DOCSLIB.ORG

Insights Into Executive Remuneration in the Nordic Region and at Europe's

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Insights Into Executive Remuneration in the Nordic Region and at Europe's Insights into executive remuneration in the Nordic region and at Europe’s largest companies February 2021 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | SectionForeword title goes here Foreword With the majority of companies currently finalising their year- end decisions, there is still a degree of uncertainty of the impact of COVID-19. In light of the current macroeconomic environment, it is evident that the scrutiny of remuneration practices will remain at an all-time high into 2021. This report does the important work of providing an overview of executive remuneration across the Nordic region, presenting practices among leading Nordic companies. These include the largest listed companies in Denmark, Sweden, Norway and Finland. For context, these practices are contrasted against those of the iSTOXX Europe 100 (“Top 100”) from a pre-COVID world. This will prove to be an important baseline for making decisions regarding executive remuneration in coming years. On top of the complications brought about by a global pandemic, 2020 also brought about change in Europe in the form of regulatory requirements. Many listed companies had to prepare their remuneration reports in accordance with the Shareholder Rights Directive (“SRD”) for the first time in respect of 2020. Where countries do not already have detailed remuneration reporting regimes in place, SRD is likely to lead to significant changes in scrutiny from and engagement with shareholders on executive pay. It is clear that remuneration committees will continue to face a complex environment in 2021. In the context of COVID-19, many areas of executive remuneration are likely to come under intense scrutiny. Investors will expect the treatment of pay for executives to reflect the shareholder experience, including share price performance and where dividend payments have been cancelled. There will also be pressure on companies to ensure that executives are treated in a way that is consistent with the wider workforce, especially where there have been lay-offs and company-wide pay cuts. Each company is different and will have been impacted in different ways by the crisis. A key challenge for committees will be balancing the need to attract and incentivise the leadership required to drive European business recovery, in the context of a growing focus on building a fairer society. Deloitte continues to stand ready to assist our clients as they navigate this “new normal”. Deloitte NSE LLP February 2021 03 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | Introduction Introduction The report is presented in the following sections: Section Key findings 1. AGM season trends. • High levels of shareholder support – 75% of the Top 100 companies An overview of key themes from received a voting outcome of 90% or more for the Annual Report on the 2020 AGM season in Europe. Remuneration. 81% of companies received a vote of 90% or more for the Remuneration Policy. Nordic companies also received support for their remuneration proposals during 2020. • Key themes – Investors and proxy agencies have most commonly expressed concerns over quantum, termination payments, lack of performance conditions and discretionary/sign-on bonuses. Focus was also placed on ensuring that disclosure was sufficient, clear and comprehensive. 2. Trends and practices in the • Limited salary increases. Less than half of the Top 100 awarded base Top 100. salary increases to the CEO this year, with around one-third of Nordic An overview of key trends CEO salaries remaining static. for executive remuneration, • Performance Share Plan (“PSP”) remains the most popular form of including analysis of base long-term incentive plan. 95% of the Top 100 companies have an LTIP salaries, bonuses and long-term in place for executives. Performance share plans are used by c.90% of incentive plans. these companies. • Increased adoption of shareholding guidelines. 80% of the Top 100 now disclose shareholding guidelines for their executives, with a median shareholding guideline of 300% of salary. 3. ESG. • Increasing focus is being placed on the contribution of business to An overview of the extent to wider society and the environment, leading a number of companies to which Environmental, Social link ESG metrics to executive pay in recent years. and Governance (“ESG”) • 42 of the Top 100 now include an ESG metric within their variable metrics are being incorporated remuneration frameworks, most commonly in the annual bonus plan. into executive remuneration frameworks. 4. Impact of COVID-19. • In light of COVID-19, several companies made temporary reductions to An overview of changes salary/fees. to executive pay in light • Investors expect executive pay to reflect the shareholder and wider of COVID-19, as well as a employee experience. Companies need to consider if salary and/or summary of considerations variable pay increases remain appropriate at this time. for remuneration committees following the pandemic. • Where the long-term sustainability of the business is at risk, committees will be expected to take this into account when making decisions on executive pay. 5. Key considerations for • Committees will need to ensure that the Remuneration Policy adheres decision-making next year. to regulatory requirements and best practice. An overview of key • Focus is likely to be placed on the level of disclosure provided in the considerations for the largest Remuneration Report. European companies with regard to future remuneration. 