
Responsibility
Remuneration of the CEO and the Board of Management in 2018
Salaries, fees and benefits paid to the President and CEO Olli Isotalo during 2018 totalled EUR 535,173.45 (EUR 540,429.40) consisting of
After the financial period in January 2019 the President and CEO Olli Isotalo left Patria. Termination expenses, the salary for the 6 months’ notice period and an additional compensation corresponding to the amount of 6 month’s salary, totalling EUR 0.5 million are included in the personnel expenses in 2018.The yearly bonus to be paid to the CEO Olli Isotalo in 2019 for the earning period 2018 is EUR 54,380 (12.4% of base salary of year 2018 and 24.7% of the maximum bonus payout, which is 50% of base salary of year 2018).
The retirement age for the President and CEO of the parent company follows the statutory pension rules. The CEO has no additional retirement arrangement. The CEO’s contract of employment may be terminated with 6 months’ notice by either the CEO or the Company. In case the Company gives notice to the CEO, the company shall pay, in addition to the 6 months’ salary for the notice period, an additional compensation corresponding to the amount of 6 months’ salary.
The President and CEO is assisted in Group management by the Board of Management, which included as of 17, September 2018 10 (10) members. The salaries, fees and benefits paid to the members of the Board of Management totalled EUR 2,212,656.02 (EUR 2,588,536.43).
The remuneration of the President and CEO and the other members of the Board of Management for 2018 were based on a fixed monthly salary (including fringe benefits) and a performance-based compensation. Annual performance-based compensation plan can provide a bonus corresponding to a maximum of 50% annual salary, except for the CEO where the maximum is 60% of annual salary in case of exceptionally good performance. The remunerations are agreed using the ‘one above’ principle, and the remuneration of the CEO is agreed by the Board of Directors.