Remuneration of the Group Management Board

The Human Resources Committee reviews annually the Group Management Board’s total remuneration, prepares the performance criteria and earning opportunity of the variable performance based remuneration as well as evaluates the achievement of performance related targets and related short- and long-term incentive payments, which are subject to the approval of the Board of Directors. The Board of Directors approves the remuneration of the Group Management Board members.

The remuneration of the Group Management Board consists typically of a fixed base salary, annual short-term incentive plan, long-term incentive plan/s and fringe benefits. In addition, some of the Group Management Board members are included in country specific group pension arrangements.

In 2022, the maximum short-term incentive opportunity for the members of the Group Management Board is 60-70% of the annual base salary. The targets of the short-term incentive plan are mainly connected to the Group’s and/or Business Unit's/Division’s Adjusted EBITA% and/or Adjusted Cash Flow.

Remuneration paid to Group Management Board in 2021 (EUR)

Base salary
Short-term incentives    598,516
Long-term incentives
Benefits    101,527

Group Management Board remuneration during 2014–2019 is described in the Remuneration Reports.