Remuneration
Remuneration at Saga Furs is responsible, systematic, sufficiently competitive and consistent. The development of remunerations is based on the principles of business orientation, performance, competitiveness and transparency for the entire staff. Learn more: Saga Furs Remuneration Policy 2022
Last year’s remuneration is described in more detail in Saga Furs Remuneration report 2022/2023. The report presents the principles guiding the remuneration of the members of the Board of Directors, the Managing Director and the Managing Director’s deputy and the remuneration during the financial period.
Remuneration of the Board of Directors
Members of the Board of Directors receive the following monthly remuneration for the term of office:
- to the Chair of the Board, EUR 2,800 a month,
- to the Vice Chair of the Board, EUR 1,400 a month,
- to other members of the Board, EUR 750 a month each.
In addition to the monthly fees, participation in the meetings of the Board of Directors will entail an attendance allowance of EUR 200 for a meeting of under 2 hours and EUR 350 for a meeting of over 2 hours.
When the Chair of the Board, Vice Chair, the Managing Director of the company or an executive official summons a trustee to manage a specific task, the trustee is paid EUR 250 as compensation for the lost day of work if an attendance allowance is not paid for the task in question. Individuals employed by Saga Furs Oyj or the Finnish Fur Breeders’ Association are not paid a monthly fee or an attendance allowance for a meeting held during office hours. TyEL pension insurance fees are paid for any paid remuneration. The travel expenses of the members of the Board are compensated and per diem allowance is paid in accordance with the non-taxable remuneration amounts decreed by the Tax Administration, and the Chair and Vice Chair of the Board are compensated for the telephone and mailing expenses related to this position. No attendance allowance or compensation for lost working hours are paid for travel time. Members of the company’s Board of Directors are not included in any remuneration system based on shares or share-related rights.
The members of the Remuneration and Nomination Committees will be paid the same attendance allowance as the members of the Board.
Remuneration of the Managing Director
In accordance with the regulations of the company’s incentive scheme, the company’s Managing Director, Managing Director’s deputy and other members of the management group can be paid a profit and incentive bonus corresponding to the salary of 0–3 months based on the Group’s return on equity, cost efficiency and the achievement of targets specified by the Board of Directors. The incentive scheme is based on short-term performance and results, and its earnings period is the financial period of the company, but its objectives have been set so that their realisation enhances the company’s long-term competitive strength. There are no other variables in the salaries and remuneration.
The company’s Managing Director and other executives are not included in any remuneration system based on shares or share-related rights.
The fixed salary of Managing Director Markus Gotthardt is EUR 192,000 per year as of 1 November 2023 (including customary employee benefits such as car and mobile benefits, in line with local legislation and market practice). In the financial period 2022/2023, the Managing Director was paid a variable salary share of EUR 5,303, which is entirely based on the company’s incentive scheme. The Managing Director’s pension plan consists of a contribution-based pension plan with payments of EUR 13,980 for the financial period 2022/2023.
The total value of the salary, remuneration and fringe benefits of the Managing Director’s deputy in the 2022/2023 financial period was EUR 198,600. The pension plan for the Managing Director’s deputy consists of a benefit-based supplementary pension insurance, the contributions for which during the financial period were EUR 250,215.
Remuneration of other management
| 2018/2019 | 2019/2020 | 2020/2021 | 2021/2022 | 2022/2023 | |
| Remuneration of the rest of the management group, incl. salaries, bonuses and fringe benefits) (excl. Managing Director and their deputy) |
746,014
|
848,073
|
534,659
|
633,149
|
767,720
|
The other members of the company’s management group have a payment-based additional pension scheme. The related payments during the financial period amounted to EUR 36,628.
The Managing Director’s period of notice is 6 months. The severance pay is 6 months’ salary if the dismissal was made by the company.
The notice period for other management is 6 months in accordance with the company’s policy. The members of the management group are entitled to severance pay, which corresponds to a maximum of 6 months’ salary and salary for the 6 months’ notice period. The severance pay of the Managing Director’s deputy corresponds to a maximum of 3 months’ salary and salary for the 6 months’ notice period.