04 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | About Deloitte About Deloitte The Deloitte executive compensation consulting practice covers all aspects of senior executive remuneration and share plan services. Our well-established team comprises professional staff including remuneration, share plan, tax and accounting specialists, actuaries and lawyers. Our teams are based around Europe with extensive presence in the UK and across Europe. We provide advice on all areas including implementation, investor relations, accounting, legal and tax issues across Europe. Our practice is built around an integrated model, linking all of these areas, often separated in competitor companies. The experience and breadth of our practice means that we have additional strengths in the key areas of investor relations and legal implementation of incentive schemes. The Deloitte Executive Compensation practice advises on all aspects of executive remuneration across Europe Design Implementation Communication ONE Team Reward corporate Share schemes Tax specialists and Accounting and governance and practitioners and advisors funding experts • Reqrd strategy • Plan rules • Tax efficient • Cost effective alignment to arrangements funding • Contracts group strategy including all • IFRS2 & Share • Leaver provisions employee plans • Pay benchmarking plan accounting • Tax guides • Performance measures • Market trends and corporate governance • Remuneration reports 05 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | Contacts Contacts Denmark Finland Martin Faarborg Veera Campbell Partner Partner Email: [email protected] Email: [email protected] Finland Norway Emma Hall Peter Ringkjob Groth Senior Manager Partner Email: [email protected] Email: [email protected] Sweden Torbjorn Hagenius Partner Email: [email protected] 06 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | Section title goes here 1AGM season trends 07 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | AGM season trends 1 AGM season trends 1.1 Voting recommendations in Europe The chart below illustrates ISS voting recommendations in the Top 100 in 2020. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Report Policy Report Policy Top 100Nordics Abstain Against For with concerns For The main reasons for an adverse proxy voting recommendation are: ISS have expressed concerns over the overall quantum Awarding incentives without of compensation, incentive Poor Termination performance criteria or clear Discretionary/ maximums and salary targets and/or awarding disclosure. increases. ISS highlighted payments. sign-on bonus. incentives on a discretionary quantum as an issue in c.45% basis is unpopular among of remuneration reports shareholders. ISS highlighted and c.35% of remuneration this as an issue in c.20% of the policies in the Top 100. Top 100. A common issue for Generous termination Recruitment arrangements are companies was insufficient payments, such as the ability often highlighted as an investor disclosure within the to award payments on a concern if they are either: (a) remuneration report discretionary basis, can be not disclosed clearly; (b) are and/or policy. This was contentious for shareholders. Lack of overly generous compared particularly evident in Such arrangements were to regular opportunity; or (c) relation to the disclosure Quantum. highlighted as a concern by performance are uncapped. ISS highlighted of performance targets for ISS for c.30% of the Top 100. condition. discretionary/sign-on bonuses incentive pay. c.50% of the as a concern in c.10% of Top 100 companies had this remuneration reports and highlighted as a concern c.20% of remuneration policies. by ISS. 08 Insights into executive remuneration in the Nordic region and at Europe’s largest companies | AGM season trends 1.2 Voting
Load more

Recommended publications
  • Economic Co-Operation Across the Finnish-Russian Border - Factors of Sluggish Development and Success of Enterprises
    International Institute for Applied Systems Analysis Schlossplatz 1 • A-2361 Laxenburg • Austria Telephone: (+43 2236) 807 342 • Fax: (+43 2236) 71313 E-mail: [email protected] • Internet: www.iiasa.ac.at Interim Report IR-00-071/December Economic co-operation across the Finnish-Russian border - factors of sluggish development and success of enterprises Vesa Rautio ([email protected]) Markku Tykkyläinen ([email protected]) Approved by János Gács ([email protected]) Project Leader, Economic Transition and Integration December 2000 Interim Reports on work of the International Institute for Applied Systems Analysis receive only limited review. Views or opinions expressed herein do not necessarily represent those of the Institute, its National Member Organizations, or other organizations supporting the work. Contents 1. Introduction ...............................................................................................................1 1.1 Transition and border ............................................................................................1 1.2 Aims of this paper .................................................................................................2 1.3 Nikel and Zapolyarnyj and the Finnish-Russian border........................................3 1.4 Research methods..................................................................................................5 1.5 Theoretical background.........................................................................................6 2. Changing
    [Show full text]
  • The Mineral Industry of Finland in 2000
