The Group’s related parties consists of parent company iLOQ Oy and its subsidiaries. The subsidiaries are listed in Note 5. In addition, related parties include as iLOQ-Group’s Board members as key management personnel, the CEO and members of the Group management, as well as entities that are under the control of key management personnel and their family members.
Transactions, receivables and loans executed with related parties
|Interest-bearing receivables – related party loan||0||2,980|
|Interest on related party loans||35||39|
The terms and conditions used in the related party transactions are equivalent to the terms used in transactions between independent parties.
In 2018, the Group has issued related party loans in the amount of EUR 688,000 to engage key personnel. The loan period was 10 years and the interest rate was 12-month Euribor +1.5%. The shares subscribed for with the loans by key personnel were used as loan collateral. The related party loans have been repaid during the financial period 2019.
Other expenses consist of consulting fees paid to a member of the Group’s Board of Directors.
Employee benefits of the key management
During the financial year, salaries and fees including fringe benefits have been paid to the CEO and Group management as follows:
|Short-term employee benefits||2,293||1,739|
|Benefits paid after the end of employment relationship||505||283|
The figures presented equal to costs expensed during the financial period.
The total compensation for the Group’s key management consists of salaries, non-monetary benefits and pension expenses for defined contribution plans. The members of the Group management do not have defined benefit plans.