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27. Related party transactions

The Group's related parties include the subsidiaries, the members of the Board of Directors and the Management Board, the CEO and the close family members of the preceding persons, as well as those entities in which these people have control. According to the Finnish Securities Markets Act, a controlled entity is an entity in which a shareholder, a member or another person exercises the control referred to in the Act. The company considers the management to include members of the Boars of Directors, the CEO and the other members of the Management Board.
The company considers the management to include members of the Boars of Directors, the CEO and the other members of the Management Board.
EUR 1,000 2020 2019
Compensation to management    
Salaries, fees and other short-term employee benefits 1,502 1,243
Compensation to management total 1,502 1,243
Salaries and fees    
Padma Ravichander, CEO 2,584 431
Members of the Board of Directors:    
Neil Macleod, Chairman of the Board 24.9.2018- 64 55
Jyoti Desai, Vice Chairman of the Board 24.9.2018- 42 38
Conrad Neil Phoenix 24.9.2018 - 32 28
Anders Fornander 5.9.2019 - 30 9
Markku Wilenius 10.9.2020 - 9  
Kaj Hagros 15.5.2019 - 10.9.2020 20 19
Priyesh Ranjan 24.9.2018 - 1.7.2019   16
Harri Koponen 2008 - 15.5.2019   23
Christer Sumelius 2001 - 15.5.2019   13
Pentti Heikkinen 2009 - 15.5.2019   13
The pension benefits of the CEO and members of Board of Directors are determined by the Finnish Employees Pensions Act (TyEl). The obligatory pension expenses for the CEO were EUR 0 (0) thousand and for the members of the Board of Directors totally EUR 0 (14) thousand. The pension expenses are presented per person in note 4 of the parent company. The retiment age of the CEO is determined by the employee pension law. CEO or the other members of the Management Board and the Board of Directors have no additional pension arrangements.
The period of notice of the CEO’s contract is 6 months from the time of resignation and from 36 months’ period of notice from the company, at the company’s discretion. Salary is paid for the period of notice and, in the case of notice given by the company compensation equal to 36 months’ salary will be paid. The company can terminate the contract of the CEO with immediate effect, without a separate compensation, if the CEO has materially breached his CEO contract, convicted guilty to a crime or otherwise caused substantial damage to the company.
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The relationships between the Group's parent company and subsidiaries on 31 December 2020:
Company name Nature of company activities Domicile Group's ownership % Group's share of voting rights %
Tecnotree Oyj (parent) Operative parent company Finland    
Tecnotree Services Oy Dormant company Finland 100.00 100.00
Tecnotree Convergence (Middle East) FZ-LLC Sales company The United Arab Emirates 100.00 100.00
Tecnotree Ltd Dormant company Ireland 100.00 100.00
Tecnotree Sistemas de Telecommunicacao Ltda Sales company Brazil 100.00 100.00
Tecnotree Argentina SRL * Sales company Argentina 100.00 100.00
Tecnotree (M) Sdn Bhd Sales company Malaysia 100.00 100.00
Tecnotree Nigeria Ltd Sales company Nigeria 100.00 100.00
Tecnotree France SARL Sales company France 100.00 100.00
Lifetree Cyberworks Pvt. Ltd Holding company India 100.00 100.00
Tecnotree Convergence Ltd Product development, delivery and management company India 99.83 99.83
Dehrekat Zindagi LLC Service and sale company Iran 100.00 100.00
Lifetree Convergence Pty Ltd Dormant company South-Africa 99.83 99.83
Lifetree Convergence (Nigeria) Ltd Dormant company Nigeria 94.84 94.84
LIFETREE RWANDA Limited Sales company Rwanda 100.00 100.00
The parent company has branch offices in the United Arab Emirates and Peru.