Remuneration
On this page you can find information on the remuneration of Anora's Board of Directors, CEO and Executive Management Team. The fees received by the Board and the salary and other remuneration paid to CEO are published annually as part of Anora's Remuneration Report and shared on this page.
The remuneration of the members of the Board of Directors and the Board committees is decided by Anora's General Meeting of Shareholders based on a proposal by the Nomination Board.
The Nomination Board shall not be entitled to remuneration from Anora on the basis of their membership unless otherwise decided by the General Meeting of Shareholders.
The Board decides on the remuneration of the CEO, which is presented in detail below. The remuneration of the Executive Management Team, also described below, is decided by the Board based on a proposal by the CEO, which is initially reviewed by the Human Resources Committee.
Anora has published its Remuneration Report 2024 on the company’s website in accordance with the Governance Code. Download the Remuneration Report 2024 report here.
The Annual General Meeting 2024 adopted the Remuneration Policy for the governing bodies. Download the Remuneration Policy for the Governing Bodies here.
Remuneration of the members of the Board of Directors
The members of the Board of Directors received term of office fees and attendance fees in 2024 as follows:
Euros | Annual Remuneration, Board | Meeting Fees, Board* | Annual Remuneration, Committee | Meeting Fees, Committee* | Total |
|---|---|---|---|---|---|
Michael Holm Johansen, Chairperson | 76,332 | 12,200 | 8,000 | 5,750 | 102,282 |
Jyrki Mäki-Kala, Vice Chairperson | 48,000 | 10,300 | 10,000 | 3,800 | 72,100 |
Torsten Steenholt, Member | 32,000 | 7,650 | 5,000 | 3,800 | 48,450 |
Kristen Ægidus, Member | 32,000 | 11,550 | 4,000 | 3,850 | 51,400 |
Christer Kjos, Member | 32,000 | 10,950 | 5,000 | 3,800 | 51,750 |
Annareetta Lumme-Timonen, Member | 32,000 | 10,300 | 5,000 | 3,800 | 51,100 |
Florence Rollet, Member | 32,000 | 11,550 | 4,000 | 5,750 | 53,300 |
Arne Larsen, Member, Employee Representative | - | 1,800 | - | - | 1,800 |
Jussi Mikkola, Member, Employee Representative | - | 9,650 | - | - | 9,650 |
Total | 441,832 |
* Meeting fees are reported for the year when they have been paid.
Remuneration of the CEO
The current remuneration of the CEO consists of a fixed base salary and benefits, performance-based bonus (short-term remuneration) and share-based incentive plans (long-term remuneration).
Base salary and benefits
Current monthly base salary for the CEO is EUR 40,000. The salary includes typical benefits such as telephone and a company car (tax value of the benefits are deducted from the monthly salary). Additionally, she has a health insurance.
Short-term remuneration
Anora applies a short- term incentive plan based on the principles approved by the Board of Directors in advance for one year at a time. For the financial year 2025, the CEO’s potential reward from the period is based on the Anora Group’s net sales and comparable EBITDA (weight 70%) and certain personal targets (weight 30%). The target level for the bonus plan is 30% of the annual base salary and maximum is 60% of the annual base salary.
Long-term remuneration
The CEO is a participant in the company's Long-term Performance Share Plan for the performance periods 2023-2025, 2024-2026 and 2025-2027. These performance-based share plans return a share reward based on four performance measures being 1) revenue growth (35% weight), 2) earnings per share (35% weight), 3) relative total shareholder return (20% weight), and 4) environmental, social and governance (ESG) measure (10% weight). The ESG measure is the ESG risk rating by Sustainalytics achieved by the end of 2025, 2026 and 2027.
The potential reward for the CEO to be paid correspond to the value of an approximate maximum total of 32,000 shares from Performance Period 2023-2025, total of 56,00 shares from Performance Period 2024-2026 and total of 223,000 shares from Performance Period 2025-2027. Maximum total of shares includes also the proportion to be paid in cash. The Plan includes a share price cap mechanism, which cuts the reward if the limits set by the Board of Directors for the development of Anora’s share price are exceeded.
The potential rewards from the Performance Periods 2023-2025, 2024-2026 and 2025-2027 will be paid partly in the company’s shares and partly in cash in 2026, 2027 and 2028. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a general rule, no reward will be paid, if a participant’s employment or service ends before the reward payment.
