The General Meeting decides on the remuneration of the Board of Directors and the Board of Directors in turn decides on the CEO’s remuneration and other benefits in accordance with Nanoform’s remuneration principles.
Nanoform’s Board of Directors has adopted Nanoform’s remuneration principles on 7 April 2020. The remuneration policy, which is based on the remuneration principles adopted by the Board of Directors and updated if deemed appropriate, will be presented to the Annual General Meeting 2021 and thereafter to the Annual General Meetings every four years as required by the Finnish Companies Act.
The current remuneration principles as adopted by the Board of Directors may be found here.
The Company’s remuneration principles apply to the entire personnel. The key principles of the Company’s remuneration are transparency, market-orientation and remuneration based on good performance of both the individual employees and the Company.
Remuneration of the Company´s personnel is based on a total remuneration, which may among other things include both variable and fixed components of remuneration as well as personnel benefits. Remuneration of the personnel in accordance with the remuneration principles may consist of the following components:
- Basic salary and employee benefits in compliance with the local market practices, laws and regulations.
- The purpose of the annual incentive plan is to guide the performance of an individual and the organisation as well as to support rapid implementation of strategic projects. The performance of the Company is emphasised in the annual incentive plan.
- Long-term incentive plan is intended for committing key persons to the Company. Long-term incentives aim at committing management to the Company and harmonising their interests with those of shareholders and are only based on the financial performance of the Company.
The remuneration of the personnel, the CEO and the Board are regularly evaluated in relation to general market practices for persons acting in equivalent positions.
The Annual General Meeting 2020 decided that the fees to the Board of Directors should be paid in the amount of EUR 3,333 to the Chair of the Board, EUR 2,500 to the Vice Chair of the Board and EUR 1,666 to other Board members. The travel expenses of the members of the Board of Directors are compensated in accordance with the Company’s travel rules. The Annual General Meeting 2020 has also decided to issue 150,000 stock options for the Chair of the Board of Directors and 100,000 stock options for each of the members of the Board of Directors.
The description of remuneration and personnel benefits of the key management personnel, including the CEO Edward Hæggström and CFO Albert Hæggström, who is also a member of the Board, may be found in the financial statements of the Company (notes 25 and 26) attached to the Offering Circular. The latest financial statements may be found here. The annual fixed salary of the CEO is EUR 180,000 and the annual fixed salary of the CFO is EUR 120,000.