Governance

Remuneration

Remuneration

In accordance with the Limited Liability Companies Act, the remuneration to be paid to the members of the company's Board of Directors is decided by the shareholders at the Annual General Meeting.

The company's Board of Directors decides on the remuneration of the CEO and the group's Management Team, as well as the principles of remuneration.

The Personnel and Remuneration Committee prepares the matters to be decided and uses external experts at its discretion in its preparatory work.

The remuneration of the CEO and the group's Management Team is defined by the following principles:

The goal of rewarding is to engage top management, motivate them to improve their performance, and direct their work in a way that supports Duell's growth and competitiveness.

The main focus is on total compensation, which consists of a fixed basic salary with benefits and a performance-based bonus.

Remuneration follows the general remuneration practices of the company and the country.

The board defines the terms and objectives of the reward program. Payments according to the program are discretionary and tied to the company's profitability.

Remuneration of the Board of Directors

The Board of Director’s remuneration is decided by the general meeting.

The Annual General Meeting 2022 resolved that the members of the Board of Directors are paid following monthly compensation: Chair of the Board of Directors: EUR 4,000; Deputy Chair of the Board of Directors: EUR 3,000; and other members of the Board of Directors: EUR 2,000.

Members of Committees are paid the following meeting fees: Chair of a Committee: EUR 1,000 per meeting, however, only if a member of the Board of Directors other than the Chair or Deputy Chair of the Board of Directors acts as the Chair of the Committee; and other members of Committees: EUR 500 per meeting.

In addition, reasonable travel expenses incurred by members of the Board of Directors from meetings will be reimbursed in accordance with the company’s travel policy.

CEO

The CEO's remuneration consists of a basic salary, fringe benefits, a short-term remuneration program based on the goals set annually, and a contribution-based supplementary pension.

The basic salary is EUR 189,000 per year including fringe benefits such as car and phone. The basic salary does not include statutory pension contributions.

The short-term reward program is based on annually set business goals and possible personal goals. In 2022, the reward was tied to the group's profitability (EBITA) and strategically important integration projects from a business perspective.

The supplementary pension is paid-in, and the retirement age is set at 60 years.

Management Team

The remuneration of the Duell Group's Management Team consists of a basic salary, fringe benefits and a short-term remuneration program based on the goals set annually.

The combined basic salaries of the Management Team (as of 31 August 2022) is EUR 537,264 per year, including fringe benefits (telephone benefit). The basic salary does not include statutory pension contributions.

The short-term reward program is based on annually set business goals and possible personal goals. In 2022, the reward was tied to the group's profitability (EBITA) and strategically important integration projects from a business perspective.

Further information is available in Duell Corporation's People and Remuneration Committee's charter.