Verkkokauppa.com Oyj Remuneration Report 2020...Remuneration in Verkkokauppa.com Development of...

Verkkokauppa.com Oyj Remuneration Report 2020

ThisRemunerationReport(“Remuneration Report”)sets out how Verkkokauppa.com Oyj (“Verkko-kauppa. com”or “Company”)has implemented itsRemunerationPolicyinthefinancialyear2020.TheRemunerationReportprovidesinformationconcerningthe remuneration of the Company’s Board of Directors (“Board”)andCEO(“CEO”)between1January2020and31December2020.TheRemunerationReporthasbeenpreparedinaccordancewiththerequirementsoftheShareholders’RightsDirective(EU2017/828).InFinland, the requirementsof theDirectivehavemainly been implemented in the Limited Liability CompaniesAct(624/2006,asamended),theSecuritiesMarketsAct(746/2012,asamended),theDecreeoftheMinistryofFinance(608/2019)andtheFinnishCorporateGovernanceCode2020.

The Board’s Remuneration Committee haspreparedtheRemunerationReportforreviewbytheBoard,andtheBoardhasapproveditforsubmissiontotheGeneralMeeting.TheshareholderswillmakeanadvisorydecisionontheapprovaloftheRemunerationReportattheAnnualGeneralMeeting2021.

introduction

Overview of Remuneration in the Financial Year 2020TheremunerationoftheVerkkokauppa.comgoverningbodies is based on the Company’s RemunerationPolicy(“Remuneration Policy”)thatwaspresentedforanadvisorydecisionattheAnnualGeneralMeetingheldon31March2020.Inthefinancialyear2020,theCompany’sremunerationdecision-makingprocessasdefinedintheRemunerationPolicyhasbeenfollowedinthedecision-makingrelatedtotheVerkkokauppa.com remuneration. The Board has not applied the

possibilitytodeviatefromtheRemunerationPolicytemporarily during 2020 and the Board has not identified aneed to apply clawback conditions tovariableremunerationpaid.

TheremunerationappliedinaccordancewiththecurrentRemunerationPolicyin2020hassupportedtheCompany’slong-termfinancialsuccessandshareholdervaluecreation.TheCEO’soverallearningopportunityhasbeensettobecompetitive,andtheperformance-basedshort-termandlong-termincentiveplanshaveemphasizedtheimportanceofstrongoperativeandfinancialperformanceaswellas shareholdervaluecreationintheCEO’sremuneration.Inaddition,thelong-termincentiveplanhasstronglypromotedthealignment of the CEO’s and shareholders’ interests.

In2020,Verkkokauppa.comhad long-termandshort-termincentiveplansinplacefortheCEO.Underthelong-termIncentiveplan,thematchingperiods2018–2020and2019–2021of theMatchingSharePlan 2018–2020 aswell as the new PerformanceMatchingSharePlan2020–2022decidedbytheBoardon13February2020were inplace in2020. In thenewPerformanceMatchingSharePlan,therewardis based on the Company’s total shareholder return (TSR),includingdividends.BothMatchingSharePlansarebasedontheparticipants’owninvestmentintheVerkkokauppa.com share and on matching shares earnableagainsttheowninvestment.Thefeaturesoflong-termincentiveplansaredescribedinmoredetailin the section “CEO Remuneration” on page 63.

In2020, theshort-term incentive’s focuswasonimproved profitability and growth, and the CEO’sperformancecriteriaweresetto25%revenuegrowthand75%improvementinprofitability.TheCEOachievedand in part exceeded the maximum targets set by the Board,andthusearnedthemaximumremuneration

setonhimfortheshort-termincentive,i.e.arewardequivalenttofour(4)months’fixedsalary.Applicationoftheperformancecriteriaandrewardspayableforthereportablefinancialyeararedescribedinmoredetailinthe section “CEO Remuneration” on the page 63.

Development of Financial Performance and Remuneration in Verkkokauppa.com

Development of Financial Performance in 2016–2020In 2016–2020, Verkkokauppa.com has grownsignificantly;therevenueasawholehas increasedbymorethan49%,meaningtheannualgrowthhasaveraged10.5%.Theoperatingprofit(EBIT)hasgrownevenstrongeroverthesameperiod,asawholebymorethan55%,oranaverageof11.6%.

Astherevenuehasgrownrelativelysteadily,theoperatingprofit (EBIT) has reflected the rigorouscompetitive environment that prevailed. Theoperatingprofit(EBIT)increasedsignificantlyin2020,in part due to strong demand in the online sales channelresultingfromtheCOVID-19pandemicandafocusonprofitabilityalongsidegrowth.Theemphasisonprofitability isalsoreflectedintheCEO’sshort-termincentiveperformancecriteria,asdescribedonpage 64.

Includingdividends,thereturngeneratedtoshare-holdersin2016–2020hastotaledapproximately15%.

12€

10€

8€

6€

4€

2€

0€

2016

2016

2016

371 M€

12.6 M€ 13.5 M€ 13.3 M€11.3 M€

19.6 M€

432 M€478 M€ 504 M€

554 M€

2017

2017

2017

2018

2018

2018

2019

2019

2019

2020

2020

2020

600M€

500M€

400M€

300M€

200M€

100M€

0M€

20M€

15M€

10M€

5M€

0M€

5%

4%

3%

2%

1%

0%

Share price development 2016–2020Dividends per share 2016–2020 0,91€ in total

Revenue

Comparable opertaing profit

3.4 % 3.1 %2.8 %

2.2%

3.5 %

InthegraphsthefiguresforFY2016followFinnishAccounting Standards(FAS).TheIFRSfiguresforFY2017areunaudited.

61VERKKOKAUPPA.COM · Financial StatementS 2020 · REMUNERAtION REPORt 2020

Development of Remuneration in 2016–2020

Remuneration paid to the CEO, in euros

Remuneration Paid to the CEO by Elements

2016 2017 2018 2019 2020

Samuli Seppälä(until22March2018)Fixedbasesalary+fringebenefits 8,916 2,270 514Short-termincentiveLong-termincentivetotal remuneration 8,916 2,270 514

Panu Porkka(asof22March2018)Fixedbasesalary+fringebenefits 317,348 419,390 454,068Short-termincentive 90,000 109,320 0Long-termincentivetotal remuneration 407,348 528,710 454,068

Development Fixedbasesalary+benefits -75% 13,903% 32% 8%Total remuneration -75% 17,867% 30% -14%

Board annual fees 2016 2017 2018 2019 2020

Chairperson 40,000 40,000 70,000 70,000 70,000Developmentfrompreviousyear 0% 75% 0% 0%

Member 20,000 20,000 35,000 35,000 35,000Developmentfrompreviousyear 0% 75% 0% 0%

Average employee remuneration2016 2017 2018 2019 2020

Averageannualsalarydevelopment 2.5% 4.0% 2.6% 5.3%

2016 2017

-75 %

13,903%

17,867%

30%

-14%

32% 8%

2018 2019 2020

600,000€

500,000€

400,000€

300,000€

200,000€

100,000€

0€

CEOSamuliSeppäläwaivedhiscashsalaryfrom1January2016to 31December2016andfrom1January2017to31December2017.Theportionofcashsalaryfortheperiodfrom1January2016to 30September2017wasdistributedtheCompany’semployees.

fixed Salary and benefits

long-term Incentive

Short-term Incentive

Averageemployeeremunerationiscalculatedbasedontheaveragenumber of employees as part of the salaries recorded in the income statement.Commercialsector’scollectiveagreementisappliedtoe.g.employeesworkinginstoresandlogisticsoperations.


