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During 2020, Sampo Group developed group-level monitoring and measurement regarding remuneration. Average annual employee remuneration, average annual remuneration by gender, and average employee remuneration compared to Group CEO pay are, from now on, a regular part of the Group’s corporate responsibility reporting.
In general, remuneration in Sampo Group is well in line with the industry averages. The main reasons for the pay gap between female and male remuneration are the lack of women in the highest levels of management and the fact that certain functions are male or female dominated, such as IT and HR, respectively. For these functions, the main goal is to make sure that the available talent pool, when recruiting, becomes more equal. Other initiatives to close the pay gap include, for example, encouraging more women to apply for top-level positions and including more women in succession planning.
Average Annual Remuneration by Gender (EUR), Sampo Group
|Female||Male||Pay gap||Female||Male||Pay gap|
|Fixed and variable compensation||59,399||80,140||0.74||59,804||82,391||0.73|
Excluding the remuneration of the Group CEO. The gender pay gap figures do not show pay for the same/similar jobs. The gender pay gap figure describes the difference in pay between men and women explained by various factors, such as different job tasks, responsibilities, and positions in the company.
Average Employee Remuneration vs. Group CEO Pay (EUR), Sampo Group
|Average employee remuneration per year||69,580||70,781||70,994|
|Group CEO pay per year||1,313,694*||3,891,196||4,143,132|
|Pay ratio, %||18.9||55.0||58.4|
*The first instalment of long-term incentive scheme 2017:1 was due in September 2020, and performance conditions related to the insurance margin and return on capital at risk were fulfilled 100 per cent. However, as the trade weighted average price of the Sampo A share on Nasdaq Helsinki Ltd was below the starting price, there was no payment from LTI 2017:1 in 2020.
**The former Group CEO, Kari Stadigh, retired on December 31, 2019 and he was succeeded by Torbjörn Magnusson with effect from January 1, 2020.
More information on Sampo Group’s remuneration principles is available here.
More information in Sampo Group’s Corporate Responsibility report, p. 112.