Nokia 2014 Annual Report Download - page 96

94 NOKIA IN 2014
The Nokia Group Leadership Team
This section provides details regarding our compensation strategy,
philosophy, policies, programs and practices, including specic
information related to the Nokia Group Leadership Team.
The following members were our named executive ocers at
December 31, 2014:
Name Position held in 2014 Appointment date
Rajeev Suri President and Chief Executive
Ocer
May 1, 2014
Timo Ihamuotila EVP, Group Chief Financial
Ocer
September 1, 2011
Samih Elhage EVP, Chief Financial and
Operating Ocer, Nokia
Networks
May 1, 2014
Ramzi Haidamus President, Nokia Technologies September 3, 2014
Sean Fernback President, HERE November 1, 2014
Compensation philosophy, design and strategy
Our compensation programs are designed to attract, retain and
motivate talent with the right mix of skills and capabilities and foster
a pay for performance environment. Reward is aligned with the
company’s strategy by adopting an appropriate mix of xed and
variable compensation to engage and motivate employees in the
performance of the business and ensure alignment with shareholders.
A single compensation framework is used across the entire Nokia
Group with a varying mix of xed and variable pay for each level.
Higher levels of performance-based pay and equity compensation
are used to reward executives for delivering long-term sustainable
growth and creating shareholder value.
Nokia aims to provide a globally competitive compensation oering
compared to companies of similar size and complexity. In its
determination of compensation for the President and CEO and the
Nokia Group Leadership Team, the Personnel Committee of the
Board considers the compensation levels in other companies in high
technology, telecommunications and internet services industries,
as well as companies from other industries that are headquartered in
Europe and the United States. The peer group is determined by the
Personnel Committee and was reviewed during 2014 to ensure that
the new focus of the Nokia Group is appropriately reected in the peer
group following the Sale of the D&S Business and integration of the
Nokia Networks organization.
In designing Nokia’s variable compensation programs key
consideration is given to:
■incorporating specific performance measures that align directly
with the execution of our strategy;
■ delivering an appropriate amount of performance-related variable
compensation for the achievement of strategic goals and financial
targets in both the short and the long term;
■ appropriately balancing rewards between company and individual
performance; and
■ fostering an ownership culture that promotes sustainability and
long-term value creation that aligns the interests of participants
with those of the shareholders.
Compensation continued