Nokia 2003 Annual Report Download - page 76
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Executive Vice President of Nokia Mobile Phones
1998-2003. Senior Vice President, Europe & Africa of
Nokia Mobile Phones 1994-1998, Vice President, Sales of
Nokia Mobile Phones 1991-1994, 3M Corporation
1980-1991.
Governor of European Foundation of Quality
Management.
6.B Compensation
Compensation of the Members of the Board of Directors and the Group Executive Board
Board of Directors
For the year ended December 31, 2003, the aggregate compensation of the eight non-executive
members of the Board of Directors was approximately EUR 0.875 million. Non-executive members
of the Board of Directors do not receive bonuses or stock options. The remuneration for members
of our Board of Directors for each term expiring at the close of the next Annual General Meeting is
resolved annually by our Annual General Meeting, after being proposed by the Corporate
Governance and Nomination Committee of our Board.
The following table depicts the total annual remuneration paid to the members of our Board of
Directors, as resolved by the Annual General Meetings in the respective years. Since the fiscal
period 1999, approximately 60% of each Board member’s annual retainer has been paid in cash,
with the balance in Nokia Corporation shares acquired from the market.
Chairman Vice Chairman Other Members
Gross Annual Gross Annual Gross Annual
Retainer Shares Retainer Shares Retainer Shares
Year (EUR 1 000) Received(1) (EUR 1 000) Received(1) (EUR 1 000) Received(1)
2001 .................. 130 1 530 100 1 178 75 882
2002 .................. 130 2 650 100 2 038 75 1 529
2003 .................. 150 4 032 150
(2) 4 032(2) 100(3) 2 688(3)
(1) As part of the Gross Annual Retainer for that year.
(2) Includes a retainer of EUR 125 000 for services as Vice Chairman of the Board and EUR 25 000
for services as Chairman of the Personnel Committee. Of the shares received in 2003, 3 360
shares were for services as Vice Chairman of the Board and 672 shares for services as
Chairman of the Personnel Committee.
(3) The 2003 retainer of Mr. Robert F. W. van Oordt amounted to a total of EUR 125 000,
consisting of a retainer of EUR 100 000 for services as Member of the Board and EUR 25 000
for services as Chairman of the Audit Committee. The shares received by Mr. Robert F. W. van
Oordt amounted to a total of 3 360 shares, consisting of 2 688 shares for services as a Member
of the Board and 672 shares for services as Chairman of the Audit Committee.
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