Board Remuneration in 2020

Remuneration paid to Verkkokauppa.com Board members during 1 January 2020 – 31 December 2020 (Remunerationpaidduring1January2019–31December2019inbrackets)

Member Committee MembershipBoard Annual Fee in Total

Portion of Annual Fee paid in Shares (Number of Shares) Committee Fee € Other Fees € Total €

Christoffer Häggblom, Chairperson

ChairpersonofRemunerationCommitteeMember of Audit Committee

70,000(70,000) 8,024(10,097) 14,000(14,000) - 84,000(84,000)

Robert Burén 35,000(35,000) 4,012(5,048) - - 35,000(35,000)

Mikael Hagman (until4January2021) 35,000(35,000) 4,012(5,048) - - 35,000(35,000)

Kai SeikkuChairperson of Audit CommitteeMemberofRemunerationCommittee

35,000(35,000) 4,012(5,048) 16,000(16,000) - 51,000(51000)

Samuli SeppäläMember of Audit CommitteeMemberofRemunerationCommittee

35,000(35,000) 1,246(5,048) 10,000(10,000) - 45,000 (45,000)

Arja Talma Vice Chairperson of Audit Committee 35,000(35,000) 4,012(5,048) 10,000(10,000) - 45,000 (45,000)

InaccordancewiththedecisionoftheAnnualGeneralMeetingheldon31March2020,theremunerationpayable to Verkkokauppa.com Board members is the following:• Chairperson,Annualfee,70,000euros• Member,Annualfee,35,000euros

HalfoftheannualfeesoftheBoardmembersisintended to be paid in the Company’s shares after each quarterly release and the remaining part of the annual feeispaidincash,whichisusedtocovertaxesarisingfromthefees.ThesharesdeliveredasremunerationtotheBoardmembersarenotsubjecttoanyownershipor transfer restrictions.

Annual fees for the members of the Board Committees for the term ending at the close of the AnnualGeneralMeeting2021arethefollowing:

• ChairpersonofAuditCommittee,12,000euros• ViceChairpersonofAuditCommittee,10,000euros• EachmemberofAuditCommittee,6,000euros• ChairpersonofRemunerationCommittee,8,000

euros• EachmemberofRemunerationCommittee,4,000

euros

Committee fees are paid in cash. In addition,reasonableaccruedtravelandlodgingexpensesaswellasotherpotential costs relatedtoBoardandCommitteeworkarecompensated.

ceo Remuneration in 2020

Application of Performance Criteria and payable Rewards In 2020, The CEO of Verkkokauppa.com had aperformance-basedshort-termincentiveandalong-termperformancematchingshareplan2020–2022launchedon13February2020 inplace.Theaimoftheshort-termincentiveistoguidetowardsachievingshort-term financial and operative targets and toawardfortheachievementsinaccordancewiththeCompany’sbusinessstrategy.Theaimofthe long-termincentiveplanistoawardfortheachievementofstrategicandfinancialtargetsandforthelong-termshareholdervaluecreation,toaligntheinterestsoftheCEOandtheCompany’sshareholdersaswellastoaccumulatetheCEO’sownershipintheCompanyinaccordancewiththeshareownershipguidance.

In2020,theperformancecriteriafortheshort-termincentiveplanwerebasedontherevenuegrowthof25%andonthecomparableoperatingprofit(EBIT)growthof 75%. ThemaximumCEO remunerationundertheshort-termincentiveplaninthefinancialyear2020wasequivalenttofour (4)months’fixedsalary.ThetargetssetbytheBoardforthefinancialyear2020wereachievedat100%,andtherewardearnedbytheCEOforthefinancialyearwas120,000euros.Therewardwillbepaidinspring2021.

On 13 February 2020, the Board launched anew share-based long-term incentive plan, thePerformanceMatchingSharePlan2020–2022.ThePerformanceMatchingSharePlanisbasedontheowninvestment intheVerkkokauppa.comshareandonmatchingsharesearnableagainsttheowninvestment.The number of matching share earnable based on this plan is based on the Company’s total shareholder return(TSR)in2020–2022.Therewardearnedbasedonthisplanwillbeconfirmedandpaidinspring2023.

Share-based incentive plans in place in the financial year 2020Duringthefinancialyear2020,thematchingperiods2018–2020and2019-2021oftheMatchingSharePlan2018–2020launchedbytheBoardon16May2018,aswellasthePerformanceMatchingSharePlan2020–2022launchedbytheBoardon13February2020werein place.

Under theMatching Share Plan 2018–2020, acertain number ofmatching shares are deliveredto theparticipantagainst theirown investment inVerkkokauppa.com shares. This plan consists of 3 matchingperiods,calendaryears2018–2020,2019–2021and2020–2022.On13February2020,theBoarddecided that the plan’s last matching period does notbeginbut isreplacedbythenewPerformanceMatchingSharePlan2020–2022.


In the Matching Share Plan 2018–2020, theprerequisite for receiving reward is that a personparticipating in the plan allocates freely transferable Company’ssharestheyowntotheplanoracquirestheCompany’ssharesuptothenumberconfirmedbytheBoard.Inaddition,therewardpaymentisbasedontheparticipant’svalidemploymentorserviceatthetimeoftherewardpayment.Therewardsarepaidpartlyin the Company’s shares and partly in cash. The cash portionisintendedtocovertaxesandtax-relatedcostarisingfromtherewardtotheparticipant.Asarule,norewardwillbepaid,iftheparticipant’semploymentorserviceterminatesbeforetherewardpayment.

Forthefirstmatchingperiodthatbeganin2018,theparticipantreceives1freematchingshareforeachshareallocatedtotheplanafterathree-yearmatchingperiod,providedthattheconditionsdefinedintheterms and conditions of the plan for the receipt of the matchingsharearemetatthattime.TheCEOfulfilledthesetconditionsat100%duringthematchingperiod,andagrossrewardworth10,000Companyshares,includingthecashportion,willbepaidtotheCEOinspring 2021.

For the secondmatchingperiod thatbegan in2019,theparticipantreceives1freematchingshareforeachshareallocatedtotheplanafterathree-year

matchingperiod,providedthattheconditionsdefinedin the terms and conditions of the plan for the receipt of the matching share are met at that time.

In the Performance Matching Share Plan 2020–2022,theprerequisiteforparticipatingandreceivingreward is that a person participating in the planallocates freely transferable Company’s shares they owntotheplanoracquirestheCompany’ssharesuptothenumberconfirmedbytheBoard.Inaddition,the rewardpayment is basedon theparticipant’svalidemploymentorserviceatthetimeoftherewardpayment.TherewardsarepaidpartlyintheCompany’sshares and partly in cash. The cash portion is intended

tocovertaxesandtax-relatedcostarisingfromtherewardtotheparticipant.Asarule,norewardwillbepaid, if theparticipant’semploymentorserviceterminatesbeforetherewardpayment.