    THE MINERAL INDUSTRY OF FINLAND By Chin S. Kuo The mineral resources of Finland include some 50 metals and Rautaruukki started commercial production at its 400,000-t/yr 30 industrial minerals, as well as gems and soapstone. The galvanizing line at Hameenlinna. The $590 million plant came Government encouraged foreign investment in mineral on-stream in April and increased the company’s galvanizing exploration and exploitation. Foreign and domestic companies capacity to 900,000 t/yr. Rautaruukki also spent $80 million in were active in exploring for base metals, diamond, and gold. raising color-coating capacity at Hameenlinna from 100,000 to Finland was a world leader in the technology of underground 150,000 t/yr (Metal Bulletin, 2000e). mining, mineral processing, and metallurgy. The country OM Group, Inc. (OMG), of the United States purchased imported metal concentrates from various sources to feed its Outokumpu’s 50,000-t/yr Harjavalta nickel refinery—including smelters and was a net importer of these. nickel matte leaching, solvent extraction, electrowinning, and Finland’s rapid economic growth with a 6% increase in gross hydrogen reduction facilities—for $185 million. OMG has domestic product in 2000 was fueled by an export boom, which production facilities at Kokkola processing part of the nickel grew by more than 9%. The country’s forestry sector was at and all of the cobalt produced at Harjavalta. The Harjavalta full capacity and the electronics sector was continuing to nickel refinery would continue to supply nickel to Outokumpu’s capture new markets abroad. Domestic demand for products Tornio stainless steel operation.
    [Show full text]
  • Outokumpu Annual Report 2018 | Annual Review 2 / 13 Annual Review 2018
    Annual report 2018 working towards a world that lasts forever Contents Annual review Sustainability review Review by the Board Governance of Directors and Working towards a world that lasts Sustainability at Outokumpu .............. 2 Corporate Governance statement ........ 2 forever ..................................... 4 Financial statements Materiality ................................. 3 Key risks ................................... 17 Key figures 2018 .......................... 5 Sustainable performance in 2018 ........ 4 REVIEW BY THE BOARD OF DIRECTORS .. 2 Remuneration .............................. 21 CEO’s review ............................... 6 Sustainability highlights in 2018 ......... 5 Group key figures .......................... 10 Shares and shareholders .................. 24 Our year 2018 ............................ 7 Safe and healthy working environment ... 6 Reconciliation of key financial figures ..... 11 Information for shareholders .............. 26 Vision and strategy ........................ 8 Improving organizational health and Share-related key figures .................. 13 Stainless steel market .................... 10 people development ....................... 8 Definitions of share-related key figures ... 14 Research and development ............... 13 Responsibility throughout the FINANCIAL STATEMENTS .................. 15 supply chain ............................... 11 Consolidated statement of income ....... 16 Energy efficiency ........................... 13 Consolidated statement of Environmental impacts
    [Show full text]
  • Investor Presentation August 2020 Table of Contents
    Shaping the future for stainless steel Investor presentation August 2020 Table of contents 1. Outokumpu in brief (slide 3) 2. Business areas (slide 18) 3. Markets (slide 25) 4. Sustainability (slide 33) 5. Ferrochrome (slide 44) 6. R&D (slide 48) 7. Latest financials Q2 2020 (slide 53) 8. Appendix (slide 68) 2 | August 12, 2020 Outokumpu in brief Outokumpu – global stainless steel producer Sustainability Stainless Adjusted leader with Operations in Listed in Net sales steel Personnel EBITDA Nasdaq deliveries 90% >30 €6.4bn €263m 10,390 OMX 2.2mt recycled countries Helsinki content Sales by business area* Sales by destination* Sales by customer segment* Other Other operations countries Consumer goods Asia & Ferrochrome 2% 6% 5% 10% Oceania 7% North America Automotive 12% 22% Long Distributors Products 8% 46% Architecture, building Other Europe & construction 3% United 21% Kingdom 5% End-customers Chemical, 54% petrochemical and energy 1% Germany Italy 9% Heavy industries 12% Americas 21% 24% Metal processing & Europe 63% Other 5% Sweden 3% Finland 4% tubes 11% 4 | August 12, 2020 *Outokumpu in 2019 Customers Shareholders Vision 2020 Employees Best value creator in stainless steel Time bound: sense of urgency by 2020 through customer orientation and efficiency Back to basics 5 | August 12, 2020 We have improved our performance in many fronts Cultural shift Americas’ financial Commercial excellence – from silos into one and operational enhanced mix and company with step change margins uniform processes and ways of working Improved cost competitiveness
    [Show full text]
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 3489-16 Date: June 20, 2016 To: All Participants Category: Dividends From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers DENMARK ADR MARKET ANNOUNCEMENT ISSUE CUSIP A.P. MOLLER - MAERSK 00202F102 CARLSBERG 142795202 CHR. HANSEN 12545M207 COLOPLAST A/S 19624Y101 Subject: DSV 26251A108 FLSMIDTH & CO A/S 343793105 GN STORE NORD 3621ME105 NOVOZYMES A/S 670108109 PANDORA 698341104 SYDBANK 87124G102 VESTAS WIND SYSTEMS A/S 925458101 Effective as of September 13, 2016 Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo respectively before certifying their instructions over the CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo on the CA Web. Questions regarding this Important Notice may be directed to GlobeTax 212-747-9100. DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php. Non-Confidential 1 DTCC Public (White) Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is.
