PERSONNEL FUND ESTABLISHED IN ASPO
2005-04-20T15:30:33 CETThe Aspo Group personnel have established a personnel fund. The operation will start in 2005. All Aspo Group employees, approximately 420 people, working in domestic Group companies will become members of the fund at the first stage. Decisions on including the foreign subsidiaries in the personnel fund will be prepared during 2005. The objective is that as many Aspo Group employee as possible can belong to the personnel fund in the future.
A profit-related pay scheme, in accordance with the Act on Personnel Funds, will be implemented in the Aspo Group pursuant to which a proportion of the Aspo Group's result will be paid to the personnel fund as a profit-related payment. The Aspo Plc Board of Directors has confirmed the grounds for the profit-related pay scheme for 2005. The amount of the profit-related payment will be determined on the basis of the result and profitability of Aspo.
The constituent meeting of the personnel fund was held on 20 April 2005. The constituent meeting approved the bylaws of the fund and elected a Board for the fund. Each fund member has a share in the fund that corresponds to his/her income in relation to the Group's total personnel costs.
The intention in Aspo is that the personnel fund would, as far as possible, mainly use the profit-related payments paid to it to acquire Aspo Plc shares. The long-term target is that the personnel would become a significant owner group in the company. The personnel fund will gradually replace the Group's current incentive schemes without increasing the Group's total costs. Some benefits in accordance with the Act on Personnel Funds are included in the taxation of the future fund units of the fund members.
ASPO Plc
Gustav Nyberg
CEO
For further information please contact
Dick Blomqvist, CFO, +358 9 7595 300 or +358 40 7595 300
dick.blomqvist@aspo.fi