Salary and remuneration statement

This statement is based on the Finnish Corporate Governance Code. Varma complies with the Code provisions that apply to the statutory activities of earnings-related pension insurance companies.

This statement describes the situation on 5 March 2014.

Decision-making procedure

Varma’s Board of Directors annually decides on the company’s principles of performance-based remuneration, the maximum amounts and the personnel groups that are included. The Board of Directors also decides on the remuneration of the President and CEO and the members of the Executive Group, according to the ‘one-above’ principle, in which the decision is made by at least one organisational level above the superior of the person in question.

Composition and authority of the Nomination and Compensation Committee

Preparation of remuneration matters to be discussed by the Board of Directors is the responsibility of the Nomination and Compensation Committee, appointed by the Board of Directors. The Committee consists of Chairman of the Board of Directors Kari Jordan and the Vice Chairmen of the Board of Directors, Jari Paasikivi and Antti Palola. Remuneration decisions are made by the Board of Directors.