All Konecranes remuneration related decisions are made by the ’one above’ principle. In other words, the remuneration of an employee must always be accepted by his/her manager’s superior. The decision-making process is depicted in the chart below.
Remuneration of the Board of Directors
The Annual General Meeting decides on the remuneration of the Board of Directors and the Board’s Committees annually. The decision proposals are prepared by the Nomination Committee.
Remuneration of the President and CEO
The Human Resources Committee reviews the President and CEO’s performance and prepares the proposal for the President and CEO’s remuneration. External market data and advisers are used to support the proposal preparation and the performance review. Based on the Human Resources Committee's evaluation, market benchmarking and other relevant facts, the Board determines the total remuneration elements of the President and CEO.
Remuneration of the Group Executive Board and Senior Management
The Board evaluates and decides on the total remuneration of the Group Executive Board members and other executives reporting directly to the President and CEO.