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Nokia - AGM 08 April 2021

On 1 August 2020, Pekka Lundmark replaced Rajeev Suri as President and CEO of Nokia.
We recommend to oppose the remuneration report (item 10) due to the following concerns:

• Use of non-IFRS operating profit as performance indicator while the annual
report indicates the use of “operating profit” (misleading)
• Excessive termination package of €5.12 M for previous CEO, Mr Suri
• Lack of justification of the new CEO’s golden Hello
• CEO’s total remuneration of €8.02 M (excluding golden hello) exceeding by 82% the Technology & Hardware sector median in Europe.

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.


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