Metsä Board Annual and sustainability report 2022





Salaries and remuneration paid to the CEO and other members of the Corporate Management Team

2021 Other Management Team

2022 Other Management Team

2022 CEO

2021 CEO


Salaries and remuneration Basic salary including fringe benefits 1)

535,749 327,155

518,981 135,341 30,000 874,336

1,327,502 634,513

1,176,977 202,052 30,000 953,396 208,595 2,571,020

Short-term performance bonus 2)

Lump sum 3)

Long-term share-based incentive 4)



Deferred long-term share-based incentive 5)







Pension Costs Supplemental defined benefit pension plan

589,122 72,225 661,347

402,967 94,026 496,993

Defined contribution plans

205,875 205,875

213,808 213,808


Salaries and remuneration as well as pension costs in total





1) Basic salary may include car and telephone benefits, extended health, travel and accident insurance cover, and minor other benefits in kind. 2) The 2022 payment concerns performance in 2021; the 2021 payment concerns performance in 2020. 3) Lump sum for a project related to the sale of a 30% stake in the Husum pulp mill to Norra Skog. 4) 2022: earning period 2019–2021; 2021: earning period 2018–2020. 5) In 2022 Delayed long-term rewards were paid in accordance with the terms and conditions and the decision of the Board of Directors

The monthly salary of CEO Mika Joukio is EUR 42,628. The salary includes car and phone benefits and extended insurance cover for travel and accidents. In 2020 and 2021, the reward option for the CEO’s short-term compensation plan was at the target level of 30 per cent and at the maximum level of 75 per cent of the fixed annual salary. In 2020 and 2021, the reward option for the short-term compensation plan for members of the Management Team was at the target level of 20 or 25 per cent and at the maximum level of 50 or 62.5 per cent of the fixed annual salary. The Board of Directors decides on the criteria of the short-term remu- neration system. Remuneration is based on defined financial criteria and targets supporting strategy. Share based incentive schemes and the shareholding programme for Corporate Management Team are presented in Note 3.3. The CEO’s mutual term of notice is six months. In case the CEO contract is terminated by the Board of Directors, the CEO is entitled to receive discharge compensation equal to his 12-month salary. The period of notice for other members of Corporate Management Team is six months. Corporate Management Team members are entitled

to additional mainly severance compensation of six month salary in case of employment termination on grounds not related to the affected Management Team member. The CEO is covered by statutory employee pension scheme. This offers pension benefits based on term of service and renumeration earned as prescribed in applicable legislation. Through supplementary pension arrangements, the CEO is entitled to retire at the age of 62 years. His pension will be equal to 60 per cent of his salary at the time of retirement calculated in accordance with Finnish pension legislation and based on the calculation period of five years immediately preceding retirement. In case the CEO’s contract is terminated prior to retirement, the pension earned by the CEO becomes vested. The Corporate Management Team members have no pension arrange- ments differing from statutory pensions. The Group has no off balance sheet pension liabilities on behalf of management. Key management had no loans outstanding from the company or its subsidiares and there were no guarantees given on behalf of key management.


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