26. Related party transactions

Notes to the Consolidated Financial Statements

26. Related party transactions  

Two parties are considered related if one party can exercise control or significant power in decision-making associated with the other party’s finances and business operations. The Group’s related parties include the parent company and subsidiaries, in addition to the members of the Board of Directors and the Management Team and their family members.

Remuneration paid to the CEO and Group management during the financial period, including fringe benefits, was as follows:

€ 000

2015

2014

Salaries and other short-term employee benefits

647 429
Share-based bonuses 146 0
Total 792 429
     

The salaries and fees paid in 2015 to the CEO and the members of the Board of Directors were as follows:

 

 

 € 000

Kyttälä Pertti

Chairman of the Board of Directors

78

Ingman Robert

Vice Chairman of the Board

55

Ruotsalainen Seppo

Member of the Board

39

Saarinen Leena

Member of the Board

41

Karvinen Kari

Member of the Board

9
Uhari Tommi Member of the Board 40
Hokkanen Päivi Member of the Board 40

Öistämö Kari

Member of the Board 28

Varelius Juha

CEO

522

Total

 

852
     

The incentive schemes are described in Note 19 Share-based payments and in the separate report on corporate governance. Transactions related to the sale of services to related parties totalled EUR 7,200 (EUR 0 in 2014). Transactions associated with the purchase of goods or services totalled EUR 0 (EUR 0 in 2014). The Group has no related-party loans.