Remuneration of the Board of Directors
The Annual General Meeting decides the remuneration of the Board. As a rule, there has not been a separate remuneration for executive members of the Board of Directors.
Remuneration of the Board of Directors
The Annual General Meeting decides the remuneration of the Board. As a rule, there has not been a separate remuneration for executive members of the Board of Directors. In 2023, none of the members of the Board had an employment relationship or service contract with the Company.
The General Meeting held on April 12, 2023 decided that the elected Board members´ remuneration for the term ending at the end of the following Annual General Meeting shall be as follows:
- Chairman of the Board EUR 3,150 per month and
- other members of the Board of Directors EUR 1,800 per month.
In addition, the members of the Board of Directors are entitled to compensation for attending Board meetings as follows:
- Chairman of the Board EUR 875 for each meeting and other members EUR 500 for each meeting.
In addition, the Board members are entitled to compensation for the attended Board Committee meetings as follows:
- Chairman of the Committee EUR 600 for each meeting and other Committee members EUR 400 for each meeting.
Travel expenses of the members of the Board of Directors shall be reimbursed in accordance with the Company’s travel policy. 50 percent of the total amount of the monthly remuneration of the members of the Board of Directors will be paid at once as Bittium Corporation’s shares acquired for the price formed in public trading, through share issue or, in special circumstances if share based remuneration cannot be paid for some reason, in full in money. The shares will be acquired according to the share purchase program of the company. A member of the Board of Directors may not transfer the shares received as remuneration before his/her membership in the Board of Directors has ended.
| The Board members have been paid the following remuneration in the financial year 2023 (EUR) | |||||
|---|---|---|---|---|---|
| Name | Position | Monthly fees to Board members | Meeting fees for Board members | Meeting fees for Audit Committee meetings | In total |
| Erkki Veikkolainen | Chairman of the Board | 37,997.28, of which 18,899.75 paid by acquiring 4,447 shares of the Company | 12,250 | 50,247.28 | |
| Riitta Tiuraniemi | Member of the Board, Chairman of the Audit Committee | 21,710.67, of which 10,799.25 paid by acquiring 2,541 shares of the Company | 7,000 | 3,000 | 31,710.67 |
| Pekka Kemppainen | Member of the Board | 21,710.67, of which 10,799.25 paid by acquiring 2,541 shares of the Company | 7,000 | 28,710.67 | |
| Veli-Pekka Paloranta | Member of the Board, member of the Audit Committee | 21,710.67, of which 10,799.25 paid by acquiring 2,541 shares of the Company | 6,500 | 2,000 | 30,210.67 |
| Petri Toljamo | Member of the Board, member of the Audit Committee | 21,710.67, of which 10,799.25 paid by acquiring 2,541 shares of the Company | 7,500 | 2,000 | 30,210.67 |
Based on the resolution of the Annual General Meeting, fifty percent of the total monthly fees of the Board of Directors was used to acquire the Company´s shares. The shares were acquired in accordance with the share purchase program prepared by the Company, and the acquisitions were carried out on May 3, 2023 for the price formed in public trading. A member of the Board of Directors may not transfer the shares received as remuneration before his/her membership in the Board of Directors has ended.