Financial Notes >

Financial Notes
Consolidated Financial Statements

Note 6 - Staff Costs

Personnel Expenses
Pensions
Board Remuneration
Executive Remuneration : CEO
 
Personnel Expenses
  Year Ended 31 December
EUR million 1999 2000 2001
Wages and salaries 1 333.0 1 482.8 1 659.0
Pensions 139.7 198.6 260.3
Other statutory employer costs 260.3 261.1 196.1
Other voluntary costs 21.3 53.2 119.0
Total 1 754.3 1 995.7 2 234.4
Pensions
  Year Ended 31 December
EUR million 1999 2000 2001
       
Defined benefit plans 26.2 47.2 6.3
Defined contribution plans 113.5 143.8 223.1
Other post-employment benefits - 7.6 30.9
Total Pension Costs 139.7 198.6 260.3
Full details of pension costs are shown in Note 17.
Board Remuneration
  Year Ended 31 December
EUR 000's 1999 2000 2001
Claes Dahlbäck, Chairman 117.8 117.8 134.5
Krister Ahlström, Vice Chairman 42.1 42.1 84.0
Josef Ackermann 33.6 33.6 58.9
Harald Einsmann 33.6 33.6 58.9
Björn Hägglund, Deputy CEO * * *
Jukka Härmälä, CEO * * *
Raimo Luoma 33.6 33.6 -
George W. Mead - 10.2 58.9
Ilkka Niemi - - 58.9
Paavo Pitkänen 33.6 33.6 58.9
Jan Sjöqvist 33.6 33.6 58.9
Marcus Wallenberg 33.6 33.6 58.9
Total Remuneration as Directors 361.5 371.7 630.8
* As executive members, the CEO and the Deputy CEO receive no Board remuneration.
Executive Remuneration : CEO
  Year Ended 31 December
EUR 000's 1999 2000 2001
Annual salary 632.4 700.2 1 039.2
Benefits 29.2 28.5 27.2
Bonus 146.6 226.7 250.2
Total Remuneration 808.2 955.4 1 316.6

The retirement age for the CEO has been set at 60 years with the pension being 66% of the average of the previous four years Finnish remuneration. The contract of employment provides for notice of 6 months prior to termination with compensation being twelve months basic salary and a further optional 12 months salary depending on employment. The CEO is entitled to a bonus plan, decided on by the Board each year, giving a maximum of 50% of annual salary. The CEO is also entitled to a certain number of shares through warrants and options / synthetic options, full details of which are shown in Note 23.