The Remuneration Policy for the Nixu Corporation’s institutions was approved at the Annual General Meeting in 2020, on 7 April 2020. The Remuneration Policy is based on the Company’s business strategy and objectives. Its objective is to promote the Company’s business strategy, long-term financial success, and the sustainable growth in shareholder value.
Nixu Corporation's remuneration report has been prepared in accordance with Chapter 7, Section 7b of the Securities Markets Act. In addition, the Securities Market Association’s Finnish Corporate Governance Code and its regulations have been taken into account in the preparation of the Remuneration Report.
In accordance with the decision of the Annual General Meeting of the year 2022, held on 19.4.2022, the Chairman of the Board of Directors shall be paid a total of EUR 48,000 as a fixed annual remuneration, the Deputy Chairman of the Board of Directors shall be paid a total of EUR 33,000 as a fixed annual remuneration, and other members of the Board of Directors shall be paid a total of EUR 22,000 as a fixed annual remuneration.
In addition to the annual remunerations mentioned above, a meeting-specific fee of EUR 300 shall be paid in cash for in-person attendance at a meeting held outside of the member’s country of residence.
30% of the fixed annual remunerations mentioned above shall be paid in Nixu Corporation’s shares repurchased from the marketplace and 70% in cash.
In addition, as the remuneration for the work in the Audit Committee, the members of the Board of Directors shall be paid a fixed annual remuneration in cash as follows: The Chair of the Audit Committee shall be paid EUR 4,000, and other members of the Audit Committee shall be paid EUR 2,000.
As the remuneration for the work in the Personnel and Remuneration Committee, the members of the Board of Directors shall be paid a fixed annual remuneration in cash as follows: The Chair of the Committee shall be paid EUR 2,000 and other members of the Committee shall be paid EUR 1,000.
Travel expenses of the members of the Board of Directors shall be reimbursed in accordance with the company’s travel policy.
The CEO’s Remuneration
The CEO’s remuneration consists of a monthly gross salary of EUR 24,000 per month and of the following fringe benefits: housing and mobile phone. In addition, the CEO’s travel costs between Finland and Sweden will be reimbursed as a yearly gross amount of EUR 30,000.
The CEO is part of a long-term incentive program. The CEO is entitled to short-term incentives in accordance with Company’s STI program. The maximum amount of the STI bonus is 70% of the monthly salary. The board of directors shall set the targets of the CEO.
The CEO has subscribed to 22,000 shares of the company, and he is entitled to matching shares at a ratio of 1:2 at the end of a three-year retention period.
In case of sickness, the CEO is entitled to full salary for the sick leave's first three (3) months. The retirement age is the earliest statutory retirement age as valid from time to time in Finland, and no additional pension insurance is taken for the CEO. The CEO is entitled to holidays according to the Finnish Annual Holidays Act. The CEO is also entitled to vacation pay. Under the CEO agreement, a notice period of three (3) months shall apply to both parties. Additionally, should the Company terminate the agreement, the CEO is entitled to compensation equaling the amount of his six (6) months salary.
Leadership Team Remuneration
Information about the remuneration of the Group Leadership team is available in the remuneration report 2021.