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President and CEO

Remuneration of the President and CEO

The President and CEO's fixed and variable remuneration is divided as follows at target and maximum levels

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Main components of the President and CEO’s total remuneration are

  • Base salary, including fringe benefits, such as company car, phone and meal benefit
  • Annual Performance Bonus (STI)
    The Board of Directors confirms annually the plan rules according to which the rewards can be paid. The bonuses paid are determined on the basis of the realization of the Group’s financial result and the attainment of profitability, growth and development targets. The maximum annual performance bonus paid to the President and CEO may equal 70 % of his annual remuneration (salary and fringe benefits).
  • Long-term incentive schemes, such as share-based incentive schemes
    Plan 2017-2019 consisted of earning periods of one year that were followed by a two-year commitment period. Key indicator was Return on investment (2017: ROI, 2018 and 2019: ROCE). An additional target related to the Group’s net promoter score (NPS) was set for 2017, 2018 and 2019. The reward will not be paid if the targets are not achieved or if the employment ends before the reward is paid.
  • Supplementary pension
    The pension scheme is a defined contribution (DC) pension scheme. The payment is 20 % of the fixed annual salary.

Key Terms of the President and CEO’s Service Contract

  • The period of notice for the President and CEO is 6 months. If the company terminates the contract, the President and CEO shall also be paid separate compensation amounting to 12 months’ salary.
  • Malus and clawback
    If the President and CEO receives incentives based on the short- and long-term remuneration schemes that subsequently turns out to be incorrectly paid due to intent or negligence by the President and CEO, YIT has the right to retroactively amend the amount of the incentives and demand the President and CEO to repay the part pursuant to decrees on unjust enrichment.
    The short- and long-term remuneration schemes and related incentives paid are not part of the terms and conditions of contractual relationship or remuneration, and the Board of Directors is entitled to decide on the use of the schemes or amend their terms and conditions at any time.

Remuneration in 2020

In April 2020 Kari Kauniskangas received a STIP bonus in the amount of EUR 79 151 on the basis of company's result during year 2019. In 2020 according to share-based incentive scheme (LTIP)  Kari Kauniskangas was granted 28,215 net shares.  These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid in 2022 by the rules of share-based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2019

In April 2019 Kari Kauniskangas received a STIP bonus in the amount of EUR 187,374 on the basis of company's result during year 2018. In 2019 according to share-based incentive scheme Kari Kauniskangas was granted 2,250 shares and the members of the Group Management Team who are still at the Group Management Team the end of the year 2019 were granted 9,000 shares based on the result of the earning period 2018. These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid in 2021 by the rules of share-based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2018       

In March 2018 Kari Kauniskangas received a bonus in the amount of EUR 99 300 on the basis of company's result during second year half 2017. In 2018 according to share based incentive scheme Kari Kauniskangas received 16 350 shares on the basis of company’s result in 2017. These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid for him in 2020 by the rules of share based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2017       

In March 2017 Kari Kauniskangas received a bonus in the amount of EUR 78,979 on the basis of company's result during second year half 2016. In September 2017 Kari Kauniskangas received bonus in the amount of EUR 86,005 on the basis of company's result during first year half 2017.

In 2017 according to share based incentive scheme Kari Kauniskangas received 7,750 shares on the basis of company’s result in 2016. These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid for him in 2019 by the rules of share based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2016       

In March 2016 Kari Kauniskangas received a bonus in the amount of EUR 71,680 on the basis of company's result during second year half 2015. 

In September 2016 Kari Kauniskangas received bonus in the amount of EUR 58,490 on the basis of company's result during first year half 2016. 

In 2016 according to share based incentive scheme Kari Kauniskangas received 15,500 shares on the basis of company’s result in 2015. These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid for him in 2018 by the rules of share based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2015

In March 2015 Kari Kauniskangas received a bonus in the amount of EUR 111,111 on the basis of company's result during second year half 2014. 

In September 2015 Kari Kauniskangas received bonus in the amount of EUR 75,000 on the basis of company's result during first year half 2015. 

In 2015 according to share based incentive scheme Kari Kauniskangas received 12,750 shares on the basis of company’s result in 2014. These shares and thereto related monetary bonus (monetary bonus cover the taxes and tax-like fees) will be handed over and paid for him in 2017 by the rules of share based incentive scheme. By the rules of share-based incentive scheme, instead of shares, can also be handed over the amount of money which is equivalent to the market price of hand-over time. 

Remuneration in 2014

In March 2014 Kari Kauniskangas received bonus in the amount of EUR 45,238 on the basis of company's result during second year half 2013.

In September 2014 Kari Kauniskangas received bonus in the amount of EUR 73,752 on the basis of company's result during first year half 2014. 

In 2014 no shares will be distributed for the share based  incentive scheme. Previous earning periods of the incentive scheme were the years 2010 – 2012 and earning periods of the new incentive scheme are the years 2014 – 2016.

Remuneration in 2013

Juhani Pitkäkoski acted as the President and CEO of YIT Corporation during January 1 - June 30, 2013. Up and until end of June 2013 Juhani Pitkäkoski received  bonus in the amount of EUR 91,523 on the basis of company’s result during second yearhalf 2012. 

On the basis of share based incentive scheme up and until end of June 2013 Juhani Pitkäkoski received  6,340 shares on the basis of company’s result in 2012. Shares and thereto related monetary bonus represent a total value of EUR 214,260. As of June 30, 2013 the President and CEO of YIT Corporation has been Kari Kauniskangas. Up and until end of June 2013 Kari Kauniskangas received  bonus in the amount of EUR 60,629 on the basis of company’s result during second yearhalf 2012. 

On the basis of share based incentive scheme up and until end of June 2013 Kari Kauniskangas received  3,804 shares on the basis of company’s result in 2012. Shares and thereto related monetary bonus represent a total value of EUR 125,850.

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