Nokia 2008 Annual Report Download - page 212

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31. Related party transactions (Continued)
Group’s Finnish employee benefit plans before the assets were transferred to two thirdparty
insurance companies. Foundation’s assets do not include Nokia shares. The Group recorded net rental
expense of EUR 0 million in 2008 (EUR 0 million in 2007 and EUR 2 million in 2006) pertaining to a
saleleaseback transaction with the Nokia Pension Foundation involving certain buildings and a lease
of the underlying land.
At December 31, 2008, the Group had borrowings amounting to EUR 69 million (EUR 69 million in
2007) from Nokia Unterstu
¨tzungskasse GmbH, the Group’s German pension fund, which is a separate
legal entity. The loan bears interest at 6% annum and its duration is pending until further notice by
the loan counterparts who have the right to terminate the loan with a 90 day notice period.
There were no loans granted to the members of the Group Executive Board and Board of Directors at
December 31, 2008, 2007 or 2006.
2008 2007 2006
EURm EURm EURm
Transactions with associated companies
Share of results of associated companies ............................... 644 28
Dividend income .................................................. 612 1
Share of shareholders’ equity of associated companies .................... 21 158 61
Sales to associated companies........................................ 59 82 —
Purchases from associated companies.................................. 162 125 —
Receivables from associated companies ................................ 29 61 —
Liabilities to associated companies .................................... 869 14
Management compensation
The following table sets forth the salary and cash incentive information awarded and paid or payable
by the company to the Chief Executive Officer and President of Nokia Corporation for fiscal years
20062008 as well as the sharebased compensation expense relating to equitybased awards,
expensed by the company.
Base
salary
Cash
incentive
payments
Sharebased
compensation
Expense
Base
salary
Cash
incentive
payments
Sharebased
compensation
expense
Base
salary
Cash
incentive
payments
Sharebased
compensation
expense
2008 2007 2006
EUR EUR EUR EUR EUR EUR EUR EUR EUR
OlliPekka Kallasvuo
President and CEO
(1)
.................1144800721733 1286370 10376192348877 4805722 898413664227 2108197
(1)
President and CEO as of June 1, 2006; and President and COO until June 1, 2006.
Total remuneration of the Group Executive Board awarded for the fiscal years 20062008 was EUR 8
859 567 in 2008 (EUR 13 634 791 in 2007 and EUR 8 574 443 in 2006), which consisted of base
salaries and cash incentive payments. Total sharebased compensation expense relating to equity
based awards, expensed by the company was EUR 4 850 204 in 2008 (EUR 19 837 583 in 2007 and
EUR 15 349 337 in 2006).
F68
Notes to the Consolidated Financial Statements (Continued)