Members of the Board of Directors

A decision was made at the Annual General Meeting on 26 April 2017 to pay a fee of EUR 1,500 per meeting to the chairman and the other members of the Board of Directors.

President & CEO and other company management

The Board approves the President & CEO’s remuneration and terms of employment. The notice period of the President & CEO and the members of the Management Team and the remuneration for these parties during the notice period is determined in accordance with the Employment Contracts Act.

The President & CEO approves the remuneration and terms of employment of members of the Management Team. Biohit’s Board of Directors approves the principles of the incentive schemes for Management Team members and the President & CEO. Bonuses are determined on the basis of the net sales and earnings trends in each person’s area of responsibility. The maximum bonus that can be received depends on each person’s monthly salary and can total no more than two months’ salary. No bonus was paid to the President & CEO and Management Team members in 2017. The President & CEO approves the salaries and profit-based incentives of subsidiaries’ Managing Directors in accordance with the instructions provided by Biohit’s Board of Directors Profit-based incentives are dependent on sales and profitability trends for each unit’s product segments. In 2013, Biohit introduced an incentive system offering stock options to company managers and employees. A total of 188,310 new series B shares in the company were subscribed under stock options in 2017. The share subscription price under the stock options in question was EUR 2.2766 per share. On 31 December 2017, there were 178,750 stock options in circulation. The deadline for exercising stock options under the options programme is 31 May 2019. Earning of stock options has begun with the exception of 40,000 options intended for the President & CEO, for whom the earning period will begin on 1 June 2018. According to the terms and conditions of the stock option programme, stock options can be executed or sold on when they have been earned. No new stock option programmes or other performance-related remuneration systems are in effect for 2018.

Pension plans

No other pension arrangements, beyond those mandated by law, have been made with the Managing Directors of Group companies.

Remuneration and other benefits 2017

During the financial period that ended on 31 December 2017, the remuneration paid to members of the parent company’s Board of Directors totalled EUR 33,100 (EUR 63,700 in 2016). Osmo Suovaniemi was paid EUR 201,363 (EUR 201,763 in 2016) for his services as a member of the scientific advisory board.

The remuneration paid to the President & CEO, Semi Korpela, amounted to EUR 202,327 (EUR 201,757 in 2016). Salaries paid to other Management Team members totalled EUR 553 324 (EUR 616,800 in 2016).