26. Related party transactions

Notes to the Consolidated Financial Statements

26. Related party transactions  

Two parties are considered related if one party can exercise control or significant power in decision-making associated with the other party’s finances and business operations. The Group’s related parties include the parent company and subsidiaries, in addition to the members of the Board of Directors and the Management Team and their family members.

Remuneration paid to the CEO and Group management during the financial period, including fringe benefits, was as follows:

€ 000

2016

2015

Salaries and other short-term employee benefits

1,316 647
Share-based bonuses 253 146
Total 1,569 792
     

The salaries and fees paid in 2016 to the CEO and the members of the Board of Directors were as follows:

 

 

 € 000

Kyttälä Pertti

Chairman of the Board of Directors

77

Ingman Robert

Vice Chairman of the Board

54

Ruotsalainen Seppo

Member of the Board

40

Saarinen Leena

Member of the Board

13

Ala-Härkönen Martti

Member of the Board

32
Uhari Tommi Member of the Board 12
Hokkanen Päivi Member of the Board 41

Öistämö Kari

Member of the Board 12

Varelius Juha

President & CEO

425

Levoranta Timo

President & CEO

287

Total

 

990
     

The incentive schemes are described in Note 19 Share-based payments and in the separate report on corporate governance. Transactions related to the sale of services to related parties totalled EUR 7,200 (EUR 7,200 in 2015). Transactions associated with the purchase of goods or services totalled EUR 0 (EUR 0 in 2015). The Group has no related-party loans.