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

2014

2013

Salaries and other short-term employee benefits

429 990
Share-based bonuses 0 107
Total 429 1,097

 

The salaries and fees paid in 2014 to the CEO and the members of the Board of Directors were as follows:

 

 

 € 000

Kyttälä Pertti

Chairman of the Board of Directors

76

Ingman Robert

Vice Chairman of the Board

 51

Ruotsalainen Seppo

Member of the Board

 38

Saarinen Leena

Member of the Board

 38

Karvinen Kari

Member of the Board

 40

Uhari Tommi Member of the Board 37
Hokkanen Päivi Member of the Board 38

Varelius Juha

CEO

288

Total

 

603

 

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 0 (EUR 57,100 in 2013). Transactions associated with the purchase of goods or services totalled EUR 0 (EUR 0 in 2013). The Group has no related-party loans.