Supporting personnel development
CapMan employed a total of 122 people in Helsinki, Stockholm, Oslo, Moscow, and Luxembourg as of the end of 2011. During the year, we focused on creating and implementing a new HR development programme and updated our remuneration system. Developments focused on one over-riding goal: to enhance our overall capabilities for achieving our vision.
The number of people employed by CapMan declined during 2011. This was mainly attributable to the changes made in the Technology team, following the reorganisation of its investment operations, and the divestment of the real estate consulting business. We recruited nine people for new positions and 10 people to replace employees who left the company.
Promoting personal development as part of CapMan’s strategy
A new long-term HR development programme was created in 2011 and we launched the CapMan Academy, an employee training framework designed to support CapMan people in developing their skills and expertise as private equity professionals. The CapMan Academy was kicked off in the autumn and activities were gradually ramped up during the latter part of the year. As part of the programme, each employee was assigned a mentor to support them in their long-term career planning and determining their development needs. New CapMan employees will also be offered tutors to introduce them to CapMan’s way of working.
We carried out comprehensive performance reviews of our senior partners and partners during the year, including 360° surveys, individual assessments, and interviews with stakeholders. All of those involved received comprehensive feedback on their performance, such as their key strengths and development areas. Similar reviews will be carried out for investment directors, managers, and analysts during early 2012, and for the members of CapMan’s service teams gradually at a later stage.
We also revised the performance criteria for our personnel during 2011. These criteria are used to evaluate performance and training needs, and define personal development areas and career opportunities. All CapMan employees have two performance evaluation discussions annually.
Remuneration designed to encourage top performance
CapMan’s remuneration system is designed to motivate personnel and support people in succeeding at their jobs. All CapMan employees are covered by a result-based annual performance bonus scheme. In addition, a share of the carried interest income generated by the funds managed by CapMan is allocated to our investment professionals, in line with common industry practice.
The details of the 2008 option programme and employee shareholdings can be found in the Notes to the Financial Statements. The remuneration paid to CapMan Plc’s senior management is covered in the Remuneration Statement, which is available on the company’s website.