The state is opposed to the award of Neste’s CEO as unreasonable – “The position has been known to the company’s Board of Directors”

The state has voted in advance fuel company Fluid against a reward report, the Government reports.

The Finnish state owns 44.2 per cent of Neste’s share capital.

The Neste Annual General Meeting will be held on March 25th and the state has voted in advance in the shares it owns. The state has supported other companies’ board’s proposals to the General Meeting, but the State is opposed to the approval of the reward report of the institutions.

According to the Companies Act, the decision of the Annual General Meeting in the matter is to advise.

“The state believes that the remuneration of the company’s CEO has been built so that it cannot be considered as reasonable as a whole. The terms of the reward are significantly different from the state position. The State’s position has been known to the company’s Board of Directors, ”says the Director General in the release May Strandberg From the Conducting Conducting Department of the Government.

According to good administrative practices, the decision to reward for reward is for the company’s board of directors.

State’s views on reward policies are described in the ownership policy decision. In the case of listed companies, the state expects its policies to be emphasized in relation to ownership.

In rewarding, the state requires reasonableness and transparency in the case of senior management. Profit reward must be targeted and the state emphasizes the importance of transparency of the criteria for changing reward criteria as part of the reward reporting.

According to the announcement, the State Owners expect that Neste’s Board of Directors will open Neste’s reward policy, the key criteria for changing rewards, and justifies the CEO’s payroll and performance reward.

As regards the criteria, the state expects that the levels of performance rewards be set so that the interests of the owners and the management of the company are in line with the value of the company’s value.

Neste’s CEO today is the Heikki Malinen. He took up the position last fall. His predecessor was Matti Lehmus.

Strandberg reported To Iltalehtithat the state does not approve of CEO Heikki Malinen, in particular, changing pay parts. In addition, according to Iltalehti, the state owner does not accept the supplementary pension given to Malinen. Last year, Malinen was paid a supplementary pension of EUR 51,184.

Update at 2:18 pm: Added Iltalehti data.