The Annual General Meeting decides on the rewards for the Board of Directors and the Board’s Committees annually. The proposals are prepared by the Nomination Committee.
Fees payable to the Board members as confirmed by the latest Annual General Meeting at March 27, 2018 and the total compensation to be paid in 2018 are shown in the tables below.
|Fees payable to the Board of Directors||Annual fee 2018 EUR|
|Chairman of the Board||140,000.00|
|Fee per Board Committee meeting||1,500.00|
|Chairman of the Audit Committee per AC meeting||3,000.00|
|Board members are also reimbursed for their travel expenses.|
The Konecranes Annual General Meeting resolves the rewards for the Board members. In case the term of office of a Board member ends before the closing of the next Annual General Meeting, he or she is entitled to the prorated amount of the annual remuneration calculated based on his or her actual term in office.
50 percent of annual rewards are paid in Konecranes shares purchased on the market on behalf of Board members. Rewards may also be paid by transferring treasury shares based on the authorization given to the Board of Directors by the General Meeting. If payment in shares cannot be carried out due to reasons related to either the Company or a Board member, annual rewards will be paid entirely in cash. The rewards are paid in four equal instalments, each instalment being purchased or transferred within the two-week period following each of the Company’s interim report announcements and the Company’s financial statements bulletin for each year.
The Konecranes Board members are not in an employment relationship or service contract with Konecranes. They do not participate in Konecranes’ incentive programs or have a pension scheme arranged by Konecranes.