.
Updated on March 31, 2022.