InthePerformanceMatchingSharePlan2020–2022, theparticipanthas apossibility toearn1–3matching shares for each share allocated to the plan uptoacertainnumberofsharesafterathree-yearmatching period. The number of earnable matching shares is based on the Company’s total shareholder return(TSR)in2020–2022.

PlanBoard decision on the plan

Share price on the decision date Performance criteria

Maximum reward as a number of gross shares

Reward outcome, % of maximum level

Reward earned, as a number of gross shares

Reward payment date

Net shares paid

Share price on the payment date

Matching Share Plan 2018–2020 16 May 2018 5.980€Personalinvestment and continuing share ownership

10,000 100% 10,000 March 2021 – –

Matching Share Plan 2019–202121 December 2018

4.157€Personalinvestment and continuing share ownership

10,000Tobeconfirmed in spring 2022

Tobeconfirmedinspring 2022

Spring2022 – –

Performance Matching Share Plan 2020–2022

13February2020

4.064€Personalinvestment, continuing share ownershipandTSR

120,000Tobeconfirmed in spring 2023

Tobeconfirmedinspring 2023

Spring2023 – –

Overview of share-based incentive plans in place for the CEO in the financial year 2020

Remuneration paid to CEO in financial year 2020 Structure of Remuneration Paid to the CEO in 2020

Fixed base salary + fringe benefits Short-term incentive 1 Long-term incentive 2 Total remuneration paid 2020

454,068€ 0€ - 454,068 €

1Basedonthefinancialyear2019performance,noshort-termincentive,whichwouldhavebeenpaidin2020,wasearned.2Norewardspayablebasedonlong-termincentivesin2020.

100 %

fixed Salary and Benefits


coRpoRate GoVeRnance Statement

VERKKOKAUPPA.COM · coRpoRate GoVeRnance Statement 65

Corporate governance statement

Verkkokauppa.comOyj(hereinafter,the“Company”or “Verkkokauppa.com”) isapublicFinnishlimitedliability company, the shares ofwhich are tradedontheofficiallistofNasdaqHelsinkiLtd.(“Nasdaq Helsinki”). Verkkokauppa.com adheres to thecorporategovernanceprinciplesandcompliesinallitsactivitieswiththerelevantlawsandregulationsand implements the corporate governancerecommendations.Verkkokauppa.com’sgovernanceissubject to the Company’s Articles of Association and thelawsofFinland,inparticulartheCompaniesAct,theAccountingAct,securitiesmarketslegislation,aswellasotherregulationsandprovisionsrelatedtothegovernanceofapubliclimitedliabilitycompany.Furthermore, Verkkokauppa.com’s operations areguidedbytheCompany’svalues,itsCodeofConductand its policies and internal operating guidelines.

Inaddition,Verkkokauppa.comalsocomplieswiththeCorporateGovernanceCode2020adoptedbytheSecuritiesMarketAssociation(the“CG Code”).Ifthe Company in the future departs from any of the recommendationsof theCGCode, it shalldisclosethe departure and provide reasons therefor. TheCorporateGovernanceCode is available online atwww.cgfinland.fi.

TheCompany’sCorporateGovernanceStatementisavailableontheCompany’swebsitehttps://investors.verkkokauppa.com/en/governance.

Company structure

Verkkokauppa.comOyj,domiciledinHelsinki,Finlandisthe sole operating company and it has no subsidiaries.

TheCompany’sgovernanceisorganisedthroughtheGeneralMeeting,theShareholders’NominationBoard,theBoardofDirectors(the“Board”),andthe

Chief ExecutiveOfficer (the “CEO”). Further, theCompany has a management team led by the CEO. The Company has one reporting segment.

General Meeting

Thehighestdecision-makingpowerinVerkkokauppa.com is exercised by the Company’s shareholders at GeneralMeetings, inwhich the shareholdersmayexercisetheirrighttospeak,askquestionsandvote.TheAnnualGeneralMeetingisheldbytheendofJuneeach year and it handles the matters that fall under its authority according to the Articles of Association as wellasanymattersproposedtoaGeneralMeeting.

Usually General Meetings handle the matters placed on its agenda by the Board and its committees as well as the Shareholders’ Nomination Board.Shareholdersmayalso,inaccordancewiththeFinnishCompanies Act, request the Company’s Board toplace a matter on the agenda of the next General Meeting.TheCompanystateswellinadvanceonitswebsiteinvestors.verkkokauppa.com/enthedatebywhichashareholdermustdeclarehisorherdemandsformatterstobedealtwithattheAnnualGeneralMeeting.

Majormatters subject to the decision-makingpowerofaGeneralMeetinginclude:• Adoptionofthefinancialstatements;• Decisionontheuseofprofit,suchasdividends;• Decisionsonthenumber,electionandremunerationofmembersoftheBoard;

• Discharging the members of the Board and the CEO fromliability;

• Election of the Auditor and the decision on the Auditor’sremuneration;and

• OtherproposalsmadebytheBoardorashareholder,

suchas:– AmendmentstotheArticlesofAssociation;and– Special authorizations to the Board (e.g.

authorization to decide on payment of an additionaldividend,onashareissueorontherepurchaseofthecompany’sownshares)

AttheGeneralMeeting,thedecisionsareprimarilymade by a simple majority vote. The CEO, thechairperson and the members of the Board shall attendtheGeneralMeeting.Inaddition,theauditorshall be present at the Annual General Meeting. A candidate proposed to be elected to the Board shall participate in the General Meeting that decides on his or her election.

A notice of the General Meeting is published as a stockexchangereleasethreeweekstothreemonthsbeforetheGeneralMeeting.Theagenda,decision-making proposals and other meeting documents are subsequently availableat investors.verkkokauppa.com/en.

Shareholders registered in the Company’sshareholder registerkeptbyEuroclearFinlandLtdontherecorddateoftheGeneralMeetinghavetheright to attend the General Meeting and exercise their votingrights.Eachshareentitlesitsholdertoonevote.InstructionsforparticipationbynomineeregisteredshareholdersareavailableinthenoticeoftheGeneralMeeting.

Shareholders’ nomination board

TheAnnualGeneralMeetingoftheCompanyresolvedon 31 March 2020 that a shareholders’ nomination board consisting of the Company’s major shareholders or persons appointed by such shareholders be

establishedforthepurposeofpreparing,annuallyandotherwisewhenappropriate,proposalsconcerningthe composition of the Board and the election and remuneration of themembers of the Board (the“Nomination Board”).TheNominationBoardoperatesanditscharterappliesuntilotherwisedecidedbytheGeneral Meeting.

TheNominationBoardconsistsoffourmembers,three of whom represent the three largestshareholders of the Company and who hold thelargestnumberofvotesintheCompanyonthelastbanking day in May preceding the next Annual General Meeting. The Board Chair acts as the fourth member oftheNominationBoardoftheshareholders.

