Corporate Executive Board
BackChief Executive Officer Veli-Matti MattilaCEO & President since July 1, 2003 |
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| Consumer Customers Asko Känsälä Executive Vice President Joined the Group in 2003 |
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| Corporate Customers Pasi Mäenpää Executive Vice President Joined the Group in 2006 |
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| Production Timo Katajisto Executive Vice President Joined the Group in 2008 |
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| Chief Financial Officer Jari Kinnunen Joined the Group on 1999 |
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| Administration Sami Ylikortes Executive Vice President Joined the Group in 1996 |
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Communications |
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Executive Board incentive plan
Members of the Executive Board are paid a total salary which includes salary in money and taxable benefits for the use of a company-owned car and telephone.
In addition, members of the Executive Board are paid a performance-based bonus based on financial targets set by the company's Board of Directors.
Elisa’s Executive Board is covered by the company’s long-term share-based incentive scheme.
The total salary paid to members of the Executive Board in the financial year was EUR 1,838,848.06 consisting of a fixed salary including taxable benefits (EUR 1,332,893.00), and a performance-based bonus (EUR 505,955.06). Moreover, the sum of EUR 1,724,460.91 was paid on the basis of the 2009 bonus and incentive scheme applicable to management, of which shares in Elisa Corporation, including the asset transfer tax, accounted for EUR 825,871.14 (52,715 shares).
The members of Elisa's Executive Board with the exception of the CEO are entitled to retire at the age of 62. The pensions are determined on the basis of the contribution. The annual supplementary pension insurance contribution in respect of the Executive Board was EUR 143,143.65.
The salaries and other remuneration of the CEO and other members of the Executive Board, as well as their long-term incentive schemes, are decided upon by the Board of Directors.
Share-based incentive system
On 22 December 2008, Elisa’s Board of Directors decided on a new share-based incentive system for key personnel in the Elisa Group. The system is designed to align the goals of shareholders and key personnel in increasing the value of the company, to secure the commitment of key employees to the company and to offer them a competitive compensation scheme based on shareholding in the company.
The system consists of three earning periods: the calendar years 2009, 2010 and 2011. A total of 156,633 shares were paid in the spring of 2010 as the bonus through the system for the 2009 earning period. In addition to this, a cash portion that covers taxes was paid to the key persons. The shares will be subject to a lock-up period of two years following the earning period, during which time transfer restrictions are in effect. In the event that the employment of a key employee ends during the lock-up period, the shares subject to transfer restriction shall be returned to the company without consideration.
The bonus through the system for the 2010 earning period is based on the Elisa Group’s earnings per share (EPS) and revenue. The bonus for the 2010 earning period will be paid in 2011, partly as company shares and partly in cash. The portion payable in cash will cover the taxes and tax-like charges arising from the bonus. The shares involve a similar two-year transfer restriction as is applicable in the 2009 system.
Any bonus through the system for the 2011 earning period is based on the Elisa Group’s earnings per share (EPS) and revenue. The possible bonus for the 2011 earning period will be paid in 2012, partly as company shares and partly in cash. The portion payable in cash will cover the taxes and tax-like charges arising from the bonus. The shares involve a similar two-year transfer restriction as is applicable in the 2009 system.
The system covers approximately 50 employees in 2009 and 2010 and approximately 160 employees in 2011. The bonuses payable based on the system equal at most the value of some 2.2 million shares in Elisa Corporation (including not more than 1.1 million shares and the cash portion).
The Elisa holdings of the members of Elisa’s Executive Board