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10 Finnair Group Board Pekka Timonen, Kari Jordan and Ursula Ranin. President & CEO Jukka Hienonen acts as the presiding officer. The committee met three times in 2008. Audit Committee consists of Markku Hyvärinen (Chairman) and members Sigurdur Helgason, Satu Huber and Veli Sundbäck. President & CEO Jukka Hienonen acts as the presiding officer. The committee met twice in 2008. The Finnair Group's General Counsel Sami Sarelius acts as secretary to both committees. The charters of the committees can be viewed on the Finnair Group's website http://www.finnair.fi/group. Remuneration and other benefits The monthly remuneration and attendance allowances decided by the Annual General Meeting for Members of the Board of Directors in 2008 were: · The Chairman's annual remuneration 61,200 euros · The Deputy Chairman's annual remuneration 32,400 euros · A Member of the Board's annual remuneration 30,000 euros · The meeting compensation for a Member of the Board residing in Finland is 600 euros · The meeting compensation for a Member of the Board residing outside Finland is 1,200 euros The Members of the Board of Directors are entitled to a daily allowance and compensation for travel expenses in accordance with Finnair Plc's general travel rules. In addition, Members of the Board of Directors have a limited right to use ID tickets in accordance with Finnair Plc's ID ticket rules. The members of Finnair Plc's Board of Directors were paid monthly remuneration and attendance allowances totalling 335,452.79 euros in 2008. President & CEO and Deputy CEO Finnair Plc has a President & CEO, whose task is to manage the company's operations according to guidelines and instructions issued by the Board of Directors. In 2008 Finnair Plc's President & CEO was Jukka Hienonen and the Deputy CEO was Henrik Arle. Henrik Arle retired on 31 December 2008. The Finnair Group's Chief Financial Officer Lasse Heinonen was appointed Finnair's Deputy CEO as of 13 January 2009. In 2008, President & CEO Jukka Hienonen was paid a salary of 581,843.04 euros and fringe benefits of 38,598.51 euros as well as shares and a payment of 441,092.47 euros in accordance with a share-based incentive scheme based on the 2007 result. Deputy CEO Henrik Arle was paid a salary of 373,101.68 euros and fringe benefits of 10,875.00 euros as well as shares and a payment of 252,043.61 euros in accordance with a share-based incentive scheme based on the 2007 result. The President & CEO and the Deputy CEO have the right to retire at the 60 years of age. The full pension is 60 per cent of pensionable salary. The President & CEO's and the Deputy CEO's contracts may be terminated with a period of notice of six months. In addition to salary for the period of notice, they are entitled to severance compensation equivalent to 12 months' salary if the contract is terminated for reasons independent of them. Changes in the company's management in 2008 Deputy CEO and EVP Scheduled Passenger Traffic Henrik Arle retired on 31 December 2008. In conjunction with the retirement, some revisions were made in management responsibilities and the organisation of the Finnair Group. The Finnair Group's Chief Financial Officer Lasse Heinonen was appointed Deputy CEO as of 13 January 2009. Heinonen continues as the Group's CFO. In addition to economics and finance, the ground handling company Northport Ltd, Finnair Catering Oy and Finnair Technical Services, which all belong to the Aviation Services business area, report to Lasse Heinonen. Finnair Aircraft Finance Oy (fleet management) and Finnair Facilities Management (property services) also report to Heinonen. As of 1 January 2009, Finnair's President & CEO Jukka Hienonen leads the Scheduled Passenger Traffic organisation together with the business area's management group. SVP Flight Operations Division Veikko Sievänen serves as the Accountable Manager referred to in the Airline Operator's Certificate (AOC). Sievänen is a member of the Group's Executive Board. Operational risk management, which was previously under the authority of Henrik Arle, is under the President & CEO. SVP Community Relations and Communications Christer Haglund was appointed to Finnair Plc's Executive Board as of 1 March 2008. Finnair Plc's Executive Board Finnair Plc's Executive Board meets approximately 20 times a year and its tasks include the handling of groupwide development projects as well as group-level principles and procedures. In addition, the Executive Board is informed about, among other things, the business plans of the Group and sector companies, financial performance, and matters to be dealt with by Finnair Plc's Board of Directors, in the prepa
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