Nokian Tyres Proposes Director Pay Scheme - Tire Review Magazine

Nokian Tyres Proposes Director Pay Scheme

(Clacton, U.K./Tyres & Accessories) At the Nokian Tyres annual general meeting, to be held Apr. 6, the board of directors will propose new members to be elected for the next period.

The nominees are current board members Rabbe GrÖnblom, Hannu PenttilÄ, Petteri WalldÉn and Kim Gran, and new nominees Hille Korhonen, Koki Takahashi and Alexei Vlasov.

The board of directors proposes that the monthly fee paid to the chairman of the board would be 5,000 euros or 60,000 euros per year, and the monthly fee for members to be 2,500 euros or 30,000 euros per year. According to the existing practices, 60% of the annual fee will be paid in cash and 40% in company shares to the effect that 24,000 euros worth of Nokian Tyres shares will be purchased at the stock exchange on behalf of the chairman and 12,000 euros worth of shares on behalf of each board member.

The proposal means that the final fee paid to members of the board would be tied to the company’s share performance. It is not proposed to pay separate compensation to the president and CEO for board work.

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