The purpose of Wetteri’s remuneration system is to promote the company strategy, ensure long-term success and boost shareholder value. The aim of the remuneration system is to motivate and commit both the personnel and the management to the company targets and ensure the company has the desired human resources. Transparency, market orientation and rewards for good performance are the central principles of Wetteri’s remuneration system.
Initially, Wetteri Plc’s remuneration policy replicates the remuneration policy of Soprano Oyj. The Remuneration Committee is responsible for rewarding the management and the CEO so that their commitment to the company and continuity are ensured.
Remuneration of the Board of Directors
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
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
The Board of Directors decides on the remuneration of the CEO and other members of the Management Team. The Remuneration Committee prepares a proposal on remuneration for the Board of Directors.