ThedutiesoftheNominationBoardinclude:• to prepare and present to the General Meeting a

proposal on the remuneration of the members of theBoardandtheBoardcommittees,inaccordancewiththeremunerationpolicy;

• to prepare and present to the General Meeting a proposal on the number of the members of the Board;

• toprepareandpresenttotheGeneralMeeting,inconsiderationoftheCompany’sdiversitypolicy,aproposalonthemembersoftheBoard;and

• toseekforprospectivesuccessorsforthemembersof the Board.

TheNominationBoardconveneswhensummonedby the Chair of the Nomination Board. Should ashareholder choose not to use the right to appoint amember, theright isasa ruletransferredtothenextlargestshareholderintheshareholderregister,whowouldnototherwisehavetherighttoappointamember. TheNominationBoard shall submit itsproposaltotheBoardeveryyear,bythelastbusiness

VERKKOKAUPPA.COM · CORPORATE GOVERNANCE STATEMENT 66

https://investors.verkkokauppa.com/en/governance

investors.verkkokauppa.com/en

investors.verkkokauppa.com/en

dayofFebruaryprecedingthenextAnnualGeneralMeeting.TheNominationBoardisestablishedtoserveuntil further notice and the term oft he members of theNominationBoardshallenduponthenominationofthefollowingNominationBoard.

ThecompositionoftheNominationBoardsinceSeptember2020hasbeenthefollowing:• Samuli Seppälä, FounderofVerkkokauppa.com,representinghimself,

• Peter Lindell,PartnerandChairofBoardofRiteVentures,appointedbyRiteVenturesFinlandAB,

• Erkka Kohonen,SeniorPortfolioManager,appointedbyVarmaMutualPensionInsuranceCompany,

• Christoffer Häggblom,ChairpersonoftheBoardofVerkkokauppa.com Oyj

Peter LindellhasactedasChairoftheNominationBoard.

Nomination Board proposals for the 2021 AGMThe Nomination Board convened 6 times beforepublication of its proposal. The ratio of attendance atthemeetingswas100percent. Inaddition,themembercandidateswereinterviewedbetweenthemeetings.TheNominationBoarddiscussedonthesizeoftheBoard,itscompositionanddiversity,andthekeyareasofexpertisethatareseenasbenefittingthecompanythemost.TheNominationBoardalsoexaminedtheremunerationofBoard.On22February2021,theNominationBoardannounceditsproposalto the Board for the notice of the Annual General Meeting.TheNominationBoardresolvedtoproposetotheAnnualGeneralMeetingthat:• theBoardconsistsofseven(7)members• thefollowingpersonsbeelectedtotheBoardfor

a term ending at the close of the Annual General Meeting2022:–Proposedtobere-electedasmembers:

Christoffer Häggblom,Kai Seikku, Samuli Seppälä and Arja Talma

– Proposedtobeelectedasnewmembers:Mikko Kärkkäinen,Frida Ridderstolpe and Johan Ryding

• the Board elects a Vice Chairperson in addition to theChairpersonoftheBoardamongstthemselves.

ThenomineestotheBoardhaveindicatedtotheNominationBoardthatifelected,theywillelectArja Talma as the Chairperson of the Board and Christoffer Häggblom as the Vice Chairperson of the Board. Of thecurrentmembers,Robert Burén has informed thatheisnotavailableforre-electiontotheBoard.

All nominees have given their consent to theelection. All nominees are deemed independent of the company and itsmajor shareholderswith theexception of Samuli Seppälä.

The annual fee to be paid to the members of the Board to be elected at the Annual General Meeting for thetermofofficeendingatthecloseoftheAnnualGeneralMeetingin2022isproposedtobeasfollows:• EUR70,000fortheChairpersonoftheBoard,• EUR55,000fortheViceChairpersonoftheBoard,

and• EUR35,000foreachmemberoftheBoard.

As a rule, 50%of the annual feewill be paidin Verkkokauppa.com Oyj shares in four equal instalments, each instalment being purchased ortransferredwithinthetwo-weekperiodbeginningonthedatefollowingtheannouncementofeachofthecompany’sinterimreportsandthecompany’sfinancialstatements bulletin for 2021. The rest of the annual feeisproposedtobepaidincash,whichisusedtocovertaxesarisingfromthefees.

The annual fees payable to members of the committeesoftheBoardforthetermofofficeendingat the close of the Annual General Meeting in 2022 are proposedtobethefollowing:

• EUR 12,000 for the Chairperson of the AuditCommittee,

• EUR10,000fortheViceChairpersonoftheAuditCommittee,

• EUR6,000foreachmemberoftheAuditCommittee,• EUR8,000fortheChairpersonoftheRemunerationCommittee,and

• EUR4,000foreachmemberoftheRemunerationCommittee.

The fees of the committees are proposed to bepaidincash. It isadditionallyproposedthatthemembers of the shall be compensated for reasonable accruedtravelandlodgingexpensesaswellasotherpotentialcostsrelatedtoBoardandCommitteework.Theproposedfeescorrespondtothefeesresolvedupon at the Annual General Meeting held 31 March 2020,withtheexceptionoftheremunerationpayabletothenewroleofViceChairpersonoftheBoard.

Board of Directors

TheBoardoverseesthemanagementandoperationsoftheCompany.Italsodecidesonsignificantmattersrelated tostrategy, investments,organizationandfinances.

TheBoardhastwocommitteesthatreporttotheBoard:theAuditCommitteeandtheRemunerationCommittee. The Board elects the members of these committees from among the Board members at its constitutivemeeting after theAnnualGeneralMeeting.TheBoardhasconfirmedwrittenchartersfor both committees.

Composition and termUndertheArticlesofAssociation,theBoardconsistsofat leastfour(4)andatmosteight(8)members.The members of the Board are elected by the Annual General Meeting of the shareholders and the term

ofofficeofthemembersoftheBoardexpiresattheendoftheAnnualGeneralMeetingfollowingtheirelection.

The Articles of Association set no limitations regarding the number of terms that Directors may serve, nor do they restrict in any other way thedecision-makingpowerof theGeneralMeeting inelectingmembersoftheBoard.However,theGeneralMeeting may take into account all recommendations stipulated by the CG Code regarding the composition oftheBoard,especiallywithregardstomeetingtheindependence and other requirements applicable to thecompanieslistedonaregulatedmarketinFinland.The Board elects one of its members as the chairperson of the Board and may elect a deputy chairperson.

Current composition of the Board of DirectorsTheAnnualGeneralMeetingheldMarch31, 2020electedthefollowingsix(6)BoardmembersforatermuntilthecloseofthenextAnnualGeneralMeeting:Christoffer Häggblom, Robert Burén, Mikael Hagman, Kai Seikku,Samuli Seppälä and Arja Talma. AttheconstitutivemeetingoftheBoard,convenedafter the Annual General Meeting, Christoffer HäggblomwaselectedastheChairoftheBoard.

