Scheduled departures from Hefei to Helsinki for the summer are now available: https://www.nurminenlogistics.com/services/china-northern-europe-railway-connection/

Nurmisen varastolla paperirullia kuljetuksessa

Remuneration statement

Nurminen Logistics Plc complies with the Finnish Corporate Governance Code 2015 adopted by the Securities Market Association and effective from 1 January 2016. The statement is updated according to the company practice at certain intervals so that the information on the website is as up-to-date as possible.

The Code is publicly available on www.cgfinland.fi.

Board of Directors

Decision-making process and main principles of remuneration

The Annual General Meeting decides on the remuneration of the Board members. The members of the Board of Directors are not employed or employed by the Company and thus do not receive any non-executive compensation from the Company without a separate agreement.

The company entered into an agreement with Russian Capital Management Oy to support the company’s management and projects for the period 1 November 2018 to 31 May 2019. The monthly fee for the contract is EUR 16,500 / month.

The company does not have a stock option scheme for Board members and does not receive any retirement benefits from the company.

Fees of the members of the Board of Directors

The Annual General Meeting on 12 April 2019 decided that the members of the Board of Directors elected at the Annual General Meeting for the term ending at the close of the Annual General Meeting in 2020 shall be paid the following fees: EUR 40,000 for the Chairman and EUR 20,000 for each In addition, each Board member resident in Finland is paid a meeting fee of EUR 1,000 for each meeting of the Board of Directors and its committees and EUR 1,500 per meeting for non-Finnish members. 50 percent of the annual fee will be paid in Nurminen Logistics Plc shares and the rest in cash. A member of the Board of Directors may not transfer the shares received as an annual remuneration for three years from the date of receipt. In addition, the Chairman of the Board is paid the following remuneration: a monthly salary of EUR 7,500 and a monthly car allowance of up to EUR 1,600 and a telephone allowance.

The Annual General Meeting on 12 April 2019 decided that the members of the Board of Directors elected at the Annual General Meeting for the term ending at the close of the Annual General Meeting in 2020 shall be paid the following fees: EUR 40,000 for the Chairman and EUR 20,000 for each In addition, each.

Board member resident in Finland is paid a meeting fee of EUR 1,000 for each meeting of the Board of Directors and its committees and EUR 1,500 per meeting for non-Finnish members. 50 percent of the annual fee will be paid in Nurminen Logistics Plc shares and the rest in cash. A member of the Board of Directors may not transfer the shares received as an annual remuneration for three years from the date of receipt. In addition, the Chairman of the Board is paid the following remuneration: a monthly salary of EUR 7,500 and a monthly car allowance of up to EUR 1,600 and a telephone allowance.

In 2019 the members of the Board of Directors were remunerated as follows:
Olli Pohjanvirta134,915
EUR
Shares worth EUR 23,000, transferred in October 2019
(EUR 3,000 Board of Directors 4 / 2018-3 / 2019 and EUR 20,000 Board of Directors 4 / 2019-3 / 2020)
Irmeli Rytkönen24,000
EUR
Shares res worth EUR 11,500, transferred in October 2019
(EUR 1,500 Board of Directors 4 / 2018-3 / 2019 and EUR 10,000 Board of Directors 4 / 2019-3 / 2020)
Juha Nurminen19,000
EUR
Shares worth EUR 11,500, transferred in October 2019
(EUR 1,500 Board of Directors 4 / 2018-3 / 2019 and EUR 10,000 Board of Directors 4 / 2019-3 / 2020)
Jukka Nurminen23, 000
EUR
Shares worth EUR 11,500, transferred in October 2019
(EUR 1,500 Board of Directors 4 / 2018-3 / 2019 and EUR 10,000 Board of Directors 4 / 2019-3 / 2020)
Alexey Grom13,000
EUR
Shares worth EUR 11,500, transferred in October 2019
(EUR 1,500 Board of Directors 4 / 2018-3 / 2019 and EUR 10,000 Board of Directors 4 / 2019-3 / 2020)
Hannu LeinonenShares worth EUR 10,000, transferred in October 2019
(EUR 10,000 Board of Directors 4 / 2019-3 / 2020)
Kari Savolainen*23,000
EUR
Shares worth EUR 1,500, transferred in October 2019
(EUR 3,000 Board of Directors 4 / 2018-3 / 2019)

* Member of the Board until 12.4.2019

President and CEO and Group Management Team

Decision-making process and main principles of remuneration

The Board of Directors decides on the remuneration of the CEO and other members of the Group Management Team and the grounds for the remuneration. The Board also decides on incentive programs for senior management and key personnel, unless they are legally required to be decided by the General Meeting.

The remuneration of the CEO and other members of the Group Executive Team consists of a monthly salary and a semi-annual bonus scheme.

The CEO is entitled to a share-based long-term incentive plan in accordance with current remuneration policy and Board decisions. The annual bonus for the short-term bonus scheme for key employees is determined by the financial performance of the company. The indicators used are the Group’s financial performance, the business unit’s profit, and personal targets.

Salaries and fees

Teppo Talvinko, M.Sc. (Econ.), Served as interim CEO until 18 March 2019. In 2019, Teppo Talvingo was paid a salary of EUR 7,571 for the performance of his duties as Interim CEO. The CEO of the company was Ville Iho, M.Sc. (Eng.), From 18 March 2019 to 5 December 2019. In 2019, Ville Iho was paid EUR 169,523 for his role as CEO. Tero Vauraste, M.Sc. In 2019, Tero Vauraste has been paid EUR 22,785 for carrying out his duties as CEO.

Marko Tuunainen, M.Sc. (Econ.), who served as the company’s CEO until November 15, 2018, has been paid EUR 84,000 in compensation under the resignation agreement.

The mutual notice period between the Company and CEO Tero Vauraste’s is three months until August 20, 2020, with full pay including fringe benefits. After that, the notice period is 9 months for the company and 6 months for the CEO. Upon termination of the contract after 18 months of service, the Company will pay the CEO an amount equal to 3 months’ total salary. The CEO has statutory pension coverage and retirement age.

In 2019, the salaries and other benefits of non-CEO members of the Group Executive Team totaled EUR 434,927.