29. Related party transactions

Related parties

VVO Group’s related parties are the parent company, subsidiary and associated companies and joint ventures. Other related parties are the key persons included in company management, comprising the members of the Board of Directors and Management Group, the CEO and the close members of their families. Parties holding 20 per cent or more of the shares of VVO Group are always considered as related parties. Shareholders whose shareholding remains below 20 per cent are considered as related parties if they otherwise are considered to have considerable influence, such as through Board membership.

Business transactions with shareholders consist of rental and insurance agreements and a single share transaction. Related party transactions were made on terms equivalent to those that prevail in arm’s length transactions.

The relationships between the parent and subsidiaries in the Group are presented in Note 31.

Transactions with shareholders
M €	31 Dec 2015	31 Dec 2014
Rental agreements	0.1	0.1
Insurance fees	3.9	4.2
Total	4.0	4.2

Balance of account with other related parties
M €	31 Dec 2015	31 Dec 2014
Other current liabilities	0.3	0.5

Management employee benefits
M €	31 Dec 2015	31 Dec 2014
Salaries and other short-term employee benefits	2.1	1.6

Salaries and fees paid to CEO and the Board of the Directors
M €	31 Dec 2015	31 Dec 2014
Chief executive officer	0.7	0.5
Deputies to CEO	0.5	0.3
Board of Directors	0.1	0.1
Total	1.3	0.9

Employees of VVO Group do not receive additional compensation for serving as Board members or the CEO of Group companies.

No shares or share derivatives were given to members of the Board of Directors during the financial year.

The retirement age for members of the Management Group is 63 years. Members of the Management Group belong to a contribution-based pension system in which an insurance premium corresponding to two months’ taxable income is paid annually into a group pension insurance plan.

The period of notice for terminating the CEO’s employment relationship is twelve months.