Mika Joukio, M. Sc. (Eng.), born in 1964, started as the Company's Chief Executive Officer on 1st October 2014. The CEO is responsible for the daily management of the Company’s administration according to the guidelines and instructions given by the Board. In addition, the CEO is responsible for ensuring that the Company’s accounting has been carried out according to applicable laws and that asset management has been organised in a reliable manner. The CEO manages the Company’s daily business and is responsible for controlling and steering the businesses.
The CEO has a written contract approved by the Board. The Board monitors the CEO’s performance and provides a performance evaluation once a year.
The contractual retirement age of the CEO is 62 years. The Company has commissioned an additional pension insurance policy for the CEO, covering the period between the contractual and statutory retirement age of 63 years and entitling the CEO to receive a pension compensation equal to 60 per cent of his salary at the time of retirement. According to Finnish pension legislation, a person has the option to retire between the ages of 63 to 68. The combined cost to the Company of the statutory pension contributions and voluntary pension insurance policies of the CEO amounted in 2015 to EUR 328,450 . In case the service relationship of the CEO is terminated prior to retirement, the CEO is entitled to a free policy.
The Board appoints and discharges the CEO. The Board can discharge the CEO without a specific reason. The CEO can also resign from his assignment. The mutual term of notice is six months. The Board may, however, decide to discharge the CEO without a period of notice. When the service contract of the CEO is terminated by the Board, the CEO is entitled to receive discharge compensation equal to his 12-month salary.
Deputy to the CEO
The Board can at its discretion appoint a Deputy to the CEO. The Deputy to the CEO is responsible for carrying out the CEO's tasks when the CEO in unable to perform his duties. For the time being no Deputy to the CEO has been appointed.