Basedon theevaluationof independence, theBoard concluded that Christoffer Häggblom, Robert Burén,Mikael Hagman,Kai Seikku and Arja Talma are both independent of the Company and its significant shareholders. Samuli Seppälä is neither independent of the Company nor of its significant shareholder as he has been the CEO of the Company inthelastthreeyearsandhehimselfisasignificantshareholder of the Company.

OnJanuary4,2021Mikael Hagman resigned from his Board duties.

Information reported on themembers of theBoard can be found under the heading “Board of Directors”.


Duties of the Board of Directors The duties of the Company’s Board are set forth in the Companies Act and other applicable legislation. The Board is responsible for the management of the Company.Itsresponsibilitiesinclude,interalia,to:• deliberateanddecideontheCompany’sstrategy;• confirmthebusinessplanandbudgetaswellasfinancingtransactions(asfarasnotfallingintotheresponsibilityoftheshareholders);

• deliberateon andapprove interim reports and/or interimmanagement statements, the annualaccountsandthereportsbytheBoard;

• confirm internal control and risk management systemsandreportingprocedures;

• decideonpossiblebonusandincentiveschemesforthe management and possible general or special pensionschemes,profitsharingschemesorbonusschemesforemployeesoftheCompany;

• decideonanycontractswhich,giventhescopeandnatureofactivitiesoftheCompany,areofunusualnature,orsignificantimportancesuchaslong-termleasecontracts;

• follow-uponrelatedpartytransactions;and• appoint or dismiss the CEO. Other employees

belonging to the management team of the CompanyareappointedbytheCEOandapprovedby the Board.

Duties of the Board CommitteesThe Audit Committee shall prepare the monitoring andsupervisiondutiesoftheboardinmattersrelatedtotheCompany’s financial reporting,efficiencyofinternal control and audit and risk management function and the independence of the Company’s auditor. During 2020, the Audit Committee hasconsisted of Kai Seikku (Chair),Arja Talma (ViceChair),Christoffer Häggblom and Samuli Seppälä. The majority of the members of the Audit Committee are independent of the Company and the Company’s

TheBoardisalwaysobligedtoactintheCompany’sinterestsandinsuchawaythatitsactsormeasuresare not likely to produce unjustified benefit to any shareholder or other third party at the cost of the Company or another shareholder.

TheBoardshallconveneasfrequentlyasnecessaryto discharge its responsibilities. The CEO ensures that theBoard is providedwith sufficient informationto assess the operations and financial situation of the Company. The secretary of the Board is legal counselRobertTallberg.TheBoardconductsannualperformance self-evaluations, in addition to brieffeedbacksessionsfollowingeachlongermeeting.

Principles concerning the diversity of the Board of DirectorsTheCompanyhasdefinedtheprinciplesconcerningthediversityof theBoard in accordancewith therecommendation9oftheCGCode.

ItisintheCompany’sanditsshareholders’interestthatthemembersoftheBoardhaveabroadexpertisefromdifferentfieldsandbusinessareas.Thediversityof the Board supports the Company’s business and itsdevelopment,opendiscussionandindependentdecision-making.

TheShareholders’NominationBoardshallinthepreparation of the proposal for the composition of the Board take into account the requirements placed by theCompany’sstrategy,operationsanddevelopmentphaseaswellasthesufficientdiversityoftheBoard.ThediversityoftheBoardisexaminedfromdifferentperspectives. Important factors for the Companyaretheageandgenderdistribution,academicandprofessionalbackgroundaswellasstrong,versatileandmutuallycomplementaryexpertise,experienceand knowledge in the different business areasimportant to the Company.

The proposal regarding the number of members and composition of the Board is prepared by the

Participations in Board and Committee meetings 2020

Name Position Board Audit Committee

Remuneration Committee

Christoffer Häggblom Chair,ChairofRemunerationCommittee 25 / 25 4 / 4 3 / 3

Robert Burén Member 25 / 25 - -

Mikael Hagman1 Member 23 / 23 - -

Kai Seikku Member,ChairofAuditCommittee 22 / 25 4 / 4 3 / 3

Samuli Seppälä Member 25 / 25 5 / 5 3 / 3

Arja Talma Member,ViceChairofAuditCommittee 24 / 25 4 / 4 -

1)MemberoftheBoarduntilJanuary4,2021.

significantshareholders.Qualificationrequirementsregarding the members of the committee havebeentakenintoconsiderationwhenappointingthemembers.

TheRemunerationCommitteeshallpreparetheCompany’sRemunerationPolicyandRemunerationReporttobepresentedtotheAnnualGeneralMeetingaswell asensure theefficientpreparationof andremunerationmattersinrelationtoBoardmembers,theCEOandtheotherseniormembersofexecutivemanagement. During 2020, the RemunerationCommittee has consisted of Christoffer Häggblom (Chair),Kai Seikku and Samuli Seppälä. The majority of themembersof theRemunerationCommitteeare independent of the Company and the Company’s significantshareholders.

The former Nomination and RemunerationCommitteewasamendedtoRemunerationCommitteedue to the establishment of the Shareholders’NominationBoardbytheAnnualGeneralMeetingheldMarch31,2020.

TheBoardheld25meetingsduring2020(2019:21meetings). The average ratio of attendance atthemeetingswas97percent (2019:97percent). In

additiontothedutiesspecifiedintheBoard’scharter,in 2020, the Board focused on the evaluation ofmeasuresbroughtonby theCOVID-19pandemic,improvementsinthefinancialreportingprocessandonthefurtheranceofstrategywork.Inadditiontothedutiesspecifiedinthecharter,theRemunerationCommittee’sworkwaslinkedtothepreparationoftheremuneration policy to be presented at the Annual GeneralMeeting2020,thedevelopmentoflong-termincentivestructuresaswellasthepreparationoftheremuneration report to be presented to the Annual GeneralMeeting2021.InadditiontothetransitiontotheofficiallistofHelsinkiStockExchange,theAuditCommittee focused on financial reporting process aswellasthedevelopmentofriskmanagementandinternal audit procedures.

Decision-making and meeting practice MeetingsoftheBoardareconvenedbyitschairperson.TheBoardconstitutesaquorumwhenmorethanhalfof the members are present at the meeting. When votesarecast,themajorityopinionwillbetheBoard’sdecisionand,inthecaseofatie,thechairpersonwillhavethecastingvote.


NominationBoard.TheproposalbytheNominationBoard regarding the composition of the Board is based on the competence of the candidate and the Company aims to elect Boardmembers whose experienceandprofilecorrespondwiththeCompany’scurrentand future business needs. The Board members are elected annually at the Annual General Meeting of the shareholders.

The Company’s goal is that both genders are representedontheBoardandthatinthelong-termamore balanced representation of both genders on the Boardisachieved.Asmeanstoachievethisobjective,representatives of both genders are included intheBoardcandidatesearchandevaluationprocessandtheobjectiveistoactivelycommunicatetotheshareholders of the Company.

During2020oneBoardmemberwasfemaleandtheremainingfive(5)membersmale.

