Last updated: 2013-04-15
Remuneration to the Members of the Board is 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 superior must approve any decisions regarding remuneration.
The following principles apply to senior executives in the Group:
- Remuneration is to be market-based and competitive in order to be able to attract and retain competent senior executives. Remuneration is to be comprised of a fixed salary and, where applicable, variable remuneration, pension and other benefits, such as, in certain cases, a company car.
- Any variable remuneration which may be offered to senior executives will be determined on the basis of pre-determined Group 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 the 2012 Annual report.
The Board may take decisions diverging from these guidelines if special circumstances prevail