Nokia 2015 Annual Report Download - page 175

Download and view the complete annual report

Please find page 175 of the 2015 Nokia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 216

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216

173
Financial statements
NOKIA IN 2015
Management compensation
Rajeev Suri wasappointed the President and CEO of the Group on May 1, 2014. The Chairman of the Board of Directors, Risto Siilasmaa,
andtheChief Financial Ocer, Timo Ihamuotila, acted asthe Interim Chief Executive Ocer (“CEO”) and the Interim President, respectively,
from September 3, 2013 to May 1, 2014 due to changes in the leadership structure following the Sale of the D&S Business.
The following table presents compensation information for the President and CEO of the Group:
EUR
Base salary/
fee(1)
Cash incentive
payments
Share-based
payment
expenses
Pension
expenses
2015
Rajeev Suri, President and CEO 1 000 000 1 922 195 4 604 622 491 641
2014
Rajeev Suri, President and CEO from May 1, 2014 666 667 1 778 105 3 896 308 366 989
Risto Siilasmaa, Interim CEO from September 3, 2013 to May 1, 2014(2) 1 126 323 191 475
Timo Ihamuotila, Interim President from September 3, 2013 to May 1, 2014(3) 100 000 72 643 17 000
2013
Risto Siilasmaa, Interim CEO from September 3, 2013 to May 1, 2014(2) 500 000
Timo Ihamuotila, Interim President from September 3, 2013 to May 1, 2014(3) 150 000 12 107 42 500
Stephen Elop, President and CEO until September3, 2013 753 911 769 217 2 903 226 263 730
(1) Base Salaries are pro-rated for the time in role. Incentive payments represent full-year incentive payment earned under the Group’s short-term incentive programs. For interim roles, the base salary/
fee is for role-related responsibilities only.
(2) Represents the value of 200 000 shares awarded as compensation for additional responsibilities, the balance of which was given in shares after deducting associated taxes and social security contributions.
(3) Includes EUR 100 000 as compensation for additional responsibilities (EUR 150 000 in 2013). Also includes an equity grant with an approximate aggregate grant date value of EUR 250 000 in the
formof Nokia stock options and Nokia restricted shares. These grants are subject to the standard terms and conditions and vesting schedules of the Group’s equity plans. Refer to Note 25,
Share-basedpayment.
Total remuneration awarded to the Group Leadership Team for their time as members of the Group Leadership Team:
EURm 2015 2014 2013
Short-term benets 9 8 9
Post-employment benets(1) 1 1 1
Share-based payment(2) 9(3) 8
Termination benets(3) 336 1
Total 22 42 19
(1) The members of the Group Leadership Team participate in the local retirement programs applicable to employees in the country where they reside.
(2) Due to the signicant changes in the Group Leadership Team during 2014, following the Sale of the D&S Business, share-based payment for 2014 reects cumulative expense reversal for lapsed
equityawards.
(3) Includes both termination payments and payments made under exceptional contractual arrangements for lapsed equity awards. Includes payments to former leadership members that left the Group
in2015.