Salaries of pension insurance company CEOs clearly up in 2010

Ilmarinen’s CEO received a bonus of EUR 100,000

Harri Sailas

Matti Vuoria

print this

The CEOs of Finland’s two largest pension insurance companies, Varma and Ilmarinen, received a distinct increase in their salaries and remunerations in 2010.
     
The fixed and variable salary of Ilmarinen’s Harri Sailas increased by 20 per cent to a total of EUR 595,000, while the compensation received by Varma’s Matti Vuoria was up by 7 per cent to a total of EUR 763,000.
      The pension insurance companies handle the statutory employee pension insurance contributions collected from Finnish employers and employees. More than two-thirds of the Finnish earnings-related pension insurance system are managed by Imarinen and Varma.
     
The income of the two CEOs included the basic salary and short-term bonuses for 2009. A new long-term bonus system for executives and other key persons entered into force in 2010, but the potential extra income ensued from the new system will be payable no sooner than from the beginning of 2013.
      However, the basic salaries of the CEOs increased already last year, which will intensify the impact of the new long-term bonus scheme: the extra income brought by the old and new bonus systems will be calculated as percentages of the CEOs’ basic salaries.
     
In 2010, Sailas received a 16% increase in his basic salary, which rose to EUR 463,000. The combination of the new and present bonus schemes could raise his salary and remuneration to approximately EUR 828,000 from 2013 onwards.
      The increase in the basic salary of Varma’s Matti Vuoria was about 4 per cent, in other words, it rose to EUR 503,000.
      When the new long-term bonus scheme is payable in 2013, his annual income could double, amounting to more than a million euros.


Previously in HS International Edition:
  More monetary incentives for pension insurance bosses (5.11.2010)

Links:
  Ilmarinen
  Varma

Helsingin Sanomat