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Related party transactions (Tables)
12 Months Ended
Dec. 31, 2022
Related party transactions  
Schedule of related party transactions

EURm

    

2022

    

2021

    

2020

Sales

 

74

 

87

 

115

Purchases

 

(127)

 

(144)

 

(177)

Trade receivables

 

36

 

45

 

31

Trade payables

 

(26)

 

(29)

 

(26)

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)

2022

Pekka Lundmark

 

1 300 000

2 342 438

5 425 169

406 806

9 474 413

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

(1)Represents the expense for all outstanding equity grants recorded during the year.
(2)Additionally, the CEO has received EUR 113 850 (EUR 35 731 in 2021 and EUR 80 244 in 2020) 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 an 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

    

2022

    

2021

    

2020

Short-term benefits

 

17

 

20

 

27

Post-employment benefits(1)

 

1

 

2

 

2

Share-based payments

 

13

 

12

 

9

Termination benefits(2)

 

1

 

 

10

Total

 

32

 

34

 

48

(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:

2022

2021

2020

    

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

36 217

 

440 000

43 711

 

440 000

5 000

48 523

Søren Skou, Vice Chair(4)

210 000

9 000

17 285

175 000

7 000

17 385

160 000

11 000

17 644

Bruce Brown(4)(5)

 

210 000

17 000

17 285

 

200 000

7 000

19 868

 

190 000

22 000

20 953

Thomas Dannenfeldt(4)(6)

200 000

9 000

16 462

185 000

7 000

18 378

175 000

19 299

Lisa Hook(6)

185 000

7 000

15 227

Jeanette Horan(5)(6)

195 000

16 050

185 000

7 000

18 378

175 000

20 000

19 299

Edward Kozel(5)(6)

205 000

12 000

16 874

195 000

7 000

19 372

195 000

17 000

21 504

Elizabeth Nelson

 

 

 

175 000

17 000

19 299

Thomas Saueressig (5)

180 000

7 000

14 816

Carla Smits-Nusteling(6)

 

200 000

9 000

16 462

 

190 000

9 000

18 875

 

190 000

17 000

20 953

Olivier Piou

 

 

 

11 000

Kari Stadigh

 

 

200 000

7 000

19 868

 

185 000

11 000

20 401

Kai Öistämö (5)

 

180 000

5 000

14 816

 

Total

 

2 205 000

75 000

 

 

1 770 000

51 000

 

 

1 885 000

131 000

 

  

(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 5 April 2022, and meeting fees accrued and paid in 2022 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 2022 include EUR 30 000 for Bruce Brown as Chair and EUR 15 000 for Søren Skou and Thomas Dannenfeldt as members of the Personnel Committee.

(5)   Annual fees in 2022 include EUR 20 000 for Edward Kozel as Chair and EUR 10 000 for Bruce Brown, Jeanette Horan, Thomas Saueressig, and Kai Öistämö as members of the Technology Committee.

(6)   Annual fees in 2022 include EUR 30 000 for Carla Smits-Nusteling as Chair and EUR 15 000 for Thomas Dannenfeldt, Lisa Hook, Jeanette Horan, and Edward Kozel as members of the Audit Committee.