Nokia 2010 Annual Report Download - page 259

31. Related party transactions (Continued)
(8)
The 2008 fee of Keijo Suila amounted to a total of EUR 140 000, consisting of a fee of
EUR 130 000 for services as a member of the Board and EUR 10 000 for services as a member of
the Audit Committee.
Pension arrangements of certain Group Executive Board Members
Stephen Elop, President and CEO, participates in the Finnish TyEL pension system, which provides for a
retirement benefit based on years of service and earnings according to a prescribed statutory system.
Under the Finnish TyEL pension system, base pay, incentives and other taxable fringe benefits are
included in the definition of earnings, although gains realized from equity are not. The Finnish TyEL
pension scheme provides for early retirement benefits at age 62 with a reduction in the amount of
retirement benefits. Standard retirement benefits are available from age 63 to 68, according to an
increasing scale.
As part of his supplemental retirement plan agreement, OlliPekka Kallasvuo could have retired at the age
of 60 with full retirement benefits to the extent that he had remained employed at that time by Nokia.
The amount of that retirement benefit would have been calculated as if Mr. Kallasvuo had continued his
service with Nokia through the retirement age of 65. As Mr. Kallasvuo’s employment with Nokia ended
prior to his 60th birthday, this supplemental pension benefit was forfeited and Nokia reversed the
actuarial liability of EUR 10 154 000 associated with it.
Hallstein Moerk left the Group Executive Board as of March 31, 2010 and retired from employment
with Nokia as of September 30, 2010 pursuant to the terms of his employment and pension
agreement with Nokia. Nokia’s obligation was settled in full and it no longer has any actuarial
liability for Mr. Moerk’s pension benefit.
F71
Notes to the Consolidated Financial Statements (Continued)