Caverion Corporation’s Annual General Meeting decides on the remuneration of the Members of the Board of Directors. The Human Resources Committee is responsible for preparing the proposal for the remuneration of the Members of the Board of Directors to be presented to the Annual General Meeting.
Caverion Corporation’s Annual General Meeting on March 28, 2022 decided that the following annual remuneration will be paid to the members of the Board of Directors (remains unchanged since 2014):
Approximately 40 % of the annual remuneration were paid in Caverion Corporation’s shares. The shares were purchased directly at market price on behalf of the board members from a regulated market’s public trading and are subject to a sale and transfer restriction of two years from the date of purchase of the shares. Should the membership in the Board of Directors terminate earlier, the transfer restriction will cease at the termination.
A meeting fee of EUR 900 is paid to each member of the Board of Directors for their participation in meetings of the Board of Directors and its committees. Possible travel expenses are reimbursed in accordance with the principles related to remuneration of tax-exempt travel expenses approved by the Finnish Tax Administration. No other financial benefits were paid in relation to the Board membership.
The remuneration paid to the members of the Board of Directors followed the decision of the Annual General Meeting and totalled EUR 458,550.
In addition to his role as the Chairman of the Board and Chairman of the HR Committee, Mats Paulsson has acted as a consultant to the Company during 2021 and 2022 based on a Consulting Agreement between a company solely owned by Mats Paulsson, and Caverion Corporation. The agreements are effective from June 1, 2020 to February 28, 2021 and from August 9, 2021 to December 31, 2022. The fees under the agreement totalled EUR 67,727 during 2021. These services are not part of the duties of the Chairman of the Board or Chairman of the HR Committee and accordingly are not part of that remuneration.
Board of Directors remuneration during 2014 – 2021 is described in the Remuneration Reports.