CEO Mikko Helander, born in 1960, M. Sc. (Eng.), is responsible for the daily management of the Company’s administration according to the guidelines and instructions given by the Board. In addition, the CEO is responsible for ensuring that the Company’s accounting has been carried out according to applicable laws and that asset management has been organised in a reliable manner. The CEO manages the Company’s daily business and is responsible for controlling and steering the business areas.
The CEO has a written contract approved by the Board. The Board monitors the CEO’s performance and provides a performance evaluation once a year.
The contractual retirement age of the CEO is 62 years. The Company has commissioned an additional pension insurance policy for the CEO, covering the period between the contractual and statutory retirement age of 63 years and entitling the CEO to receive a pension compensation equal to 60 per cent of his salary at the time of retirement. According to Finnish pension legislation, a person has the option to retire between the ages of 63 to 68. The cost to the Company of the CEO's payment and benefit based pension insurance policy amounted in 2011 to approximately EUR 366,000 (EUR498,000 in 2010).
The Board appoints and discharges the CEO. The Board can discharge the CEO without a specific reason. The CEO can also resign from his assignment. The mutual term of notice is six months. The Board may, however, decide to discharge the CEO without a period of notice.
When the service contract of the CEO is terminated by the Board, the CEO is entitled to receive discharge compensation equal to his 18-month salary. In addition, in case the Company is divested, the CEO is entitled to resign from his assignment against a discharge compensation equal to his 24-month salary.
Deputy to the CEO
The Board can at its discretion appoint a Deputy to the CEO. The Deputy to the CEO is responsible for carrying out the CEO's tasks when the CEO in unable to perform his duties. Mika Joukio acted as Deputy to the CEO until February 2012.