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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 2016 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 schemes 2011 I, 2011 1/2 and 2014 I for Sampo's management.
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, of which part are of the defined benefit type and part of the defined contribution type. The retirement age for the Group Executive Committee's members, as set out in their contracts, is 60 or the flexible age laid down in the employment pension system of their country of residence.
More detailed information on compensation in Sampo Group is available in the Remuneration report published by Sampo.