Nokia 2015 Annual Report Download - page 97

95
Corporate governance
NOKIA IN 2015
The Group Leadership Team in 2015:
Name Position held in 2015 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(1) President, HERE November 1, 2014
(1) Until December 5, 2015.
The following compensation was paid to the Group Leadership Team (excluding the President and CEO) in 2015 and 2014, in aggregate.
Compensation paid to the President and CEO is presented under “—Compensation of the President and Chief Executive Ocer” above.
Compensation paid to Group Leadership Team:
EUR 2015 2014
Salary 2 149 029 3 461 250
Short-term variable compensation(1) 2 801 131 1 880 115
Stock awards(2) 3 295 955 3 679 383
Change in pension value and nonqualied deferred compensation earnings(3) 111 203 73 967
Payments to dened contribution retirement plans(4) 493 027 311 494
All other compensation(5) 773 718 278 720
Total(6) 9 624 063 9 684 929
(1) Short-term variable compensation payments are part of Nokia’s short-term cash incentive plan. The amount consists of the annual incentive cash payment and/or other short-term variable
compensation earned and paid or payable by Nokia for the respective scal year.
(2) Amounts shown represent the total grant date fair value of equity grants awarded for the respective scal year. The fair value of performance shares and restricted shares equals the estimated fair
value ongrant date. The estimated fair value is based on the grant date market price of a Nokia share less the present value of dividends expected to be paid during the vesting period. The value of the
performance shares is presented on the basis of granted number of shares, which is two times the number of shares at threshold. The aggregate value of the 2015 stock awards with performance
shares valued at maximum is (four times the number of shares at threshold) EUR 6 591 910.
(3) Pension arrangements in Germany are considered to be payments to a dened benet plan where the pension is determined by reference to executive’s base salary, age and years of service.
(4) Pension arrangements in Finland are characterized as dened contribution pension arrangements under IAS 19, Contributions are made to the state mandated TyEL plan and there are no
supplementary pension arrangements. Contributions made in the US to the company 401k plan are also considered payments to dened contribution pension plans.
(5) All other compensation refers to mobility related payments or benet programs under which executives are eligible. Additionally, in 2015, a special one-time retention arrangement related to the
Saleof the HERE Business is also included under all other compensation.
(6) A signicant portion of equity grants are tied to the performance of the company and aligned with the value delivered to shareholders. The amounts shown are representative of the value of the award
at grant but are not representative of the amount that will ultimately be received when the plan vests. The ultimate value of the award will be known when the awards vest.
Equity awards to the other members of the Nokia Group Leadership Team during 2015
The following equity awards were made to the Group Leadership Team members (excluding the President and CEO) in 2015. Equity awards to
the President and CEO are presented under “—Equity awards to the President and CEO during 2015” above.
Equity awards to Group Leadership Team, in aggregate(1):
Grant date April 22, 2015(2) July 7, 2015
Performance shares at threshold number 212 500 –
Performance shares at maximum number 850 000 –
Restricted shares number –44 000
Grant date fair value EUR 3 044 275 251 680
(1) Excluding equity awards made to Rajeev Suri.
(2) The fair value of performance shares equals the estimated fair value of the grant date. The estimated value is based on the grant date market price of Nokia share less the present value of dividends
expected to be paid during the vesting. The value of performance shares is presented on the basis of a number of shares, which is two times the number at threshold.