Principles concerning related party transactionsThe Board has adopted the principles concerning relatedparty transactions. Inaccordancewith theprinciples,theAuditCommitteeoftheBoardistaskedwith monitoring and supervising the Company’spolicies for related party transactions. The Audit CommitteemonitorsandassesseshowagreementsandotherlegalactsbetweentheCompanyanditsrelated parties meet the requirements of ordinary activities and arm’s-length terms. The AuditCommitteealsoreviewsthereportingofrelatedpartytransactionsinthefinancialstatementsandreportstothe Board on regular basis. The Board maintains a list of the Company’s related parties.

Inaccordancewiththeprinciples,themanagementteam member in charge of the transaction in the Company’soperationshas the responsibility to, inadvance,investigate,assessandidentifywhetherthetransaction in question is potentially a related party transaction.GiventheCompany’sbusinessmodelin

theretailsector,thenatureofitsday-to-dayoperationsanduseofstandardizedgeneraltermsandconditions,the related party transactions mainly apply to the procurement of services or potentially significantone-timeoffersortenderprocesses.TheCompanyestimatesthatrelatedpartytransactions,whichwouldbe outside the ordinary course of business or made on other than arm’s length basis are fairly infrequent and limited in extent.

Shouldthemanagementteammemberorotherindividualinvolvedidentifyatransactiontobemadewitharelatedpartyorhavereasontobelievethatthetransactionistobemadewitharelatedparty,that person should escalate the matter to the Board secretaryandtheCompany’sFinancedepartment.TogetherwiththeCompany’sFinancedepartment,the Board secretary shall analyse the nature of the transaction, i.e.whether thetransaction ispartofthe Company’s ordinary course of business and implemented under arm’s-length terms and itsmaterialityaswellasassesswhetherthetransactionwarrants a decision by the Board. The AuditCommittee prepares such matters concerning related party transactions for the Board decision.

Management team

Management team members during 2020

Name Position Time period

Panu Porkka CEO January1,2020–December31,2020

Mikko Forsell CFO January1,2020–December31,2020

Miika Heinonen Logistics Director January1,2020–December31,2020

Vesa Järveläinen Commercial Director January1,2020–December31,2020

Kalle Koutajoki ChiefSalesOfficer January1,2020–December31,2020

Seppo Niemelä Marketing and Communications Director January1,2020–December31,2020

Taina Suorsa1 HRDirector January1,2020–December31,2020

Henrik Weckström CTO January1,2020–December31,2020

1)MemberofthemanagementteamuntilFebruary15,2021andsucceededbySaaraTikkanenasHRDirector.

The management team members handle the issues that concern managing of the Company in their respective areas and on the basis of theguidanceprovidedbytheBoard.Themanagementteam assists the CEO in running the Company. The management team members prepare matters that aretobeputbeforetheBoardfordecision-making,e.g.theCompany’sstrategies,budgetsandpoliciesaswellassignificantacquisitions, investmentsanddivestments. In addition, themanagement teamhandlesmatterspertainingtoreporting,internalandexternal communication, personnel development,hiring of employees and their terms of employment as wellasinvestorrelations.Themanagementteamhasnoformalstatusundercompanylaw.

Information reported on themembers of themanagement team and the CEO can be found under the heading “Management team”.

Chief Executive OfficerTheCEOisresponsiblefortheday-to-daymanagementoftheCompanyinaccordancewiththeinstructionsandguidancegivenbytheBoardandensuringthattheaccountingpracticesoftheCompanycomplywithlaws

andregulationsandthatthefinancialmanagementofthe Company has been arranged in a reliable manner.

The CEO primarily presents the matters handled in meetings of the Board and is responsible for preparing draft resolutions. The Board elects the CEO and decides on the remuneration of the CEO and on other terms of the CEO contract.

Remuneration Policy and Remuneration Report

In accordance with the CG Code, the Companypresented its Remuneration Policy for governingbodiestotheAnnualGeneralMeetingheldMarch31,2020.ThegeneralmeetingapprovedtheremunerationpolicyanditisavailableontheCompany’swebsite.TheCompanywillpresentaremunerationreportforgoverningbodies andaminor amendment to theRemunerationPolicytotheAnnualGeneralMeetingto be held in 2021.


Internal control, risk management and internal audit

Internal controlInternalcontroloperatingmodelsareinlinewiththerisk management process. The goal of risk management is tosupportthestrategyandtheachievementofgoals by anticipating and responding to potential businessthreatsandopportunities.Internalcontroland risk management related to financial reporting seek sufficient assurance about the reliability of financialreportingandthatthefinancialstatementshavebeenprepared inaccordancewithapplicablelawsandregulations,accountingprinciples(IFRS)andother requirements for listed companies. The areas of internalcontrolarethecontrolenvironment(COSO),riskassessment,controlfunctions,communicationsand monitoring. The Board of Directors and the CEOhasoverallresponsibilityfortheorganizationofinternal control and risk management systems.

Overview of risk managementTheCompany’sBoardhasapprovedariskmanagementoperatingmodel for theCompany,which isbasedon the ISO 31000 Standard. The objective of theCompany’sriskmanagementisto:• raise risk awareness and enhanceproactive riskmanagementintheorganisation,

• increasethecompetitivenessoftheorganisationbyreducingnegativerisksandincreasingpositiverisks,

• ensureasufficientlevelofriskmanagementforthewholeorganisation,

• manage risks as part of business activities anddefine responsibilities of risk management in the organisation.

Risk management is managed operationallyby a riskmanager. Riskmanagement has its ownsteeringgroup,whichaimstosurveythestateofrisk

managementonaquarterlybasisaswellastoguidetheworkwithintheorganization.Riskmanagementacts as a control and monitoring tool in the Company as one part of internal control.

Inaccordancewiththeriskmanagementmodel,the Company’s company-level risks and the risksofeachdepartmentareassessed. Inaddition, riskassessmentsaretargetedatdifferentobjectsbasedon compliance or the basis of risk.

The risk management policy is supported by internal risk managements principles and guidelines for implementing risk management. The risk management model guides risk management according to the annual cock and is based on the model of continuous improvement.

Differentstakeholdersarekeptinformedonriskmanagement based on predetermined criteria. Intermsoftheannualreportingandthedevelopmentfeedback,anannualplan isalwayscreatedforthefollowingyear.

The Audit Committee regularly monitors and evaluates the implementation of the Company’sriskmanagementsystem.Thecompany’soperativemanagement is responsible for the practical measures relatedtoriskmanagementinaccordancewiththeCompany’s risk management policy and principles.

Main features of the internal control and risk mana-gement systems related to the financial reporting processThe Company’s CFO and finance department areresponsible for implementing financial reporting. Reporting is based on information generated bycommercialandadministrativeprocessesaswellasfinancialmanagementsystems.Thecompany’sfinancedepartment determines the control measures of the financial reportingprocess,which aree.g. variousinstructions,processdescriptions,reconciliationsandanalyses to ensure the accuracy of the information

usedinthereportingaswellasthereporting.The results of financial reporting are monitored

anddeviationsfromforecastsandthepreviousyearareanalysedregularly.Theaimoftheanalysesistofindpossible errors in reporting and to produce essentially correct information about the Company’s finances. Thecompany’sfinancedepartmentisresponsiblefortheeffectivenessandcoverageof internalcontrol.InternalAuditisresponsibleforevaluatingfinancialreporting processes. Risks related to financialreporting are assessed in accordance with thecompany’sriskmanagementprinciples.Deficienciesidentified in internal audit and risk assessment are addressedinaccordancewiththeriskclassification.

