Notes to the Consolidated Financial Statements

28. Related party transactions   


Two parties are considered related if one party can exercise control or significant power in decision-making associated with the other party’s finances and business operations. The Group’s related parties include the parent company and subsidiaries, in addition to the members of the Board of Directors and the Management Team.

Remuneration paid to the CEO and Group management during the financial period, including fringe benefits, was as follows:

€ 000

2013

2012

Salaries and other short-term employee benefits

990 957
Share-based bonuses 107 86
Total 1,097 1,043

 

The salaries and fees paid in 2013 to the CEO and the members of the Board of Directors were as follows:

 

 

 € 000

Kyttälä Pertti

Chairman of the Board of Directors

38

Ingman Robert

Vice Chairman of the Board

 51

Ruotsalainen Seppo

Member of the Board

 40

Saarinen Leena

Member of the Board

 76

Karvinen Kari

Member of the Board

 39

Uhari Tommi Member of the Board 39
Hokkanen Päivi Member of the Board 38

Varelius Juha

CEO

327

Total

 

647

 

The incentive schemes are described in Note 20 Share-based payments and in the separate report on corporate governance. Transactions related to the sale of services to related parties totalled EUR 57,100 (EUR 25,700 in 2012). Transactions associated with the purchase of goods or services totalled EUR 0 (EUR 0). The Group has no related-party loans.