Report
Expert Corporate Governance Service (ECGS)
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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.

Underlying
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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Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Expert Corporate Governance Service (ECGS)

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