The Board of Directors of Fiskars Corporation launches an employee share savings plan
Fiskars Corporation
Stock exchange release
March 15, 2023 at 12:45 p.m. EET
The Board of Directors of Fiskars Corporation launches an employee share savings plan
The Board of Directors of Fiskars Corporation has decided to establish an employee share savings plan, “MyFiskars”, for the employees of Fiskars Group, in all countries where there are no legal, administrative or tax-related obstacles that would prevent running the program.
The aim of MyFiskars is to invite employees to acquire and own Fiskars shares, and it is intended to create a culture of ownership as well as to further strengthen employees’ long-term commitment to the company.
Paul Ehrnrooth, Chair of the Board of Directors of Fiskars Corporation, comments on the launch of MyFiskars: “I am very excited to launch our first employee share savings plan in the 374 years of history of Fiskars Group. MyFiskars will allow our employees to become Fiskars owners and shareholders through a simple process. I am convinced that thanks to MyFiskars we will create a stronger culture of ownership and entrepreneurship within the company.”
MyFiskars consists of annually commencing plan periods, each one comprising a 12-month savings period and a holding period. MyFiskars is offered to the approximately 6,600 permanent employees of Fiskars Group. The employees are offered the chance to voluntarily save a proportion of their monthly salary and to invest this in Fiskars shares. The savings will be used to acquire Fiskars shares for the participating employees quarterly after the publication dates of the company’s interim reports. As a reward for their commitment, Fiskars grants the participating employees a gross reward of one free matching share for every two savings shares acquired. The matching shares will be granted if the participating employee remains employed at Fiskars Group at the end of the plan period and if they have kept the shares they have acquired with their savings until this date.
The potential reward will be settled in shares, or partly in shares and partly in cash, after the end of the holding period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward in countries where the employer has the obligation to withhold taxes. Matching shares will be freely transferable after their registration in the participant’s book-entry account. Savings shares and matching shares are regular Fiskars shares and entitle the participants to dividends. The participants may choose whether they want to receive dividends in cash or invest the dividends in additional shares on the next acquisition date. The shares purchased with dividends will have an equal right to matching shares as the shares purchased with savings.
Participation in MyFiskars is voluntary, and Fiskars Group employees will be invited to participate in one plan period at a time. The first savings period commences on 1 July 2023 and ends on 30 June 2024. The holding period begins at the first acquisition of savings shares and ends on 30 June 2026.
The maximum number of matching shares (gross before taxes) for the first plan period is approximately 120,500, calculated at the prevalent share price. The final number of matching shares depends on the employees’ participation and savings rate in the plan, and the fulfilment of the prerequisites for receiving matching shares, as well as the number of shares acquired from the market with savings. For reference purposes only (noting that the market value of the shares will constantly change), calculated based on the volume weighted average price of Fiskars share on March 14, 2023, the estimated total value of the matching shares for the first plan period is approximately EUR 2 million, at the maximum.
FISKARS CORPORATION
The Board of Directors
Media and investor contacts:
Essi Lipponen, Director, Investor Relations, tel. +358 40 829 1192
Fiskars Group in brief
Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven brands for indoor and outdoor living. Our brands include Fiskars, Gerber, Iittala, Royal Copenhagen, Moomin by Arabia, Waterford, and Wedgwood. Our brands are present in more than 100 countries and we have approximately 350 own stores. We have close to 7,000 employees and our global net sales in 2022 were EUR 1.2 billion.
We are driven by our common purpose: Pioneering design to make the everyday extraordinary. Since 1649, we have designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth.
Read more: fiskarsgroup.com