The same release also contains two essential changes to board remuneration, although fixed board fees are maintained at the previous year’s levels. At least the change regarding paying the board fee partially in company shares aligns with the wishes gathered from a survey conducted for the community in the past. Community member @_TeemuHinkula will hopefully blog more on the subject later. Personally, I give these a thumbs up
It is proposed that the annual fee be paid partially in Inderes Oyj shares and partially in cash, so that approximately 40% of the fee amount is paid in company shares and the remainder is paid in cash.
Inderes’ Nomination and Remuneration Committee proposes that, in addition to the annual fee, it be possible for board members to earn additional share rewards based on the total shareholder return (TSR) as follows:
The maximum amount of the additional share reward is 1,000 shares for the Chairman of the Board and 500 shares for other board members.
The amount of the additional share reward is determined linearly based on the development of Inderes Oyj’s total shareholder return between 11% and 30%. If the development of the total shareholder return is below 11%, no additional share reward is paid. If the development of the total shareholder return is 30% or more, the additional share reward is paid at the maximum amount.
Thanks to Sami and Vilho for the great work and cooperation! All the best for the future, hopefully the coverage gave you useful lessons and experience for a successful career in the financial industry!
A new student coverage team will already be starting in the coming weeks
According to the Limited Liability Companies Act, the primary and most important task of a limited liability company is to generate profit for the shareholders unless otherwise stated in the articles of association. Inderes is one of the few that has made an exception to this in its articles of association, stating that Inderes’ employees, customers, and the community take precedence over the interests of shareholders.
The Nomination Committee welcomes ideas on how the remuneration model can be developed in the future! If you have any ideas, please post them here publicly or alternatively send them to me directly via the forum or email.
I’m happy to propose a development idea; thank you for being open to suggestions @Sauli_Vilen
On the Inderes website, it says:
“Identified obstacles
International brand awareness
Shift to an international corporate culture
Slow change in target markets
Finding the right go-to-market models”
As board members use their experience and expertise to help overcome these obstacles, could the criteria for earning additional share-based rewards be linked to one of these or a combination of several: international revenue > X%, number of new international client companies, or shortening of sales cycles abroad?
Due to regulation alone, board remuneration must be such that it leaves no room for interpretation. Additionally, it is important for the system to be simple, as a complex system is administratively burdensome. For example, growth in international revenue would certainly be clear and simple enough, but would it really be best for shareholders? In this case, it would be in the board’s interest to drive growth at any cost and even take on loss-making business. I am not saying that our board would do this, of course, in the hope of a small share reward, but we certainly don’t want to build a system that would even theoretically encourage this . Then, if we start adding “profitable international growth,” we quickly end up with matters of interpretation (what is the threshold for profitability?) . The same problem applies to client companies; the profitability or size of the clients doesn’t matter. Measuring sales cycles is practically impossible for us, as there are many different businesses (and it is administratively incredibly heavy). The Nomination Committee ultimately felt that the share price is the best metric after all, reflecting the development of the company’s value. It also leaves no room for interpretation and is administratively light.
It is also worth noting that, according to our understanding, no one else in Helsinki has a similar system in place, and we also wanted to be “cautious” in this regard and avoid the risks of a more complex model.
But still, if someone comes up with a better model within these constraints, NomCom is more than interested in hearing suggestions
It’s a bit surprising that no one has linked the new student coverage yet.
Tino Korjala, Matias Sainio, and Joonas Sjöblom from the University of Vaasa are initiating coverage of the Inderes share with a BUY recommendation and a target price of 19.70 euros. Great stuff, I’ll have to look into it. It’s a bit unfortunate that there seems to be only an English version of the report? I guess there are so few of us Finnish-speaking Inderes investors then. “Information belongs to everyone” has been Inderes’ slogan. And in this case, English-language information.
The second season of student coverage for the Inderes share kicks off today, as a team selected from the University of Vaasa—Tino Korjala, Matias Sainio, and Joonas Sjöblom—begins analytical coverage of the Inderes share. The initiation report is openly available on the Inderes service, and for the next 12 months, the team will produce continuous analysis of the Inderes share.
We are the new student analyst team from the University of Vaasa, continuing the great work of Sami and Vilho for the coming year.
English was chosen as the language for the report at Inderes’ request. The introduction video for the team will be released later this spring due to Tino’s exchange studies in France, but it is coming, don’t worry!
If you have any questions regarding the report or our analysis, feel free to reach out to us here on the forum or alternatively via email.
Student Coverage was held internationally for the first time this year, meaning the call for applications was also open in Sweden and teams from there participated. In addition, there was a representative from our Swedish team on the jury. That is also why English was chosen as the language this year.
Inderes’ market is growing in Finland as Salvos announced its listing today, and KPY Cooperative also reports that it is aiming for a listing during 2026.
There was an interview with @Mikael_Rautanen on Listeds.com, which discussed, among other things, the listing, Mikael & Inderes’ journey, etc.
“It is equally important to think further: not only about the wedding but the kind of marriage and the life ahead as a listed company,” he says. “Because that’s what matters.”
The foundation is trust. As Rautanen puts it: “Our people are capable of making important decisions, they take responsibility for their decisions, and they want to make decisions that are good for the organization. These three things are the basic assumptions of our people.”
That humility applies internally as well as externally. The organization assumes professionals act responsibly. “Trust by default,” as Rautanen puts it. However, going public forced additional structure.
The stock chart may look sobering. The IPO may have been too good. But beneath the volatility sits a founder willing to dissect his own missteps, disciplined about structure, and still visibly committed to the long game..
An article in Arvopaperi, featuring comments from Mikael Rautanen among others:
The article mentions, among other things, that for contractual reasons, the first 6 months often rely on analysis produced by the party that organized the listing. The article also reveals that several recently listed companies feel the need to acquire more analysis, and in my opinion, based on the comments, Inderes is in a strong position (e.g., reach among retail investors) to be the provider of this service.
@_TeemuHinkula has written the sixth part of his “Life in the Committee” series.
As the most enlightened followers have probably noticed, the blog has been on a break for a while. The reason for the break is not a lack of things to write about, but rather the nature of the matters handled by the committee. During the autumn and winter, the matters on the desk had to be handled strictly behind closed curtains over pastries.
The matters handled have naturally been, in accordance with the committee’s mandate, the number of board members, the mapping of new board candidates, interviews and the selection of a new member, as well as board remuneration. I will try to open up some of the related issues next without going into details. Additionally, it is worth noting that these are my own reflections and the intention is not to speak for others or present the committee’s official positions. They are presented in the notice of the annual general meeting.
Meetings were held mainly in a hybrid format. According to my calculations, meetings were attended from five different countries and two different continents. So, at least in these respects, Inderes has been able to demonstrate its internationalization. It should be said, however, that despite his sabbatical promises, the CEO was present at all meetings, from wherever he happened to be at the time.
Monthly reporting releases are published ”as soon as possible once the figures are finalized,” and January-February are always reported together.
Typically, the release has occurred on the 9th–11th business day—averaging slightly under 10. Last year, the corresponding release took place on 13.3.2025 (9th business day).
Based on the normal rhythm, the figures would be available this week or by Monday at the latest.
. Then, if we start adding “profitable international growth,” we quickly end up with matters of interpretation (what is the threshold for profitability?) 
. The same problem applies to client companies; the profitability or size of the clients doesn’t matter. Measuring sales cycles is practically impossible for us, as there are many different businesses (and it is administratively incredibly heavy). The Nomination Committee ultimately felt that the share price is the best metric after all, reflecting the development of the company’s value. It also leaves no room for interpretation and is administratively light.
