Remuneration

GRK has prepared the company’s Remuneration Policy for Governing Bodies. GRK’s Remuneration Policy is prepared by the Board of Directors’ Personnel and Remuneration Committee. GRK’s Board of Directors decides on the content of the Remuneration Policy to be proposed to the Annual General Meeting on the basis of the Committee’s preparations.  

The purpose of remuneration is to encourage compliance with GRK’s values, promote the achievement of strategic goals, such as strengthening competitiveness and financial performance and the sustainable development of shareholder value, and to ensure the availability of skilled personnel by committing the most diverse experts in the field to the company. 

At GRK, remuneration is based on performance, which means that the tools of remuneration are selected and defined to encourage better performance and exceeding goals in both the short and long term. Total remuneration is competitive and follows market practices. The remuneration systems are simple, transparent and well communicated. 

Remuneration of the board of directors and the CEO

The Annual General Meeting annually decides on the remuneration of the members of the Board of Directors and Board Committees.  The objective of remuneration is to commit the members of the Board of Directors who, through their expertise, support the achievement of the company’s strategic goals and the growth of shareholder value in the long term.

The Board of Directors decides on the remuneration of the CEO based on the proposal prepared by the Personnel and Remuneration Committee and in accordance with the remuneration policy presented to the general meeting. The President and CEO’s remuneration is comprised of a fixed basic salary and fringe benefits as well as variable, performance-based short-term and long-term performance bonuses.  Other financial benefits are offered in accordance with applicable market practice. Like other personnel, the CEO has the right to GRK’s valid employee benefits, such as health insurance, leisure time accident insurance and travel insurance related to business travel, as well as a possible life insurance to be agreed separately with the President and CEO. The President and CEO has no supplementary pension plans. 

The remuneration decision-making process in accordance with the Remuneration Policy is based on the cooperation of the general meeting of shareholders, the Board of Directors and the Board of Directors’ committees.  

Remuneration Report 2025

Remuneration of the Executive Management Team

The Board of Directors decides on the salaries, remuneration and other terms of employment of the President and CEO and the members of the Executive Management Team. The remuneration of the President and CEO is governed by GRK’s remuneration policy.

The total remuneration of the members of the Executive Management Team consists of a fixed monthly salary and a performance-based bonus in accordance with the company’s remuneration system in force at any given time.

The short-term incentive (STI) of the Chief Officers responsible for internal services and who are members of the Executive Management Team is based on the result of GRK Suomi Oy before taxes and appropriations. In addition, the performance-based bonuses of the business unit heads who are members of the Executive Management Team are based on the results of the businesses or companies they manage, before taxes and appropriations.

The members of the Executive Management Team do not participate in a long-term incentive scheme (LTI).

Further information on the long-term incentive scheme of the President and CEO is provided in the Remuneration Report.

Termination Benefits

The notice period of the President and CEO’s employment contract is six months, and the notice periods of the employment contracts of the members of the Executive Management Team range from one to four months. In certain situations, the President and CEO and certain individual members of the Executive Management Team are entitled to a severance payment corresponding to 3–6 months’ base salary.

Pension

The retirement age of the members of the Executive Management Team is determined in accordance with the statutory retirement age. The members of the Executive Management Team do not have supplementary pension arrangements. The pension benefits of Executive Management Team members residing outside Finland are based on the practices of their respective countries.

In 2025, the salaries, including fringe benefits, and performance-based bonuses of the members of the Executive Management Team (excluding the President and CEO and the Deputy CEO) amounted to a total of EUR 2,354,588.

Salaries and Remuneration of the Members of the Executive Management Team (excluding the President and CEO and the Deputy CEO) in 2025

The figures in the table are presented on a payment basis. Salaries and remuneration paid to the President and CEO are disclosed in the 2025 Remuneration Report