27. Related party transactions
The Group's related parties include the subsidiaries, the members of the Board of Directors and the Management Board, the CEO and the close family members of the preceding persons, as well as those entities in which these people have control. According to the Finnish Securities Markets Act, a controlled entity is an entity in which a shareholder, a member or another person exercises the control referred to in the Act. The company considers the management to include members of the Boars of Directors, the CEO and the other members of the Management Board.
The company considers the management to include members of the Boars of Directors, the CEO and the other members of the Management Board.
| EUR 1,000 |
2019 |
2018 |
|
|
|
|
|
| Compensation to management |
|
|
| Salaries, fees and other short-term employee benefits |
-1,234 |
-965 |
| Compensation to management total |
-1,234 |
-965 |
|
|
|
|
|
| Salaries and fees |
| Padma Ravichander, CEO |
|
|
-431 |
-465 |
|
|
|
|
|
| Members of the Board of Directors: |
| Neil Macleod, Chairman of the Board 24.9.2018- |
|
|
-55 |
|
| Jyoti Desai, Vice Chairman of the Board 24.9.2018- |
|
|
-38 |
|
| Conrad Neil Phoenix 24.9.2018 - |
|
|
-28 |
|
| Kaj Hagros 15.5.2019 - |
|
|
-19 |
|
| Anders Fornander 5.9.2019 - |
|
|
-9 |
|
| Priyesh Ranjan 24.9.2018 - 1.7.2019 |
|
|
-16 |
|
| Harri Koponen 2008 - 15.5.2019 |
|
|
-23 |
-116 |
| Christer Sumelius 2001 - 15.5.2019 |
|
|
-13 |
-65 |
| Pentti Heikkinen 2009 - 15.5.2019 |
|
|
-13 |
-74 |
|
|
|
|
|
| | | | | |
The pension benefits of the CEO and members of Board of Directors are determined by the Finnish Employees Pensions Act (TyEl). The obligatory pension expenses for the CEO were EUR 0 (0) thousand and for the members of the Board of Directors totally EUR 14 (63) thousand. The pension expenses are presented per person in note 4 of the parent company. The retiment age of the CEO is determined by the employee pension law. CEO or the other members of the Management Board and the Board of Directors have no additional pension arrangements.
The period of notice of the CEO’s contract is 6 months from the time of resignation and from 36 months’ period of notice from the company, at the company’s discretion. Salary is paid for the period of notice and, in the case of notice given by the company compensation equal to 36 months’ salary will be paid. The company can terminate the contract of the CEO with immediate effect, without a separate compensation, if the CEO has materially breached his CEO contract, convicted guilty to a crime or otherwise caused substantial damage to the company.
|
|
|
|
|
| The relationships between the Group's parent company and subsidiaries on 31 December 2019: |
| Company name |
Nature of company activities |
Domicile |
Group's ownership % |
Group's share of voting rights % |
|
|
|
|
|
| Tecnotree Oyj (parent) |
Operative parent company |
Finland |
|
|
| Tecnotree Services Oy |
Dormant company |
Finland |
100 |
100 |
| Tecnotree Convergence (Middle East) FZ-LLC |
Sales company |
The United Arab Emirates |
100 |
100 |
| Tecnotree Ltd |
Dormant company |
Ireland |
100 |
100 |
| Tecnotree Sistemas de Telecommunicacao Ltda |
Sales company |
Brazil |
100 |
100 |
| Tecnotree Argentina SRL * |
Sales company |
Argentina |
100 |
100 |
| Tecnotree (M) Sdn Bhd |
Sales company |
Malaysia |
100 |
100 |
| Tecnotree Nigeria Ltd |
Sales company |
Nigeria |
100 |
100 |
| Tecnotree France SARL |
Sales company |
France |
100 |
100 |
| Lifetree Cyberworks Pvt. Ltd |
Holding company |
India |
100 |
100 |
| Tecnotree Convergence Ltd |
Product development, delivery and management company |
India |
99.83 |
99.83 |
| Dehrekat Zindagi LLC |
Service and sale company |
Iran |
100.00 |
100.00 |
| Lifetree Convergence Pty Ltd |
Dormant company |
South-Africa |
99.83 |
99.83 |
| Lifetree Convergence (Nigeria) Ltd |
Dormant company |
Nigeria |
94.84 |
94.84 |
| LIFETREE RWANDA Limited |
Sales company |
Rwanda |
100 |
100 |
|
|
|
|
|
| | | | | |
The parent company has branch offices in the United Arab Emirates and in Peru.
