The key principles for Konecranes’ Board Remuneration is to (1) be competitive to attract international professionals representing a diverse and relevant mix of skills and experience and (2) to provide fees which account for relevant market practices and the time commitment and responsibilities of the roles. The Annual General Meeting (AGM) decides on the remuneration of the Board of Directors and the Board’s Committees annually.
The remuneration elements for the Board the Directors are an Annual Fee, Meeting and Committee Attendance Fee and travel reimbursements.
According to the AGM 2025 decision the annual remuneration payable to the members of the Board (other than the employee representative) is as follows: the remuneration to the Chair of the Board is EUR 160,000, the remuneration to the Vice Chair of the Board is EUR 100,000, and the remuneration to the other Board members is EUR 72,000. In case the term of office of a Board member ends before the closing of the AGM 2026, he or she is entitled to the prorated amount of the annual remuneration calculated on the basis of his or her actual term in office.
40 per cent of the annual remuneration is paid in Konecranes shares to be acquired on behalf of the Board members at a price determined in public trading on Nasdaq Helsinki. The purchase of shares shall be carried out in four equal instalments; each instalment being purchased within the two-week period beginning on the date following each of the Company's interim report announcements and the Company's financial statements bulletin for 2025. The Company will pay the transaction costs and transfer tax in connection with the purchase of remuneration shares. In case the remuneration cannot be paid in shares due to legal or other regulatory restrictions or due to other reasons related to the Company or a Board member, the annual remuneration will be paid fully in cash.
The Board members are eligible for a meeting fee of EUR 1,000 for each meeting they attend. For meetings of the Board committees, the Chair of the Audit Committee is paid a compensation of EUR 5,000 and the Chair Human Resources Committee is paid a compensation of EUR 3,000. Other Committee members are paid a meeting fee of EUR 1,500 per each attended committee meeting. No meeting fee is paid for decisions that are confirmed in writing without a meeting.
No remuneration will be paid to Board members employed by the Company, in accordance with the agreement on employee representation between Konecranes and its employees.
Travel expenses for all Board members, including the employee Board member, will be compensated against receipt.
Total remuneration paid to the Board of Director in 2024:
Due to the payment cycle, Board remuneration from January 1, 2024, until the AGM 2024 was based on the decision made by the AGM 2023. From the AGM 2024 until December 31, 2024, the partial remuneration was based on the AGM 2024 decision.
Thomas Schulz and Birgit Seeger have been members of the Board since AGM 2024 (March 27, 2024).
The Board remuneration presented in the above table is based on payments made in 2024. The Committee meeting fees Committee and Board Meeting Fees include fees of 7 HR Committee and 9 Audit Committee meetings. The Board meeting fees include fees of 13 Board meetings.
No remuneration was paid to Sami Piittisjärvi, in accordance with the agreement on employee representation between Konecranes and its employees.