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



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


Ingman Robert

Vice Chairman of the Board


Ruotsalainen Seppo

Member of the Board


Saarinen Leena

Member of the Board


Ala-Härkönen Martti

Member of the Board

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


Levoranta Timo

President & CEO





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.