Overview of internal auditInternal audit enhances the performance of thesupervisorydutyoftheCompany’sBoard.Thepurposeof internal audit is to contribute to ensuring that the Company’s operations are efficient and effective,information is up-to-date and reliable, and thatestablished policies and procedures are adhered to.

InternalaudithelpstheorganizationachieveitsgoalsbyevaluatingandexaminingitsoperationsandmonitoringcompliancewiththeCompany’sguidelines.

In itsaudit reports, the internalaudit functionmakes recommendations for the development ofsystems and processes. The Board’s Audit Committee approvestheannualinternalauditplan,inwhichaudittargetsareselectedinaccordancewiththecompany’sstrategic objectives, assessed risks, prioritiesdefinedbytheBoardandtheCompany’sexecutivemanagement,andtherotationprinciple.Theinternalaudit function reports to the Board’s Audit Committee. Inaddition,theCEO,themanagementteamandthemanagement of the audited unit are informed of the results of the audit.

The audits are carried out by external partners. Prior to fieldwork at the internal audit site, the

internalauditteamcollectspre-materialandexaminesthe information and materials related to the audit site. In connectionwith the fieldwork, additionalobservationsconcerningtheobjectofinspectionarerecorded.

Internal audit reports contain key findings,conclusionsandrecommendationsforthedevelopmentof controls. The responsible management of the auditedtargetdevelopsanactionplantomanagethe identified risks and to develop controls toaddressthedeficienciesidentifiedduringtheaudit.The persons responsible for the Company’s internal audit regularly monitors the implementation of the action plan.

Whistleblowing channel for reporting suspected violationsThroughtheCompany’sreportingchannel,itpossibleifneedbeanonymously,reportsuspicionsofmisconductor policy violations for internal investigation. Allnotificationsmadethroughthereportingchannelwillbeinvestigatedinaccordancewiththeconfidentialwhistleblowingprocess.During2020,onereportwasmadethroughthewhistleblowingchannel.Inthecase,therewerenogroundstosuspectedillicitactivities.

Disclosure

The key principles of the communication and disclosureoftheCompanyaretimeliness,consistency,impartiality,andtransparency.

ThepurposeoftheCompany’sinvestorrelationsfunctionistosupportthefairvalueofVerkkokauppa.com’sfinancialinstrumentsbyprovidingthefinancialmarketwithconsistent,correct,relevant,andreliableinformation on the Company to ensure that capital market participants have transparent and clear apictureoftheCompany, itsoperations,objectives,strategyandfinancialsituation.Theaimistoguarantee

70VERKKOKAUPPA.COM · Financial StatementS 2020 ·

thatallmarketparticipantsreceivesimultaneouslytheinformation that the Company communicates.

Theprimarycommunicationchannelforup-to-dateinformation for all stakeholders is Verkkokauppa.com’s website(www.verkkokauppa.com).Verkkokauppa.comaimstoprovideonitswebsitereliableandextensiveinformationtoenableinvestorstoformanaccurateunderstanding of the Company. The Company publishesalsomaterialsusedininvestorandanalystmeetingsonitswebsite.

Verkkokauppa.com’s official reporting language isFinnish.Thestockexchangereleasesandfinancialreports,whicharepublishedunder thedisclosureobligation,arepublishedinFinnishandEnglish.

TheBoardhasadoptedadisclosurepolicy,whichgovernsthedisclosuresofVerkkokauppa.com.

insider administration

TheCompanyobservestheinsiderguidelinesissuedbyNasdaqHelsinkiLtd.andwhichareapplicabletoCompanies,thesharesofwhicharetradedonNasdaqHelsinki. The Company’s insider policy approvedby the Company’s Board complements applicable insider regulation and sets out guidelines for the Company’s insiders and the insider administration. Verkkokauppa.com’s insider policy is regularly updated andcompliancetherewithmonitoredonanongoingbasis.TheCompanyhasappointedRobertTallberg,Legalcounsel,astheinsiderofficer.

TheMarket Abuse Regulation (MAR) includesprovisions on the Company’s duty of disclosure,managementof insider information,reportinganddisclosure of management’s and their related parties’ transactions and insider lists.

The persons discharging managerial responsibilities intheCompanyandpersonscloselyassociatedwiththem shall notify their transactions in Company’s financialinstrumentstotheCompanyinaccordance

with the insider policy in two (2) business daysfrom the transaction and to the Finnish FinancialSupervisory Authority in three (3) business daysfrom the transaction. The Company must publish the transactionswithastockexchangereleasewithintwo(2)businessdaysfromthereceiptofthenotification.In addition, the persons discharging managerialresponsibilitiesintheCompanymustnotifyinwritingthe persons closely associatedwith them on theemergenceofthedutyofnotification.

According to MAR, the closed period, duringwhich transactions in the Company’s financialinstrumentsareprohibited,is30calendardaysbeforetheannouncementoffinancialreportandtheyear-end report of the issuer and applies to the persons discharging managerial responsibilities. The Company applies the closed period after the end of each calendar quarter until the day after the announcement oftheCompany’sfinancialreportoryear-endreport(the“Closed Window”).TheClosedWindowshall,however, always includeat least30 calendardaysimmediately preceding the announcement of the financialreportortheyear-endreport,asthecasemaybe,andthedayofpublicationofsuchreport.Incertainspecialcasestheissuermayonacase-by-casebasisallowtransactionsduringtheClosedWindow.

audit

The main function of the statutory auditing is to verify that the financial statements provide true,accurateandsufficientinformationontheCompany’sperformanceandfinancialpositionforthefinancialyear.TheCompany’sfinancialyeariscalendaryear.Theauditor reports to the Board at least once a year and quarterlytotheAuditCommittee.Thefeesreceivedby the auditor shall be reported to the shareholders of the Company.

According to the Articles of Association, theauditor of the Company shall be an Authorized PublicAccountantsfirmapprovedbythePatentandRegistrationOffice. The Annual GeneralMeetingelects the auditor and the term of an auditor terminates at the end of the Annual General Meeting followingtheelection.Theproposalfortheauditorby the Board shall be included in the notice of the GeneralMeeting.Theauditor’sfeesfor2020wereapproximatelyEUR92thousand(2019:94thousand)andfeespaidtotheauditorfornon-auditservicesin2020wereapproximatelyEUR214thousand,theincrease relatingmainly to services rendered andnecessaryinconnectionwiththelistingonHelsinkiStockExchange(2018:24thousand).

PricewaterhouseCoopersOy,afirmofAuthorisedPublicAccountants,hasactedastheauditoroftheCompanysince2016withYlva Eriksson,AuthorisedPublicAccountant,beingtheauditor-in-charge.

Shareholders’ Agreements

The Company is not aware of any shareholders’agreements regarding the shares of the Company.


