Notes to the Consolidated Financial Statement

 

28. Related party transactions  

 

Two parties are considered related if one party can exercise control or significant power in decision-making associated with the other party's finances and business operations. The Group's related parties include the parent company and subsidiaries, in addition to the members of the Board of Directors and the Management Team.

 

Remuneration paid to the CEO and Group management during the financial period, including fringe benefits, was as follows:

€ 000

2010

2009

Salaries and other short-term employee benefits

1,893

1,505

Share-based bonuses
285 574
Total  2,178 2,079

 

The salaries and fees paid in 2010 to the CEO and the members of the Board of Directors were as follows:

 

 

 € 000

Kyttälä Pertti

Chairman of the Board of Directors

64

Mehtälä Martti

Vice Chairman of the Board

42

Ingman Robert

Member of the Board

24

Karvinen Kari

Member of the Board

31

Sivonen Pekka
Member of the Board 25
Uhari Tommi
Member of the Board 25
Virtanen Marjatta
Member of the Board 26

Mäkijärvi Heikki

Member of the Board until March 2010

6

Pasanen Jari

Member of the Board until March 2010

6

Varelius Juha

CEO

515

Total

 

764

 

The incentive schemes are described in Note 20 Share-based payments and in the separate report on corporate governance. Transactions related to the sale of services to related parties totalled EUR 14,700 (EUR 8,400 in 2009). Transactions associated with the purchase of goods or services totalled EUR 16,200 (EUR 14,700 in 2009). The Group has no related-party loans.