Remuneration

Remuneration of the Board of Directors

Pursuant to the Companies Act, the General Meeting decides upon the remuneration paid to the members of the Board of Directors and the basis for it.

Lamor´s Annual General Meeting 2024 resolved, in accordance with the proposal by the Shareholders’ Nomination Board, that the remuneration payable to the members of the Board of Directors will be as the following:

EUR 20,000 annually for each member of the Board, except for the Chairman of the Board, who shall be paid EUR 50,000 annually, and the possible Vice Chairman of the Board, who shall be paid EUR 45,000 annually.

In addition, the Chairman of the Audit Committee shall be paid an annual remuneration of EUR 10,000 and each member of the Audit Committee EUR 5,000. The Chairman of the Remuneration Committee shall be paid an annual remuneration of EUR 5,000 and each member of the Remuneration Committee EUR 2,500. In case the Chairman of the Audit Committee or the Remuneration Committee acts as the Chairman or as the Vice Chairman of the Board of Directors, no remuneration related to the committee work shall be paid.

In addition, the meeting fees payable to all Board members and the Chairman of the Board of Directors shall be EUR 1,000 per each meeting. No separate meeting fee shall be paid for Committee meetings.

Reasonable accrued travel expenses and other potential costs related to Board and committee work will be reimbursed in accordance with the Company's travel policy.

Remuneration of the members of the Group Leadership Team and the CEO

The Board of Directors decides upon the remuneration the CEO and the Group Leadership Team and the basis of it, in accordance with Lamor´s Remuneration Policy and its objectives. The Remuneration Committee of the Lamor Board of Directors is responsible for preparing the remunaration proposals concerning the CEO and the Group Leadership Team.

The remuneration of the members of the Management Team and the CEO consists of fixed monthly salary, customary benefits in kind and incentives, as in force from time to time.

Annual incentive plan

The company’s key personnel, including the CEO and the members of the Leadership Team, are covered by the annual short-term incentive plan approved by the Board of Directors. The Board of Directors annually sets and evaluates the targets to be used in the plan for the participants. The performance metrics of this incentive plan include targets related to both the company’s financial result and personal performance. The targets are related to the company’s financial performance, success in operative functions and strategy implementation, and the achievement of sustainability targets. The weighting of objectives may vary from year to year depending on the priorities for each year. The maximum amount of the earning opportunity varies, and it depends on the position and role of the person participating in the incentive plan in the organisation.

In accordance with Lamor’s remuneration policy, the Board of Directors determines the maximum amount of the short-term incentive opportunity for the CEO annually based on market practices and performance so that the level cannot exceed 100 per cent of their fixed annual salary. For the members of the Leadership Team, the maximum earning corresponds to their six (6) months’ fixed annual salary.

Long-term share-based incentive plans

Lamor’s Board of Directors has in February 2024 established a new share-based incentive plan for the key personnel of Lamor.

The Board of Directors of Lamor Corporation Plc has resolved to establish a new share-based incentive plan for the CEO and the Group Leadership Team. The purpose of the plan is to align the interests of the company’s shareholders and key employees to increase the company’s value in the long-term, to retain the key employees at the company and to offer them a competitive incentive plan based on earning and accumulating the company´s shares.

The Performance Share Plan 2024–2026 consists of one performance period, covering the financial years 2024–2026.

In the plan, the target group has an opportunity to earn Lamor’s shares based on performance. The performance criterion of the plan is tied to a volume weighted average of the share price. The potential rewards from the plan will be paid during the financial years 2025–2027.

The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 700,000 Lamor shares, including also the proportion to be paid in cash. The target group consists of approximately 9 key employees, including the members of the Group Leadership Team and the CEO.

The potential reward will be paid partly in Lamor’s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the participants. As a rule, no reward will be paid if the key employee’s employment or CEO contract terminates before the reward payment.

Restrictions on disposal of shares

The Group Leadership Team members must hold 50 per cent of the received shares, until the value of his or her total shareholding in Lamor equals to 50 per cent of his or her annual base salary for the calendar year preceding the payment of the reward. Respectively, the CEO must hold all of the received shares, until the value of the CEO’s total shareholding in Lamor equals 100 per cent of the CEO’s annual base salary for the preceding calendar year. Such number of Lamor’s shares must be held as long as the membership in the Group Leadership Team or the position as the CEO continues.

Previous long-term incentive plans

The key personnel of Lamor had the opportunity to earn Lamor’s shares based on earlier PSP 2022–2024 ja PSP 2023–2025 terms and conditions and the performance thresholds set for the each performance period. The performance criterion for the plan periods was adjusted earnings per share (adjusted EPS) from the financial years 2022 and 2023. As the threshold for earning a reward was not met in these financial years, the plans expired without reward payment.

Lamor Remuneration Policy

The Remuneration Policy of The Governing Bodies, PDF

Lamor Remuneration Report 2023

Lamor’s Remuneration Report 2023

Previous years' reports (archive)