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Management

President and CEO and Deputy CEO

Main principles of the remuneration of the President and CEO

Executive Committee and Board of Management

Remuneration of the Extended Board of Management


President and CEO and Deputy CEO

The Board of Directors appoints a President for the Group who is also its Chief Executive Officer. The President and CEO is in charge of the day-to-day management of the Company and its administration in accordance with the Company’s Articles of Association, the Finnish Limited Liability Companies Act and the instructions of the Board of Directors. He is assisted in this work by the Executive Committee. The current President and CEO of the Company is Mr Emanuele Grimaldi (born 1956, Degree in Economics and Commerce, University of Naples, Italy). He does not receive any compensation or other benefit in the form of salary, bonus or pension benefit from the Company.

The Board of Directors appoints, if necessary, a Deputy CEO. The Company has no Deputy CEO at present.

Main principles of the remuneration of the President and CEO

The President and CEO, Mr Emanuele Grimaldi, does not receive any compensation or other benefit in the form of salary, bonus or pension benefit from the Company. However, Mr Grimaldi receives the normal compensation paid to a Member of the Board of Directors. The President and CEO has no defined retirement age or pension rights.

Salaries and bonuses paid during 2016 can be found in the Notes to the Consolidated Financial Statements, in Note 35. Transactions with Related Parties.

Executive Committee and Board of Management

The members of the Executive Committee are appointed by the Board of Directors. The Executive Committee convenes regularly, and is chaired by the President and CEO. The Executive Committee supports the President and CEO in his duties in implementing Group-level strategies and guidelines, in coordinating the Group’s management, in finding practical solutions for reaching the targets determined by the Board, and in supervising the Company’s operations.

The Company has a Board of Management, headed by the President and CEO, which consists of the members of the Executive Committee and the heads of functions and Line Managers as well as heads of the main agencies. The heads of functions are responsible for the sales volumes and profitability of their respective units. The Board of Management supports the Executive Committee in their work upon request.

The Company has an Extended Board of Management, headed by the President and CEO, which comprises, in addition to the Board of Management, heads of other agencies, the Company's internal auditor, as well as Junior Managers. The Extended Board of Management convenes regularly to discuss operative issues related to the Group business and service products.

The retirement age of the members of the Extended Board of Management is based on local laws and there are no special pension schemes in place.

Information on the members of the Executive Committee, the Board of Management and of the Extended Board of Management, including their areas of responsibility, is given on Finnlines' website:

www.finnlines.com > Company > About Us> Corporate Governance > Executive Committee / Board of Management

Remuneration of the Extended Board of Management

The remunerations paid to the members of the Board of Management, and the principles underlying it, are determined by the Board of Directors.

The members of the Extended Board of Management are included in a bonus scheme which is decided by the Board of Directors on a yearly basis. The Board of Directors also decides on any separate performance-based compensation schemes for the management.

The bonuses are paid in cash. There are no other bonus schemes.

The company's Finnish executives are covered by the Finnish Employees’ Pension Act (TyEL) scheme, which provides for pension security based on years of service and earnings as stipulated by law. Under the Finnish earnings-based pension system, base salary, including taxable benefits, and bonuses are considered as earnings, but income from share ownership plans is not. The age of retirement is between the ages of 63 and 68 according to own choice.

There are no exceptional pension schemes for the Management of the Company.

Salaries and bonuses paid during 2016 can be found in the Notes to the Consolidated Financial Statements, in Note 35. Transactions with Related Parties.

Executive Committee
Board of Management