Remuneration
The purpose of Wetteri’s remuneration policy is to promote the company’s business strategy, longterm financial success and positive shareholder value development.
The remuneration policy takes the principles followed in the remuneration of personnel into account, which aim to recruit, retain and motivate the best employees from the company’s perspective. The remuneration of Wetteri’s personnel is based on total remuneration, which may consist of fixed and variable remuneration components, as well as personnel benefits, among other elements.
The same principles apply to the remuneration of the CEO as to the remuneration of employees. The Board of Directors’ remuneration does not include short- or long-term incentives or other variable components. However, the Board of Directors’ fees or part of them may be paid in the company’s shares.
Decision-making process add
The company has a Remuneration Committee appointed by the Board of Directors for the
management of the remuneration system.
Wetteri Plc’s Annual General Meeting decides on the remuneration of the members of the Board of
Directors annually based on a proposal prepared by the Board of Directors. In exceptional
circumstances, an Extraordinary General Meeting may decide on the remuneration of the Board of
Directors. The Annual General Meeting or the company’s Board of Directors, authorised by the
Annual General Meeting, may decide on the issue of shares, option rights and other special rights
entitling their holders to shares for remuneration purposes. The company’s Board of Directors
prepares proposals to this effect for the Annual General Meeting.
Remuneration of the Board of Directors add
In accordance with the Limited Liability Companies Act, the Ordinary General Meeting decides on the remuneration of the Board of Directors and the reasons for the amount of remuneration annually in line with the accepted remuneration policy. The compensation to be paid to the members of the Board of Directors are laid out in the remuneration report released by the company as part of the company’s governance report.
Remuneration of the CEO add
The Board of Directors decides on the remuneration of the CEO.
The CEO of Wetteri has a fixed monthly salary and they may be entitled to a performance bonus for achieving or exceeding a target set by the Board of Directors. The CEO is not subject to a long-term remuneration system based on shareholding or options. According to the CEO’s contract of service, the CEO’s retirement age is determined by the Employees Pensions Act. The CEO is entitled to additional pension. The remuneration of the CEO may deviate from the remuneration policy in line with the recommendations set out in the company’s valid remuneration policy and Corporate Governance. Any deviations are reported in the company’s remuneration report.
The Board of Directors decides on the management’s short- and long-term incentives annually. If the Board of Directors dismisses the CEO, the CEO shall be paid any unpaid salaries and holiday remuneration and a severance pay equal to a salary of 24 months. If the CEO receives the severance pay, they agree to refrain from any competing operations or joining a competing company in the next 24 months.
Remuneration of the Management Team add
The Board of Directors decides on the remuneration of the other members of the Management Team, and the Remuneration Committee prepares a proposal for consideration by the Board of Directors.
Remuneration report archive add
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