Compensation of Board of Directors

The following table includes the compensation paid for the Board of Directors during 2015 and 2014. The amounts include fixed
yearly fees and meeting fees.

 

​Thousands of euros 2015​ Board service 2015​ 2014​ Board service 2014​
Board members at 31 Dec 2015​ ​ ​ ​ ​
​Sari Baldauf, Chairman    ​86 ​1 Jan - 31 Dec ​83 ​ 1 Jan - 31 Dec
​Kim Ignatius, Deputy Chairman  ​68 ​ 1 Jan - 31 Dec ​67 ​1 Jan - 31 Dec
​Minoo Akhtarzand   ​61 ​1 Jan - 31 Dec ​57 ​1 Jan - 31 Dec
​Heinz-Werner Binzel   ​60 ​1 Jan - 31 Dec ​60 ​1 Jan - 31 Dec
​Eva Hamilton  ​43 ​31 Mar - 31 Dec ​- -​
​Tapio Kuula ​38 ​31 Mar - 31 Dec ​- -​
​Petteri Taalas ​51 ​​1 Jan - 31 Dec ​37 ​8 Apr - 31 Dec
​Jyrki Talvitie ​66 ​​1 Jan - 31 Dec ​53 ​8 Apr - 31 Dec ​
Former Board members​ ​ ​ ​
Ilona Ervasti-Vaintola​ ​13 ​1 Jan - 31 Mar ​48 ​​1 Jan - 31 Dec
​Christian Ramn-Schmidt ​13 ​1 Jan - 31 Mar ​53 ​​1 Jan - 31 Dec
​Joshua Larson ​n/a ​n/a ​19 ​1 Jan - 8 Apr

 

Board members are not in an employment relationship or service contract with Fortum, and they are not given the opportunity to participate in Fortum’s bonus or share bonus programme, nor does Fortum have a pension plan that they can opt to take part in. The compensation for the Board members is not tied to the sustainability performance of the Group.

 

Fees for the Board of Directors

 

The Annual General Meeting on 31 March 2015 confirmed the following annual fees for the members of the Board of Directors for the upcoming term:

Thousands of euros / year ​2015 ​2014 2013
Chairman​ ​75 ​75 ​75
​Deputy Chairman ​57 ​57 ​57
​Charman of the Audit and Risk Committee 1) ​57 57​ ​57
​Members ​40 ​40 ​40
 

 1) If not Chairman or Deputy Chairman simultaneously

Every member of the Board of Directors receives a fixed yearly fee and a meeting fee. The fees in 2015 were the same as in previous years. The meeting fee of EUR 600 is also paid for Committee meetings. For Board members living outside Finland in Europe, the fee for each meeting is doubled; for Board members living outside Europe, it is tripled. However, as a change to the previous years, the Annual General Meeting held on 31 March 2015 decided that for Board members living in Finland, the fee for each Board and Board Committee meeting is doubled for meetings held outside Finland and tripled for meetings held outside Europe. For Board and Committee meetings held as a telephone conference, the meeting fee is paid as single to all members. No fee will be paid for decisions made without a separate meeting.

The members are entitled to travel expense compensation in accordance with the company’s travel policy.

2/26/2016