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Remuneration of other Management Team members

The Board of Directors decides on the salaries and remuneration of the Management Team. The Remuneration Committee of the Board together with the HR function of the company prepares matters related to the contractual terms and remuneration of the management.

The remuneration of the members of the Management Team consists of a fixed monthly salary, a short-term incentive plan (annual performance bonus) and a long-term share-based incentive plan. The share-based incentive plan covers all members of the Management Team.

Short-term incentive plan, Annual performance bonus

Kamux's short-term incentive system is specially designed to motivate and reward members of the management team for reaching their annual business goals. Through this system, the company promotes the implementation of the strategy, strengthens the result-oriented corporate culture and rewards personnel for their concrete achievements.

The criteria for earning the annual performance bonus are confirmed annually by the company's board of directors. These criteria are based on strategic goals and their achievement. The bonus, which is paid at the end of the year-long earning period, is monetary and its amount can be no more than 60% of the annual earnings of the member of the management team (calculated from the fixed salary without holiday compensation and fringe benefits).

The criteria for earning the annual performance bonus for 2024 is the target set for the financial year related to the adjusted operating profit and the personal targets of the members of the Management Team. This short-term incentive system reflects Kamux's commitment to effective management and is a key part of our reward culture.

Long-term share-based incentive plan for 2024–2026

The plan started at the beginning of 2024 and is divided into three one-year performance periods.

The amount of any gross reward paid pursuant to the plan for the performance period will be determined by the targets regarding the achievement of revenue on a yearly basis. The payment of a reward under the plan is subject to the fulfilment of the performance criteria set by the Board of Directors for each performance period. The criteria set for the 2024 performance period are: exceeding the company's operating profit threshold, the development of earnings per share (ESP) and total shareholder return (TSR) and the achievement of a specific ESG target metric.

If the maximum targets set for the performance criteria of the performance period 2024 are reached, the total amount of rewards to be paid based on the Plan for the performance period 2024 is approximately EUR 2.5 million (gross), corresponding to an estimated maximum of approximately 456,000 Kamux shares, when the value is calculated based on the volume-weighted average share price of Kamux's share in January 2024.

The potential reward will be paid primarily in Kamux’s shares or in cash or as a combination of these two by the end of April after the end of the performance period.

The net shares paid as remuneration to Finnish and German participants will be subject to a transfer restriction during the commitment period. The commitment period begins when the reward is paid and ends two years thereafter.  The net shares paid as remuneration to Swedish participants will be paid by the end of April following the end of the two-year waiting period starting from the date of confirmation of the reward.

of the Group’s Management Team shall own at least half of the net shares received as a reward based on the plan until his/her total shareholding in the company corresponds to the value of his/her annual salary. The participant must own this number of shares for as long as he/she remains a member of the Group’s Management Team.

If a person’s employment or service relationship ends before the payment of the reward, no reward will normally be paid. Definitive entitlement to remuneration requires that employment in Kamux continues until the end of the commitment period.

Key terms of service of other Management Team members

The pension benefits of the members of the Management Team are determined by the statutory pension system. 

The members of the Management Team are entitled to a car and phone benefit. The Management Team were not paid other taxable benefits in 2022. 

The members of the Management Team have a three- to six-month period of notice and they are entitled to salary during the period of notice.

Remuneration of other Management Team members in 2023

The table below presents the total salaries and remuneration paid in 2023 to members of the Management Team excluding the CEO:

Fixed salaries (1)  Bonuses paid for financial year 2022 Share-based rewards paid for financial year 2022 Total
EUR 1,351,021 EUR 0 EUR 0 EUR 1,351,021

1) Including fringe benefits

As a rule, if the employment or service relationship of a member of the Management Team ends before the payment of the share-based reward, the reward is not paid. 

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