Executive Committee
The Board of Directors has appointed the Sampo Group Executive Committee and a Group MD Committee to the Group Executive Committee, which supports the Group CEO in preparing matters to be handled by the Executive Committee.
The Sampo Group Executive Committee supports the Group CEO in the preparation of strategic issues relating to Sampo Group, in the handling of operating matters that are significant or involve questions of principle, and in ensuring a good internal flow of information.
The Group Executive Committee addresses especially the following: Sampo Group's strategy, profit development, large purchases and projects, the Group's structure and organisation, as well as key strategic issues pertaining to administration and personnel.
The Board of Directors decides on the terms of employment and compensation of the Group CEO and other executives on the Sampo Group Executive Committee, on the basis of a proposal by the Nomination and Compensation Committee. However, the Nomination and Compensation Committee can decide, upon authorisation by the Board of Directors, on the salaries of the members of the Group Executive Committee, excluding the Group CEO and Deputy CEO.
In addition to receiving monthly salaries, executives who are members of the Group Executive Committee are participants in company-specific short-term variable compensation systems, which are decided upon separately each year. The short-term variable compensation is determined on the basis of the Group result, the business area result and individual performance. The maximum amount that can be paid for 2012 to members of the Executive Committee is an amount corresponding to nine months' fixed salary.
The members of the Group Executive Committee are also participants in the long-term incentive systems 2009 I and 2011 I for Sampo's management.
The terms of the incentive systems
The members of the Group Executive Committee are each covered by the employment pension system of their country of residence. Under the terms of their employment contracts, the majority of them are also covered by supplementary pension schemes. The retirement age for the Committee's members as set out in their contracts is 60, 65 or the age laid down in the employment pension system of their country of residence.
More detailed information on compensation in Sampo Group during 2010 is available at the Salary and remuneration report published by Sampo.
Salary and remuneration report
For the Finnish GEC members the pension age is 60 years and the level of total pension 60%. Members nominated after 27 August 2009 are not party to any supplementary pension schemes.
Alongside statutory pension benefits, Swedish and Norwegian GEC members are covered by local occupational pension plans. Swedish GEC members are entitled to temporary or lifetime defined-contribution pension. The annual premium corresponds to 38% of the fixed annual salary and the age of retirement is 60. Norwegian GEC members are encompassed by a lifetime defined-benefit pension whereby the pension benefit, together with the statutory pension, totals 70% of the pension basis on full vesting. The age of retirement is 65.
The composition of the Executive Committee
In 2010, the Group Executive Committee convened five times at the request of Group CEO and President.
Group MD Committee
The Group MD Committee comprises Kari Stadigh (chairman), Peter Johansson, Patrick Lapveteläinen, Torbjörn Magnusson, Petri Niemisvirta and Ricard Wennerklint.
In 2010 the Group MD Committee, which assists the Group Executive Committee, met 13 times.