Remuneration
GRK has prepared the company’s Remuneration Policy for Governing Bodies. GRK’s Remuneration Policy is prepared by the Board of Directors’ Personnel and Remuneration Committee. GRK’s Board of Directors decides on the content of the Remuneration Policy to be proposed to the Annual General Meeting on the basis of the Committee’s preparations.
The purpose of remuneration is to encourage compliance with GRK’s values, promote the achievement of strategic goals, such as strengthening competitiveness and financial performance and the sustainable development of shareholder value, and to ensure the availability of skilled personnel by committing the most diverse experts in the field to the company.
At GRK, remuneration is based on performance, which means that the tools of remuneration are selected and defined to encourage better performance and exceeding goals in both the short and long term. Total remuneration is competitive and follows market practices. The remuneration systems are simple, transparent and well communicated.
Remuneration of the board of directors and the CEO
The Annual General Meeting annually decides on the remuneration of the members of the Board of Directors and Board Committees. The objective of remuneration is to commit the members of the Board of Directors who, through their expertise, support the achievement of the company’s strategic goals and the growth of shareholder value in the long term.
The Board of Directors decides on the remuneration of the CEO based on the proposal prepared by the Personnel and Remuneration Committee and in accordance with the remuneration policy presented to the general meeting. The President and CEO’s remuneration is comprised of a fixed basic salary and fringe benefits as well as variable, performance-based short-term and long-term performance bonuses. Other financial benefits are offered in accordance with applicable market practice. Like other personnel, the CEO has the right to GRK’s valid employee benefits, such as health insurance, leisure time accident insurance and travel insurance related to business travel, as well as a possible life insurance to be agreed separately with the President and CEO. The President and CEO has no supplementary pension plans.
The remuneration decision-making process in accordance with the Remuneration Policy is based on the cooperation of the general meeting of shareholders, the Board of Directors and the Board of Directors’ committees.
Remuneration of the members of the Board of Directors in 2024:
| (EUR thousand) | audited |
| Board compensation | 167 |
| Salaries and other short-term employee benefits(1) | 129 |
| Pension costs – defined contribution plans | 23 |
(1) The salary mainly consists of fees and wages accrued from the board member’s previous employment and from 2023, which were paid in 2024.
Remuneration of the President and CEO in 2024:
| (EUR thousand) | audited |
| Wages, salaries and other short-term employee benefits | 554 |
| Pension costs – defined contribution plans | 85 |
| Total | 639 |
Remuneration of the other Management Team members(1) in 2024:
| (EUR thousand) | audited |
| Wages, salaries and other short-term employee benefits | 2,680 |
| Pension costs – defined contribution plans | 507 |
| Cash settled share-based payments transactions | 71 |
| Total | 3,258 |
(1) In addition to the CEO, there have been 11 persons on average in the Management Team during the financial year 2024.