Chief Executive Officer
The Board of Directors appoints Aspo Plc’s CEO. Since January 1, 2009, the CEO of Aspo has been Aki Ojanen, eMBA (born 1961). The CEO is responsible for the management and development of the Group’s business in accordance with the instructions of the Board of Directors. The CEO presents matters and reports to the Board of Directors. The CEO is responsible for the Group administration in accordance with the instructions of the Board of Directors, and for the company accounting complying with applicable legislation and the reliable arrangement of the company finances. He also serves as the chairman of the Boards of Group companies and acts as the operational supervisor of the managing directors of Group companies. He is also responsible for internal control as the superior of the CFO and for Group risk management, which is coordinated by the CFO.
The CEO is assisted by the Group Executive Committee. In addition to the CEO, the Group Executive Committee consists of Arto Meitsalo, Chief Financial Officer of Aspo Plc; Harri Seppälä, Group Treasurer of Aspo Plc; Kalle Kettunen, Managing Director of Telko Ltd; Matti-Mikael Koskinen, Managing Director of ESL Shipping; Jukka Nieminen, Managing Director of Kaukomarkkinat Ltd; and Matti Väänänen, Managing Director of Leipurin Ltd. Aspo CEO specifics are presented in the section " Group Executive Committee".
The terms of the CEO’s employment relationship have been agreed in writing in the CEO agreement. The period of notice applied in the employment relationship of the CEO is six months. If notice is given by the company, severance pay corresponding to 18 months’ salary will be paid in addition to the salary for the notice period.
In 2012 the CEO was paid EUR 869,739 in salary, bonuses and fringe benefits. The proportion of share-based payments from the 2009-2011 shareholding program was EUR 338,646, the proportion of bonuses for 2011 was EUR 147,432, the proportion of pension insurance payments was EUR 63,461 and the proportion of fringe benefits EUR 21,624.
Supplementary pensions
The fulltime Chairman of the Board of Directors, the CEO and two directors of the Group Executive Committee at Aspo Plc are eligible for a payment-based group pension insurance plan. The retirement age is 60 whereupon the payment of contribution ends. The receiving of a pension ends at the age of 70. The pension is determined in accordance with the accrued insurance savings at the time of retirement. The receiving of pension can be postponed, at most, until the age of 70. In that case, the pension is determined on the basis of insurance savings adjusted in accordance with the value development of related investment objects.
If employment ends before the contractual retirement age as a result of a notice given by the employer due to production and financial reasons, the person is entitled to a paid-up policy – a paid-up insurance that corresponds to insurance savings accrued by the end of the person´s employment. The person is always entitled to a paid-up policy that corresponds to his or her own share of contribution.
In 2012, the costs of the group pension insurance plan totaled EUR 63,461 or 8% of the annual salary of the CEO.