29. Related party transactions

In the Orion Group, the related parties are deemed to include the parent company Orion Corporation, the subsidiaries and associated and affiliated companies, the members of the Board of Directors of Orion Corporation, the members of the Executive Management Board of the Orion Group, the immediate family members of these persons, the companies controlled by these persons, and the Orion Pension Fund.

Related party transactions

The Group has no significant business transactions with the related parties, except for the pension expenses resulting from the defined benefit plans with Orion Pension Fund.

Management´s employment benefits

EUR million

2012 2011
Salaries and other short-term employment benefits

4.0 4.4
Post-employment benefits

0.4 0.3

Salaries and remuneration¹

EUR million

2012 2011
Timo Lappalainen, President and CEO

1.0 1.1

Hannu Syrjänen, Chairman

0.1 0.1
Jukka Ylppö, Vice Chairman

0.1 0.1
Sirpa Jalkanen

0.1 0.0
Eero Karvonen

0.1 0.0
Matti Kavetvuo

0.0 0.1
Timo Maasilta

Heikki Westerlund

0.1 0.1
Board of Directors, total

0.4 0.4

¹ Exact figures are available in the Corporate Governance Statement, under Remuneration Statement

The retirement age of the parent company's President and CEO is agreed to be 60 years and the pension level 60% of the agreed pensionable salary. In addition, one of the members of the Executive Management Board has the right to retire at the age of 60 years, the pension level being 60% of the pensionable salary.

Loans, guarantees and other commitments to or on behalf of the related parties

Orion Corporation has issued a mortgage on land and buildings of EUR 9.0 million to Orion Pension Fund to cover the pension liability if necessary.

Orion Corporation is the lender of a loan of EUR 0.9 million to Pharmaservice Oy with conditional interest payment, and an interest-free loan of EUR 0.0 million to Hangon Puhdistamo Oy.

The official financial statement documents including notes to the parent company financial statements and unrounded figures are available in Finnish at www.orion.fi.