The Board of Directors of OmaSp has decided to establish a share-based incentive scheme for the key members of the Group. The aim of the scheme is to combine the interests of owners and key persons in order to increase the value of the Company in the long term, and to commit the key personnel to implement the Company's strategy, objectives and long-term interest and to provide them with competitive earnings of the Company's shares and a remuneration scheme based on accrual.
The share-based reward program 2020 - 2021 has one two-year earnings period, from January 1, 2020 to December 31, 2021. The program's target group consists of up to 15 key persons, including the CEO of the Company and the members of the Group’s Management Team. The total fees payable to the system correspond to a maximum value of 420,000 shares in Oma Savings Bank Plc, including the amount paid in cash.
The possible remuneration of the scheme is based on a comparative cost-income ratio, an increase in operating income (by comparative figures), and customer and employee satisfaction. The reward is paid after the end of the earnings period in approximately three years in four instalments. The remuneration is paid in part in shares of the Company and partly in cash. The purpose of this contribution is to cover taxes and parafiscal charges incurred by the key person on the fee. If a key person's employment or job is terminated before the remuneration is paid, the remuneration is not, as a rule, paid. Shares paid as a reward may not be transferred during the one-year waiting period for the shares.
The CEO of the Company and a member of the Group Management Team must hold at least 50 per cent of the net shares paid under the scheme until the value of the CEO's share ownership in the Company is equal to the value of his gross annual salary and, accordingly, the shareholding of a member of the Group’s Management team in the Company is equal to half the value of his/her annual gross salary. This amount of shares shall be held for as long as the CEO's term of office or membership of the Group Management Team continues.