The remuneration committee has at least three members. The Board shall elect members of the committee from among its members on an annual basis, for the duration of the Board's term. In compliance with the Corporate Governance Code for Listed Companies in Finland, the majority of members must be independent of the company. On an annual basis, the Board of Directors shall likewise select one member as Chairman of the committee, for the term of the Board.
The members of the remuneration committee are Heikki Bergholm, Chairman, and Hille Korhonen. The third member, Matti Kavetvuo, resigned from the Board on 27 December 2011.
The duties of the committee include:
• handling, evaluating and making statements on the salary structure of the Group management and personnel and remuneration and incentive schemes;
• monitoring the functionality of the remuneration systems, to ensure that the management’s incentive schemes promote the achievement of the company's targets and are based on personal performance;
• handling and preparing other questions related to management and personnel remuneration and drafting statements to the Board regarding them; and
• handling and preparing executive appointment issues for consideration by the Board of Directors.
The remuneration committee met three times during 2010. The attendance per cent of the members at the meetings was 100.