Remuneration

Remuneration Policy for Governing Bodies

The Remuneration Policy sets the main framework for the remuneration of the governing bodies of Aspocomp Group Plc. The governing bodies are the Board of Directors and the President and CEO. Where applicable, the principles applicable to the CEO also apply to the Deputy CEO. All current remuneration paid to the Board of Directors and the CEO is in accordance with this policy.

The Annual General Meeting held on June 9, 2020 approved the Remuneration Policy for the Governing Bodies.

Board of Directors

Aspocomp’s Annual General Meeting decides on the remuneration of the Board members for one term of office at the time. Aspocomp’s Annual General Meeting decides on the remuneration of the Board members for one term of office at the time

Compensation in 2021 is based on the decisions on the Annual General Meeting held on April 13, 2021.

  • The annual remuneration of the Chairman is EUR 30,000 and EUR 1,000 will be paid as remuneration per meeting
  • The annual remuneration of the Vice Chairman is EUR 20,000 and EUR 500 will be paid as remuneration per meeting
  • The annual remuneration of the other members is EUR 15,000 and EUR 500 will be paid as remuneration per meeting
  • The members of the Board of Directors will further be reimbursed for reasonable travel costs
  • Members of  Audit Committee will  be paid EUR 500 as remuneration per meeting

CEO

Decisions concerning the remuneration of the CEO and the terms applicable to the service contract are made by Aspocomp’s Board of Directors within the limits of the company’s valid remuneration policy.

The key terms and conditions of CEO’s service are set out in a written President’s contract, which the Board of Directors has approved. The remuneration of the CEO consists of a fixed base salary and customary fringe benefits (such as phone, meal and car benefits). In addition he is included in the Annual Profit Sharing plan 2008 covering all employees. The CEO’s retirement age is determined by the Employees Pensions Act. If the CEO’s contract is terminated by either the CEO or the company, the notice period is six months. In addition, severance pay amounting to his salary for six (6) months shall be paid.

Management Team

The CEO makes proposals for the remuneration of the Management Team members.

The Board of Directors decides on the compensation and other terms of employment of the other members of the Management Team. The Board also decides on incentive plans for the Management Team members as well as the financial performance objectives and the payout under such plans.

The remuneration of the Management Team members consists of a fixed base salary and customary fringe benefits (such as phone, meal and car benefits). The members of the Management Team are all included in the Annual Profit Sharing plan covering all employees.  The retirement age of each member is determined by the Employees Pensions Act. 

Documents