Remuneration

The board of directors’ fees are decided by the AGM. The CEO’s remuneration is decided by the remuneration committee. The remuneration of executives answering directly to the CEO is decided by the CEO in consultation with the remuneration committee. Within the group the principle that the boss’s boss should approve matters pertaining to remuneration applies. The following principles, which were adopted by the 2011 general meeting, apply to leading officials:

– Remuneration shall be paid on ordinary market and competitive terms in order to attract and retain competent senior executives. Remuneration consists of a fixed salary, variable salary, pensions and other fringe benefits such as company vehicles.

– Variable salary, which may be offered to leading officials, is determined based on the fulfilment of pre-established group and individual targets relating to management results and the company’s financial development, and allows for the personal development of the senior executive concerned. For detailed information on current bonuses of the executive management, see the Annual Report and the protocol from the AGM.

The board of directors may deviate from these guidelines in individual cases if special reasons exist for doing so.