Remuneration for the Board members was resolved on the 2021 Annual General Meeting 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 2021 Annual General Meeting amounts to SEK 1,000,000 in board fees, with SEK 200,000 each to Board members Stefan Larsson, Sara Börsvik, Peter Bang, Magdalena Bonde and Pia Engholm. Chairman of the Board Johan Svanström, and the owner he represents, have waived his board fee. No remuneration is paid for committee work.
The fees cover the period until the next Annual General Meeting.
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.
The variable cash compensation may amount to a maximum of 50 percent of the total fixed cash salary. Additional variable cash compensation may be paid in exceptional circumstances, provided that such extraordinary arrangements are limited in time and are only made at the individual level, either for the purpose of recruiting or retaining executives or as compensation for extraordinary work in addition to the person's ordinary duties. Such compensation may not exceed an amount corresponding to 50 percent of the fixed annual cash salary and may not be paid more than once a year and per individual.
Long-term incentive programs
Senior executives can be offered incentive programs which are mainly to be share or share price related. An incentive program must be implemented on market terms. Share and share price-related incentive programs must be decided by the Annual General Meeting and are therefore not covered by these guidelines.
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.