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Cargotec's governance and management are based on the Finnish Limited Liability Companies Act and Securities Markets Act, as well as the Company’s Articles of Association and Code of Conduct. The Cargotec class B share is listed at Nasdaq Helsinki and the Company complies with the rules and guidelines of Helsinki Stock Exchange and the Finnish Financial Supervision Authority as well as with all the recommendations of the Finnish Corporate Governance Code 2020, published by the Securities Markets Association (

Decision-making procedure

Remuneration at Cargotec is managed through clearly defined processes and involves the Annual General Meeting of Shareholders (AGM), the Board of Directors (Board) and the Board’s Nomination and Compensation Committee (NCC). The AGM resolves annually on the remuneration of members of the Board of Directors, based on a proposal made by the Board’s Nomination and Compensation Committee (NCC). In determining such remuneration, the committee takes account of the Board members’ responsibilities and obligations towards the company. Furthermore, the committee compares the Board’s remuneration packages to those paid by other companies of the same size operating in a comparable business  environment.  

Cargotec’s remuneration policy is applied in determining the total remuneration of the CEO and the Deputy CEO (if any). The remuneration policy is approved by the Board of Directors and the AGM. Based on a proposal by the NCC, the Board also decides on the Leadership Team salaries, as well as their short-term incentive programmes and benefits. In addition, the Board of Directors decides on long-term incentive programmes and on the target group and allocation of such programmes based on a proposal by the NCC.

Remuneration policy

The Remuneration Policy presents the remuneration framework for the members of the Board of Directors and the CEO of Cargotec. The Policy shall also be applied to any Deputy CEO, should such Deputy CEO be appointed.

In accordance with the implementation of the amended European Shareholder Rights Directive (SRD) in Finland, the Policy has been presented at the Annual General Meeting (AGM) on the 27th of May 2020. The AGM resolution is advisory, but all remuneration shall be in line with the Policy presented to shareholders. The Remuneration Policy is intended to remain in place for four years until 2024 AGM.

Board remuneration

Based on the decision of the AGM of 23 March 2023, the Board’s annual remunerations are as follows:
• Chair: EUR 95,000
• Vice Chair: EUR 70,000
• Chair of the Audit and Risk Management Committee: EUR 70,000
• Other Board members: EUR 55,000

In addition, a fee of EUR 1,000 is paid for attendance of meetings of the Board and its committees.

Remuneration Report 2023

The Remuneration Report sets out how Cargotec has implemented its Remuneration Policy in 2023. This report includes information concerning remuneration of the Board of Directors and the CEOs of Cargotec in 2023. The Report has been reviewed by the Board’s Nomination and Compensation Committee and approved by the Board of Directors. The Remuneration Report will be presented to the AGM 2024 for advisory approval.

Remuneration of Cargotec Leadership Team 2022

The remuneration of Cargotec Leadership Team, excluding the CEO, in 2022 is reported in aggregate in this report.


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