Remuneration Committee

The duties of the Remuneration Committee are:

    • Prepare matters to the Board relating to the appointment of the President and CEO and his/her deputy as well as other senior management;
    • evaluate the President and CEO’s performance;
    • evaluate and propose to the Board the remuneration and other benefits for the President and CEO, his/her deputy and other senior management;
    • propose Group Remuneration Policy to the Board for approval;
    • evaluate and make recommendations to the Board relating to equity-based plans, incentive compensation plans, policies and programs of the Company;
    • oversee and follow the compensation development for Group Management internationally within the industries that are relevant for Cramo Plc; and
    • the committee replies to any questions related to the Remuneration Statement at the Annual General Meeting.

Year 2017

Until 30 March 2017, the Remuneration Committee was chaired by Ms Helene Biström, with Mr Peter Nilsson and Mr Raimo Seppänen as members.

At its constitutive meeting on 30 March 2017, Mr Veli-Matti Reinikkala was appointed Chairman of the Remuneration Committee and Mr Peter Nilsson and Mr Raimo Seppänen were elected as members. Mr Reinikkala and Mr Nilsson are deemed independent of the Company and its major shareholders. Mr Seppänen is deemed independent of the Company, but not independent of its major shareholders.

Year 2016

The Remuneration Committee met four times in 2016.

Further information on the Committee meetings as well as the attendance of the members at the meetings in 2016 is provided in the Corporate Governance Statement 2016.

Corporate governance statements

Corporate governance

The corporate governance at Cramo is based on Finnish law and the Company’s Articles of Association. The Group complies with the rules of Nasdaq Helsinki Ltd and the Finnish Corporate Governance Code 2015 published by the Securities Market Association. The Corporate Governance Code is available on the Securities Market Association’s website: Cramo does not deviate from the Finnish Corporate Governance Code Recommendations.

The Group’s headquarters are in Vantaa, Finland and the Company is listed on the Nasdaq Helsinki Ltd.

Cramo prepares annual financial statements and interim reports conforming to Finnish law and International Financial Reporting Standards (IFRS). Statements and reports are published in Finnish and English.

Overview of Corporate Governance Components at Cramo Group

The Group’s control and management responsibilities are divided among the General Meeting of Shareholders, the Board of Directors with its two committees, and the President and CEO, the Group management team, managing directors of subsidiaries, and the General Management Meeting. The Board of Directors supervises the performance of the Company, its management and organisation on behalf of shareholders. The Board of Directors and the Group management team are separate bodies, and no one serves as a member of both.