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Related party transactions (Tables)

12 Months Ended

Dec. 31, 2021

Related party transactions

Schedule of related party transactions


EURm		2021		2020		2019
Share of results		9		22		12
Dividend income		8		5		6
Share of shareholders' equity		243		233		165
Sales		87		115		153
Purchases		(144)		(177)		(193)
Trade receivables		45		31		22
Trade payables		(29)		(26)		(38)

Schedule of compensation

Compensation information for the President and CEO:


EUR		Base salary/fee		Cash incentive payments		Share-based payment expenses⁽¹⁾		Pension expenses		Total⁽²⁾
2021
Pekka Lundmark		1 300 000		2 975 781		4 263 505		589 873		9 129 159
2020
Pekka Lundmark, from 1 August 2020		541 667		573 068		1 063 164		211 050		2 388 949
Rajeev Suri, until 31 July 2020⁽³⁾		759 365		945 697		1 276 825		341 591		3 323 478
2019
Rajeev Suri		1 300 000		637 163		2 265 547		353 846		4 556 556

(1)Represents the expense for all outstanding equity grants recorded during the year.

(2)	Additionally, the CEO has received EUR 35 731 (EUR 80 244 in 2020 and EUR 118 619 in 2019) other compensation such as telephone, car, driver, mobility, tax compliance support and medical insurance.

(3) Upon stepping down from his role as CEO in 2020, Nokia recorded termination benefits, EUR 5 122 317, for Rajeev Suri according to terms of his exit agreement. During 2021, the details of Rajeev Suri’s exit agreement were revised and incentive payout factor was finalized, resulting into a credit of EUR 96 201 recorded to the income statement in 2021.

Total remuneration awarded to the Group Leadership Team for their time as members of the Group Leadership Team:


EURm		2021		2020		2019
Short-term benefits		20		27		24
Post-employment benefits⁽¹⁾		2		2		1
Share-based payments		12		9		8
Termination benefits⁽²⁾		–		10		–
Total		34		48		33

(1)The members of the Group Leadership Team participate in the local retirement programs applicable to employees in the country where they reside.

(2)	Includes both termination payments and payments made under exceptional contractual arrangements for lapsed equity awards.

Board of Directors’ compensation

The annual remuneration paid to the members of the Board of Directors, as decided by the Annual General Meetings in the respective years:


		2021						2020						2019
		Annual		Meeting		Shares		Annual		Meeting		Shares		Annual		Meeting		Shares
		fee⁽¹⁾		fees⁽²⁾		received⁽³⁾		fee⁽¹⁾		fees		received⁽³⁾		fee⁽¹⁾		fees		received⁽³⁾
		EUR		EUR		number		EUR		EUR		number		EUR		EUR		number
Sari Baldauf, Chair		440 000		–		43 711		440 000		5 000		48 523		185 000		12 000		16 261
Kari Stadigh, Vice Chair⁽⁴⁾		200 000		7 000		19 868		185 000		11 000		20 401		160 000		12 000		14 063
Bruce Brown⁽⁴⁾⁽⁵⁾		200 000		7 000		19 868		190 000		22 000		20 953		190 000		27 000		16 700
Thomas Dannenfeldt⁽⁵⁾⁽⁶⁾		185 000		7 000		18 378		175 000		–		19 299		–		–		–
Jeanette Horan⁽⁵⁾⁽⁶⁾		185 000		7 000		18 378		175 000		20 000		19 299		175 000		22 000		15 382
Louis R. Hughes		–		–		–		–		–		–		–		22 000		–
Edward Kozel⁽⁵⁾⁽⁶⁾		195 000		7 000		19 372		195 000		17 000		21 504		195 000		20 000		17 140
Elizabeth Nelson		–		–		–		175 000		17 000		19 299		175 000		25 000		15 382
Olivier Piou		–		–		–		–		11 000		–		175 000		14 000		15 382
Risto Siilasmaa		–		–		–		–		–		–		440 000		–		38 675
Søren Skou⁽⁴⁾		175 000		7 000		17 385		160 000		11 000		17 644		160 000		–		14 063
Carla Smits-Nusteling⁽⁶⁾		190 000		9 000		18 875		190 000		17 000		20 953		190 000		20 000		16 700
Total		1 770 000		51 000				1 885 000		131 000				2 045 000		174 000

(1) Annual fees consist of Board member fees and Committee chair and member fees.

(2) Meeting fees include all meeting fees paid for the term that ended at the Annual General Meeting held on 8 April 2021, and meeting fees accrued and paid in 2021 for the term that began at the same meeting.

(3) Approximately 40% of each Board member’s annual compensation is paid in Nokia shares purchased from the market, and the remaining approximately 60% is paid in cash.

(4) Annual fees in 2021 include EUR 30 000 for Bruce Brown as Chair and EUR 15 000 for Søren Skou and Kari Stadigh as members of the Personnel Committee.

(5) Annual fees in 2021 include EUR 20 000 for Edward Kozel as Chair and EUR 10 000 for Bruce Brown, Thomas Dannenfeldt and Jeanette Horan as members of the Technology Committee.

(6) Annual fees in 2021 include EUR 30 000 for Carla Smits-Nusteling as Chair and EUR 15 000 for Thomas Dannenfeldt, Jeanette Horan, and Edward Kozel as members of the Audit Committee.