    [Show full text]
  • Der Kommer En Dag Efter COVID-19
    Afkastbarometer Der kommer en dag efter COVID-19 Globale aktier Massive hjælpepakker vil skubbe økonomierne i gang igen efter COVID-19 I de seneste uger har vi set centralbanker og regeringer næsten overalt i verden (og især i USA) træde i karakter med store finanspolitiske og pengepolitiske hjælpepakker. De er målrettet mod at få økonomierne nogenlunde uskadt igennem den meget alvorlige COVID-19-krise, som vi står i lige nu. Som vi forsigtigt spåede for en uge USA-aktier siden har det hjulpet markant på humøret på aktiemarkedet. Sydbanks vurdering: Vi løfter afkastbarometeret på de globale aktier til grønt. De store hjælpepakker styrker vores tillid til, at verdensøkonomien finder tilbage på et fornuftigt spor i løbet af 2. halvår 2020 efter at COVID-19 slipper sit tag. I det lys ser afkastpotentialet på de globale aktier nu mere attraktivt ud efter store kursfald i de Europæiske aktier seneste måneder. Kan centralbankerne med seddelpresserne og regeringerne med store hjælpepakker lykkes med en økonomisk genrejsning og overbevise investorerne om, at vi kan undgå en konkursbølge og en langvarig recession efter COVID-19, så er afkastpotentialet på de globale aktier forbedret i forhold til tidligere. Vejen ud af det økonomiske mørke bliver dog ikke snorlige. På kort sigt er der således udsigt til en negativ nyhedsstrøm med Emerging markets aktier smittespredning i USA og Latinamerika – og en perlerække af dårlige regnskaber og nedjusteringer. Aktieinvesto- rerne vil derfor stadig være nervøse, og vi kan ikke udelukke kursfald på kort sigt i et aktiemarked, hvor udsvingene stadig vil være væsentlig større end normalt. Vi gør os ingen illusion om at, aktiefesten bliver skudt i gang lige nu fordi vi løfter til grønt afkastbarometer, men der er faldet mere ro på de finansielle markeder i den seneste uge, Fjernøstlige aktier og det er tid til at tage bestik af, hvad der venter efter at COVID-19 slipper sit tag – selv om der kan blive turbulens i perioden indtil det sker.
    [Show full text]
  • Remuneration in Danish Large Cap Companies Benchmarking Executive Management and Board Remuneration
    Remuneration in Danish Large Cap Companies Benchmarking executive management and board remuneration 2013-2017 Brochure / report title goes here | Section title goes here Contents Introduction 3 Key findings 4 Current trends 5 Overview 13 Methodology 14 Total remuneration of executive directors 15 Base salary 20 Pension 23 Bonus 24 Long-term incentives (LTIs) 28 Board remuneration 38 Board demographics 40 How can Deloitte help? 44 Our contacts 45 Appendix 46 2 Remuneration in Danish Large Cap Companies | Introduction Introduction This report gives an overview of and insight into all report in accordance with International Financial remuneration of executive directors and boards of Reporting Standards (IFRS). Financial reporting on listed companies within the Danish Large-Cap Index1. remuneration of executives is more specifically In March 2018, the Danish Large-Cap Index comprised governed by IFRS 2 and the Danish Financial 39 companies, the names of which are listed in the Statements Act. Remuneration of executive directors appendix. These companies represent some of is required by IFRS to be disclosed on both fixed and the largest Danish companies from a wide range variable elements for executive management. Although of industries, from financial services to energy and reporting this level of detail for all individual members supplies. of management is not a requirement, it is however best practice guidance from the Committee on Corporate Over the year to March 2018, two new companies Governance2. Long-Term Incentive (LTI) programmes entered the Danish Large-Cap Index. In October 2017, must also be disclosed separately in their entirety, the professional cleaning product manufacturer Nilfisk which includes all participants, both executives and Holding entered the index through its IPO, while Alm.