Board of Directors

Christoffer HäggblomChair of the Board

Kai SeikkuBoard Member

Robert BurénBoard Member

Samuli SeppäläBoard Member

Arja TalmaBoard Member

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Board of Directors

Christoffer HäggblomManaging Partner RiteInternetVenturesHoldingAB

Born1981,M.Sc.(Econ.)

Boardmembersince2009

Shares and share-based rights and corporations over which control is exercised

23,228sharesInaddition,ownershipthroughRite InternetVenturesHoldingAB,whichownsindirectly2,172,576shares

Positions of trust

MemberoftheBoardofDirectors,LemonsoftOy,2016–

Board member, CDON AB, 2018-

Board member, Nelly Group AB, 2017-

Board member, Acervo AB, 2013-

Board member, Rite Internet Ventures Holding AB (including subsidiaries), 2007-

Working experience

FounderandManagingPartnerofRiteInternetVenturesHoldingAB,2007–

ChairmanofNominationandRemunerationCommittee

Member of Audit Committee

Independent of the Company and significant shareholders

Robert Burén

Consultant

Born1970,MScstudies, ComputerScienceandTechnology

Board member since 2017


17,612shares

Positions of trust

MemberoftheBoardofDirectors,GamingInnovationGroup,2018–

MemberoftheBoardofDirectors, EatonGateGamingLtd,2016–2020

MemberoftheBoardofDirectors, Bredband2iSkandinavienAB,2014–

MemberoftheBoardofDirectors,CygniAB,2006–

Working experience

CIO,Bisnode,2016–2017

CIO,SBABBank,2015

CTO,Unibet,2011–2015


Kai SeikkuPresident and CEO Okmetic Oyj

Executive Vice PresidentNationalSiliconIndustryGroup(Shanghai,China)

Born1965,M.Sc.(Econ.)



144,498shares

Positions of trust

MemberoftheBoardofDirectors,RobitOyj,2018–

MemberoftheBoardofDirectors,InderesOy,2016–

MemberoftheBoardofDirectors,SoitecS.A.,2019–

Working experience

CEO,HKScanCorporation,2005–2009

CEO,Hasan&PartnersOy,1999–2004

Chairman of Audit Committee

MemberofNominationandRemunerationCommittee


Samuli Seppälä

Consultant

Born1975,Highschoolgraduate

Boardmembersince1998


18,288,342shares

Positions of trust

MemberoftheBoardofF.SergejeffinOlut-tehdasOsakeyhtiö2014–

Working experience

Founder,CEO, Verkkokauppa.comOyj,1992–2018

Member of Audit Committee

MemberofNominationandRemunerationCommittee

arja talmaBoard professional

Born1962,M.Sc.(Econ.),eMBA



11,612shares

Positions of trust

BoardChair,SerenaPropertiesAB,2016–

Boardmember,ChairmanoftheAudit Committee,MetsoOutotecCorporation,2020–

Boardmember,AktiaBankAbp,2013–, ChairmanoftheAuditCommittee2017–,ViceChairmanoftheBoard2018–

Working experience

SeniorVicePresident,StoreSitesandInvestments,KeskoCorporation,2013–2015

PresidentandCEO,RautakeskoLtd,2011–2013

SeniorVicePresident,ChiefFinancialOfficer(CFO),KeskoCorporation,2005–2011

VicePresident,CorporateController,KeskoCorporation,2004–2005

ExecutiveVicePresident,OyRadiolinjaAb,2001–2003

Partner,APA,Auditor,KPMGWideriOyAb,1987–2001

Vice chair of the Audit Committee


Mikael Hagman

CEO and Board member Vitvaruexperten.comNordicAB

Born1968,DIHMDiplomainBusinessAdministration



14,724shares

Positions of trust

ChairmanoftheBoard,MikaelHagmanAB

ChairmanoftheBoard,GreasyLakeAB

Working experience

CEO,Media-SaturnHoldingSwedenAB,2008–2013


VERKKOKAUPPA.COM · coRpoRate GoVeRnance Statement · BOARD Of DIRECtORS 73

Management team

Panu PorkkaChair

Kalle Koutajoki

Mikko Forsell

Seppo Niemelä

Miika Heinonen

Saara Tikkanen

Vesa Järveläinen

Henrik Weckström

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Management Team

panu porkka CEOVerkkokauppa.com Oyj

Born1977,Studiesatcommerce

Member of the management team since 2018


85,000shares

Positions of trust

MemberoftheBoardofDirectors,SolteqPlc,2019–

Working experience

CEO,SuomalainenKirjakauppa2017–2018

Salesdirector,Tokmanni2013–2016

COO,LidlSwitzerland2009–2010

mikko ForsellCFO Verkkokauppa.com Oyj

Born1974,M.Sc.(Econ),M.Sc.Engineering

Memberofthemanagementteamsince2019


36,000shares

Working experience

CFO,HKScanOyj,2018–2019

CFO,MetsäTissueOyj(MetsäGroup),2014–2017

VicePresidentPurchasing,MetsäTissueOyj(MetsäGroup),2012–2013

VicePresidentFinanceprojects,MetsäTissueOyj (MetsäGroup),2009–2012

GroupController,MetsäTissueOyj(MetsäGroup), 2005–2009

miika heinonenLogistics DirectorVerkkokauppa.com Oyj

Born1976,BBA



28,971shares

Working experience

WarehouseManager,Verkkokauppa.comOyj,2005–2011

Vesa JärveläinenCommercial DirectorVerkkokauppa.com Oyj

Born1983,Highschoolgraduate



35,000shares

Working experience

PurchasingDirector,Verkkokauppa.comOyj,2018

VicePurchasingDirector,Verkkokauppa.com,2015–2017

Kalle KoutajokiChief Sales OfficerVerkkokauppa.com Oyj

Born1976,M.Sc.Engineering



25,000shares

Working experience

CEOandFounder,DigitalGoodie2009–2019

VicePresidentandmanagingdirector, eCommerce,Wayfinder2007–2009

VicePresident,Productmarketing andOperations,Navicore2005–2007

Seppo NiemeläDirector of Marketing and CommunicationsVerkkokauppa.com Oyj

Born1981,M.Sc.Engineering



30,967shares

Working experience

Headofmarketingandcampaign,LidlFinland2013–2018

Advertisingmanager,LidlFinland2011–2013

Purchasingmanager,LidlFinland2006–2011

Saara tikkanenHR DirectorVerkkokauppa.com Oyj

Born1982,M.Sc.(Econ)



–

Working experience

HRdirector,EdenredFinlandOy2017–2021

HRmanager,ISSPalvelut2013–2017

henrik WeckströmCTOVerkkokauppa.com Oyj

Born1976,M.Sc.(Tech.)



30,000shares

Working experience

CIO,Verkkokauppa.comOyj,1999–

taina Suorsa

HR Director Verkkokauppa.com Oyj

1977,M.Sc.AgricultureandForestry



10,000shares

Working experience

HRmanager,Verkkokauppa.com2014–2018

HRmanager,Suur-SeudunOsuuskauppaSSO2011–2014

Developmentmanager,Suur-Seudun OsuuskauppaSSO2008–2011

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