Last updated: 2016-04-14
Remuneration to the Members of the Board and the guidelines for remuneration to senior executives are determined at the Annual General Meeting. Remuneration paid to the President of the Group is determined by the Remuneration Committee. Remuneration for executives directly subordinate to the CEO is determined by the CEO after consultation with the Remuneration Committee. The Group applies the principle that a manager’s immediate manager must approve any decisions regarding remuneration.
In the case of senior executives,The following principles, adopted by the 2015 annual general meeting, apply:
- Remuneration is to be market-based and competitive, in order to be able to attract and retain skilled senior executives. Remuneration is to comprise a fixed salary and, when necessary, variable remuneration, pensions and other benefits such as, in some cases, a company car
- Any variable remuneration which may be offered to senior executives will be decided on the basis of pre-determined Group-wide and individual goals relating to the management of the Company and the Company’s financial development, and taking into account the personal development of the individual concerned. Current variable remuneration to senior executives is described in more detail in Note 8 in the Annual Report.
The Board may make decisions diverging from these guidelines for individual instances, under special circumstances.