FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
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34. TRANSACTIONS WITH RELATED PARTIES<br />
The following transactions were made with the Group’s related parties:<br />
EMPLOYEE BENEFITS GRANTED TO KEY MANAGEMENT *<br />
EUR 1,000 <strong>2010</strong> 2009<br />
Salaries and other short-term benefits 2,352 2,404<br />
Post-employment benefits 378 368<br />
Benefits provided upon expiry of employment 528<br />
2,730 3,300<br />
* Including the benefits of the members of the Board of Directors, the president and CEO, the deputy CEO and other members of the<br />
Board of Management.<br />
EUR 1,000 <strong>2010</strong> 2009<br />
Salaries and fees<br />
President and CEO *<br />
President and CEO 1 Jan-23 Mar 2009 116<br />
Benefits provided upon expiry of service 452<br />
President and CEO 24 Mar-21 June 2009 **<br />
President and CEO 1 Jan-31 Dec <strong>2010</strong> (22 Jun-31 Dec 2009) 411 209<br />
Board of Directors: ***<br />
Chairman 50 50<br />
Vice-Chairman 40 40<br />
Board members (each) 30 30<br />
* Including compensation for the period during which position was held.<br />
** The <strong>Finnlines</strong> Group has not paid any salary or other employee benefits.<br />
*** Compensation paid in arrears in March of each year.<br />
<strong>Finnlines</strong>’ President and CEO, Christer Antson, resigned from his position in March 2009 and Emanuele Grimaldi, a member of the<br />
Board of Directors, was appointed temporary President and CEO as of 24 March 2009. He was paid no remuneration by <strong>Finnlines</strong> for<br />
his work as President and CEO. Uwe Bakosch took over as new President and CEO on 22 June 2009.<br />
In the event that the Company should decide to give notice of termination to the President and CEO, he is entitled to compensation<br />
equalling 24 months’ salary, in addition to 6 months’ salary for the notice period. The respective times for the Deputy CEO are 18<br />
months and 6 months.<br />
The Group’s former Board of Management had premium-based pension insurance, the annual premiums of which were tied to the<br />
Company’s performance. No premiums were paid for this insurance in <strong>2010</strong>.<br />
The Company's management has no other valid supplementary pension insurances.<br />
<strong>Finnlines</strong> had no option schemes on 31 December <strong>2010</strong>. The President and CEO, the Deputy CEO, the Board of Management or the<br />
Board of Directors have no share-based incentive programmes.<br />
TRANSACTIONS WITH RELATED PARTIES<br />
According to the information received by the company on 31 December <strong>2010</strong>, Grimaldi Group companies hold 65.84 per cent of all<br />
shares in <strong>Finnlines</strong> Plc. More information about ownership of the Board of Directors and the President and CEO in <strong>Finnlines</strong> Plc can be<br />
found in Note 36. Shares and Shareholders. The ownership of the members of the Board and management is dealt with in more detail<br />
at the corporate website (www.finnlines.com).<br />
46 FINNLINES PLC Financial Statements <strong>2010</strong> (figures in EUR thousand, if not stated otherwise)
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