Anora applies a shareholding recommendation for the CEO. The CEO should accumulate and once achieved, hold a shareholding in Anora corresponding to their annual gross base salary. The shareholding is expected to be accumulated out of rewards received under the share-based incentive schemes of Anora. Such number of shares must be held as long as their employment or service in a group company continues.
Term of notice and severance pay
According to the written contract made with the CEO, the period of notice is six months should either the company or the CEO terminate the contract. Should the company terminate the CEO’s contract, in addition to six months’ salary for the resignation period, the severance pay corresponding to 6 months’ salary shall be paid.
The company and the CEO have not agreed on a retirement age, i.e. retirement age is applied according to common Finnish pension practice. The CEO does not have a supplementary pension insurance paid by the company.
In 2024, the salary and other remuneration paid to CEO Jacek Pastuszka amounted to a total of 712,240 euros, as presented in the table below. Anora's current CEO Kirsi Puntila was appointed to her role on 4 March, 2025.
Total remuneration element | Paid in 2024, euros | % | Accrued 2024, payable 2025 |
|---|---|---|---|
Fixed compensation | 712,240 | 100% | - |
Short-term incentives* | - | 0% | - |
Long-term incentives | - | 0% | - |
Total remuneration | 712,240 | 100% |
* Short-term incentive is based on performance during 2024
More information on the CEO's remuneration can be found in the 2024 Remuneration report.
Remuneration of the other Executive Management Team members
Decision-making procedure concerning remuneration
The Human Resources Committee of the Board of Directors of Anora prepares the remuneration matters concerning the company’s Executive Management Team and presents it to the Board of Directors for approval. The Human Resources Committee evaluates the Executive Management Team members’ performance and their remuneration by assessing how their remuneration is positioned compared to the market and ensuring the remuneration is aligned with the company strategy and shareholders’ interests.
The Board of Directors determines the salary, bonuses and other benefits paid to the Executive Management Team members. The General Meeting or the Board of Directors authorized by the General Meeting decides on the issue of shares, stock options or other special rights entitling to shares to the Executive Management Team members. The Executive Management Team members are not involved in the decision-making regarding their own remuneration.
Main principles of remuneration
Anora strives to have a competitive remuneration system that incentivizes to pursue towards the company’s long-term financial performance and shareholder value creation. The company aims to offer remuneration that attracts, motivates and retains the best possible executives who drive Anora’s performance and strategy in alignment with company’s and shareholders’ interests. The goal is to ensure that the philosophy of pay for performance is applied to Anora’s remuneration.
The current remuneration of members of the Executive Management Team, other than the CEO, consists of a fixed monthly salary and benefits, a performance-based bonus (short-term remuneration), and of share-based incentive plans (long-term remuneration). The remuneration system described above concerning the CEO applies also to the other members of the Executive Management Team, with the following exceptions:
Short-term remuneration: For the financial year 2024, the potential reward is based, depending on the Executive Management Team member's role, on a selection of the following KPIs: Group Net Sales, Group Comparable EBITDA, Business Segment EBITDA and certain personal targets. The target level for the bonus plan is 30% of the annual base salary and maximum is 60% of the annual base salary.
Long-term remuneration through the Performance Share Plans: The potential rewards for other members of the Executive Management Team correspond to the value of an approximate maximum total of 72,500 shares from Performance Period 2023–2025, 223,000 shares from Performance Period 2024–2026 and 416,000 shares from Performance Period 2025–2027. Maximum total of shares includes also the proportion to be paid in cash. Anora applies a shareholding recommendation for the Executive Management Team members, and they should accumulate and once achieved, hold a shareholding in Anora corresponding to their annual gross base salary. The shareholding is expected to be accumulated out of rewards received under the share-based incentive schemes of Anora. Such number of shares must be held as long as their employment or service in a group company continues.
For other members of the Executive Management Team, the notice period is up to 6 months should either the company or the Executive Management Team member terminate the contract. Should the company terminate the contract, in addition to six months’ salary for the resignation period, the severance pay corresponding to 6 months’ salary shall be paid unless relevant local legislation dictates otherwise.
Except for one Executive Management Team member, the other executives are not covered by any special supplementary pension schemes. Pension arrangements in countries without statutory pensions are arranged through Anora’s normal supplementary pension programs.
Remuneration paid in the financial year 2024
The salaries and benefits paid to the other members of the Executive Management Team during 2024 totaled EUR 1,658,066, including benefits of EUR 86,692.
No bonuses or share based payments were paid to members of the Executive Management Team in 2024. In addition, the members of the Executive Management Team received in total EUR 25,000 of supplementary pension payments.