Remuneration for the Board members was resolved on the Annual General Meeting on 4 June 2020 and is based on proposals from shareholders. The Annual General Meeting also resolved on the guidelines for remuneration to the senior management team including fixed salary, variable salary, other benefits and pension.
Total remuneration to Board members elected by the Annual General Meeting 2020 amounts to SEK 600,000 in board fees, with SEK 200,000 each to Board members Phillippe Butty, Sara Börsvik and Peter Bang.
The fees cover the period until the next Annual General Meeting 2020.
The Board of Directors proposes that the Annual General Meeting adopts the following guidelines for determining remuneration and other terms of employment for senior management in the Group.
It is of fundamental importance for the Board that the principles for remuneration and other terms of employment for senior management in the Group motivate in a long-term perspective and make it possible to retain competent employees who work to achieve maximum shareholder and customer value. In order to achieve this, it is important to have fair and balanced conditions that areat the same time competitive in terms of structure, scope and level of compensation. The total conditionality package for the individuals concerned should include a balanced mix of fixed salary, variable remuneration, long-term incentive programs, pension benefits and other benefits, and conditions for termination/severance pay.
The fixed salary must be individual and based on each individual's responsibility and role as well as the individual's competence and experience in relevant position.
Variable remuneration shall not exceed 50 per cent of the fixed salary.
Long-term incentive programs
The Board shall annually evaluate whether a share-related long-term incentive program should be proposed to the annual general meeting. Any remuneration in the form of long-term incentive programs should be in line with what is the practice in each market.
Senior management who are entitled to pension shall have defined contribution pension agreements. The final pension is due to the outcome of subscribed pension insurance.
Other benefits must be of limited value in relation to other compensation and be in line with what is market-based in each geographical market.
Termination and severance pay
For senior management, the period of notice from the company must not exceed 18 months. The period of notice by the employee for senior management must not be less than three months.
Deviation from the guidelines
The Board shall be given the opportunity to deviate from the above proposed guidelines in case there are special reasons for this in individual cases.
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