    [Show full text]
  • Withholding Tax Update Newsletter! Ownership Reclaim Eligibility
    WITHHOLDING TAX UPDATE Spring 2021 What’s Inside Welcome to the Spring 2021 edition of the Danish Tax Agency Clarifies ADR Beneficial Withholding Tax Update Newsletter! Ownership Reclaim Eligibility................................2 GlobeTax Supports Logitech S.A. Tax Reclaim This edition covers important updates including major Process....................................................................2 changes to Danish reclaims, procedure reminders for Eligibility Changes for Russian Individuals on Russian Ireland and Luxembourg, an update to the Russian Dividend Events........................................................3 tax relief process, and more. Spain Signs New Double Taxation Treaties with Japan and China......................................................3 Finally, in the latest episode of our Withholding Tax Update Podcast, I sat down with GlobeTax’s Updated Long Form Requirements in Ireland for outgoing Managing Director Michael Finck to gather Trusts and Partnerships........................................4 his thoughts ahead of his much-deserved retirement. GlobeTax Supports Luxembourg Long Form In the episode, he shares wisdom from his long Process....................................................................4 and accomplished career, discussing how the ADR/ The Philippines Change Statutory Rate.................5 tax reclaim space changed during his tenure and speculating what might come next for the industry. Helpful ESP User Tips...............................................5 Click here to listen to this
    [Show full text]
  • Evaluating Environmental Performance of Three Finnish Companies
    Cristian Gummerus EVALUATING ENVIRONMENTAL PERFORMANCE OF THREE FINNISH COMPANIES Thesis CENTRIA-UNIVERSITY OF APPLIED SCIENCES Degree Programme of Business Management February 2015 TABLE OF CONTENTS ABSTRACT 1 INTRODUCTION 1 2 WHAT IS GREEN BUSINESS 2 2.1 Drivers of green business 4 2.2 Environmental responsibility and eco-efficiency 6 3 BENEFITS OF GREEN BUSINESS 7 3.1 Becoming a green organization 7 3.2 The process of change 8 3.3 Green product lifecycle and eco-design 9 3.4 Cleantech 10 4 MEASUREMENT OF PERFORMANCE 12 5 ENVIRONMENTAL MANAGEMENT 14 6 TOIMINTOLASKENNAN TOTEUTTAMINEN PILVENTUVAN YKSIKÖSSÄ 32 5.1 Environmental strategy as a vanguard 14 5.2 Environmental policy and EMS 15 5.3 ISO 14001 and purpose of EMSs’ 16 5.4 Environmental rating 17 6 ANALYSIS OF ENVIRONMENTAL PERFORMANCE AMONG THREE FINNISH LISTED COMPANIES 20 6.1 Research methods 20 6.2 Research goals and target companies 21 6.3 Performance analysis 22 6.3.1 Kesko Oyj 22 6.3.2 KONE Oyj 25 6.3.3 Outokumpu Oyj 28 6.3.4 Summary table 33 7 CONCLUSIONS 34 LIST OF REFERENCE 35 GRAPHS GRAPH 1. Eight lean wastes 3 GRAPH 2. Eight green wastes 4 GRAPH 3. EU 2020 -directive 5 GRAPH 4. Ecodesign part of product development process 10 GRAPH 5. Rise of Cleantech in the world 11 GRAPH 6. Revenue development of Kesko 24 GRAPH 7. Carbon footprint caused by logistics and vehicles 26 GRAPH 8. Revenue development of KONE 28 GRAPH 9. Debt-to-equity ratio of Outokumpu 31 TABLES TABLE 1.
