Oma Savings Bank Plc’s Board of Directors decided on a new incentive scheme and an earning period for key persons for 2022-2023
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 24 FEBRUARY 2022 AT 15.01 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE
Oma Savings Bank Plc’s Board of Directors decided on a new incentive scheme and an earning period for key persons for 2022-2023
The Board of Directors of Own Savings Bank Plc (OmaSp or the Company) has decided to establish a new share-based incentive scheme for key persons 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 persons 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 incentive scheme is in place until further notice and the Board of Directors always decides separately on the earning periods, participants, allocations and criteria set up in the scheme.
The Company’s Board of Directors decided to establish one two-year earning period in the share-based incentive scheme, from 1 January 2022 to 31 December 2023. The target group of the scheme includes a maximum of 30 key persons, including the company’s CEO and members of the Group’s Management Team. The fees payable under the scheme corresponds to a maximum value of 400,000 shares of Oma Savings Bank Plc, including the amount to be paid in cash.
The possible reward for the earning period 2022-2021 is based on a comparative cost-income ratio, an increase in operating income (by comparable figures), and customer and employee satisfaction. The reward will be paid after the end of the earnings period in approximately in six instalments within five years. The reward is paid partly in Company shares and partly in cash. The purpose of the cash contribution is to cover taxes and tax-like payments arising from the remuneration to the key person. If a key person’s employment or job is terminated before the remuneration is paid, the remuneration is generally not paid. Shares paid as a reward may not be transferred during the one-year waiting period set for the shares.
The CEO of the Company and a member of the Group Management Team must hold at least 50 percent 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.
Oma Savings Bank Plc
Additional information:
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi
DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi
OmaSp is a growing Finnish bank and the largest savings bank in Finland based on total assets. About 330 professionals provide nationwide services through OmaSp’s 35 branch offices and digital service channels to over 150,000 customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.
OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.
