Nokia 2005 Annual Report Download - page 90

6.B Compensation
Remuneration Report
The following section reports the remuneration to the Board of Directors, describes our
remuneration policies for the Group Executive Board and other executive officers and our use of
equity incentives.
Board of Directors
For the year ended December 31, 2005, the aggregate compensation of the nine non-executive
members of the Board of Directors was approximately EUR 1 097 500. Non-executive members of
the Board of Directors do not receive stock options or other variable compensation. 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 year
1999, approximately 60% of each Board member’s annual fee has been paid in cash, with the
balance in Nokia Corporation shares acquired from the market.
Compensation of the Board of Directors 2003-2005
Chairman Vice Chairman Other Members
Gross Gross Gross
annual Shares annual Shares annual Shares
Year fee received(1) fee received(1) fee received(1) Additional annual fees
EUR EUR EUR
2003 .... 150000 4032 125000
(2) 3 360 100 000 2 688 Chairman of the Audit
Committee and Personnel
Committee, each
EUR 25 000
2004 .... 150000 4834 125000
(2) 4 028 100 000(3) 3 223 Chairman of the Audit
Committee and Personnel
Committee, each
EUR 25 000
2005 .... 165000 5011 137500
(4) 4 175 110 000(5)(6) 3 340 Chairman of the Audit
Committee and Personnel
Committee, each
EUR 25 000;
Each other member of the
Audit Committee,
EUR 10 000
(1) As part of the gross annual fee for that year.
(2) The 2003 and 2004 fees of Paul Collins amounted to totals of EUR 150 000 per year, consisting
of a fee of EUR 125 000 for services as Vice Chairman of the Board and EUR 25 000 for
services as Chairman of the Personnel Committee. As part of the total remuneration,
Mr. Collins has received a total of 4 032 Nokia shares in 2003, and 4 834 Nokia shares in 2004.
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