    [Show full text]
  • Template with Images in the Slide Master
    PANDORA CAPITAL When printing the dark MARKETS DAY front page or chapter pages, you might run into THAILAND, 7 JANUARY 2016 some issues if your default printer settings are black & white or greyscale. If you wish to print the presentation in black & white or greyscale, change the printer settings to color and use a black/white printer. AGENDA FOR THE DAY Time Topic Speaker 8:00 Registration and breakfast 9:00 Becoming a global jewellery brand Anders Colding Friis, President & CEO 9:45 Australia – achieving growth in a developed market David Allen, President EMEA 10:30 Coffee break 10:45 Building a platform for growth in Asia Kenneth Madsen, President Asia 12:00 Introduction to tour of crafting facilities Thomas Touborg, SVP Group Operations 12:15 Transport 12:45 Lunch at crafting facilities 13:30 Tour of crafting facilities 15:30 Transport 16:00 Providing for an increasing global demand Thomas Touborg, SVP Group Operations Anders Colding Friis, President & CEO 17:00 Conclusions and final Q&A Peter Vekslund, CFO 18:30 Pre-dinner drinks 19:00 Dinner 1 7 JANUARY 2016 PANDORA CAPITAL MARKETS DAY WELCOME TO GEMOPOLIS IN THAILAND PANDORA revenue (DKKm) >16,000 • In 1989, Per Enevoldsen, founder of PANDORA, chose to start manufacturing jewellery in 9,010 Thailand 6,658 3,461 • In 2005, the first large scale, fully owned production facility in Thailand was built 2009 2011 2013 2015 PANDORA EBITDA • In 2015, PANDORA shipped more than (DKKm) Approx. 100 million pieces of jewellery – all 37% hand-finished in Gemopolis – to more than 90 countries
    [Show full text]
  • Nokia Outokumpu Coupon
    14 January 2011 Nokia Outokumpu Coupon The outlook for Nokia and Outokumpu, shares recommended by Nordea, i s bright. The economic cycle is gradually shifting towards slower, sustainable growth and the equity markets are stabilising. Nokia Outokumpu Coupon is an investment with a maturity of at most approximately three years. It will give a better yield than a direct equity investment if the share prices of Nokia and Outokumpu rise moderately. The investment is redeemed before maturity if the values of both shares are at least at their initial levels on the annual valuation date. The investment has no capital protection, which means the investor may lose the invested capital partially or in full. The investment in brief The outlook for the shares of Nokia and • A bond issued by Nordea Bank Finland Plc. Its Outokumpu is good. With its strong brand, Nokia maturity is at most approximately three years is expected to profit from the growth of the mobile and its yield is based on the performance of phone market, and Outokumpu, one of the world's the reference assets, the shares of Nokia most competitive stainless steel producers, is Corporation and Outokumpu Plc. supported by the demand for stainless steel, • The coupon is approximately 17%* which is picking up. After the brisk economic • Subscription period 17 January–25 February recovery in the early 2010, the cycle is now 2011 shifting towards sustainable but slower growth. • Subscription price variable, about 100% The equity market, too, has moved sideways after • Minimum subscription EUR 10,000 a strong rise. • The investment will be redeemed before maturity if the values of both shares are at Nokia Outokumpu Coupon suits investors who least their initial levels on the annual valuation have a neutral or slightly positive view of the date.
    [Show full text]
  • Description of Candidates Proposed by the Board of Directors
    Description of the candidates proposed by the Board of Directors Marcello Vittorio Bottoli was born in 1962, is an Italian citizen and currently lives in Surlej-Silvaplana, Switzerland. Marcello Vittorio Bottoli has been a member of the Board of Directors of Pandora A/S since August 2010 and is not regarded as an independent board member due to the fact that for a period in 2011 and 2012 he acted as interim Chief Executive Officer of Pandora A/S. Marcello Vittorio Bottoli has been Chairman of the Board of Directors since July 2013 and is also Chairman of the Remuneration Committee. The special skills possessed by Marcello Vittorio Bottoli that are important for the performance of his duties as a member of the Board of Directors of Pandora A/S are his profound knowledge and experience in branding and marketing luxury and consumer goods, particularly in the Asia-Pacific region. Marcello Vittorio Bottoli holds an Italian Doctorate in Business Administration from Bocconi University, Milan, Italy. Currently, Marcello Vittorio Bottoli is Chairman of Pharmafortune SA, as well as Non-Executive Director of International Flavour & Fragrances Inc., and Blushington LCC. Further, Marcello Vittorio Bottoli is Operating Partner of Advent International, a global private equity firm, and member of the advisory board at Aldo, a Montreal-based privately held footwear retailer operating worldwide. Christian Frigast was born in 1951, is a Danish citizen and currently lives in Klampenborg, Denmark. Christian Frigast has been a member of the Board of Directors of Pandora A/S since August 2010 and is also Deputy Chairman of the Board of Directors, chairman of the Nomination Committee and member of the Remuneration Committee.
    [Show full text]