Remuneration

Remuneration for the Board members was resolved on the AGM in April 2019 and is based on proposals from the Nomination Committee.

The AGM 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 AGM 2019 amounts to SEK 3,275,000 in board fee. The chairman of the Board will receive SEK 685,000 and each of the other Board members elected by the AGM will receive SEK 315,000.

Committee fees shall be payable with SEK 100,000 to each member of the audit committee, with SEK 150,000 to the chairman of the audit committee , with SEK 100,000 to each member of the remuneration committee and with SEK 150,000 to the chairman of the remuneration committee. The fees cover the period until the next Annual General Meeting 2020.

For the distribution of the fees, see the table below.

Remuneration to the senior management including incentive program

The remuneration to the President and other member of Group Management consist of fixed salary, variable salary, long term share based incentive program, other benefits and pension. Remuneration, including long term share based program, for 2018 is described below.

Remuneration

Remuneration to the Board, Group Management and Auditors 2018      
Remuneration to the Board, SEK 000s Board fees, Base salary Committee fees Variable
remuneration incurred in the year, expected to be paid in the next year
Variable share-based long-term   Other
benefits
Subtotal Pension costs Total Pension obligation    
Chairman of the Board                        
Lilian Fossum Biner 620 100 - -   -   - 720 -    
                         
Board members                        
Camilla Svenfelt 285 100 - -   -   -   -    
Mikael Aru 285 100 - -   -   - 385 -    
Lottie Knutson 285 100 - -   -   - 385 -    
Alan mcLean Raleigh 285 0 - -   - - - 285 -    
Mikael Norman 285 150 - -   -   - 435 -    
Mikael Svenfelt 285 150 - -   -   - 435 -    
Total 2,330 700 - - - 0 - 2,645 -    
                         
Remuneration cost incurred for the Group Management, SEK 000s                        
Henri de Sauvage Nolting, VD/koncernchef 4,541 - 2,271 1,182   102 8,096 1,362 9,458 -    
Övrig koncernledning () 27,490 - 6,606 122 7,012 41,230 6,510 47,740 -    
Total 32,031 - 8,877 1,304 7,114 49,326 7,872 57,198 -    
                         
Audit fees, SEKm                        
Fee for auditing services 5                      
Fees for other services                        
Tax advice 0                      
Audit-related advice 0                      
Other 1                      
Total other services 1                      
Total audit fees 6                      
                         
3) Other Group Management Team comprised 11 persons for the period 1 January 2018 to 28 February 2018, 12 persons for the period 1 March 2018 to 15 July 2018,
11 persons for the period 16 July 2018 to 14 August 2018, 10 persons for the period 15 August 2018 to 11 November 2018. From 12 November 2018 the other Group
     

Guidelines for remuneration to the senior management team

The Board of Directors proposes that the remuneration to the President and other members of the group management, as well as  other executives reporting directly to the President, shall consist of fixed salary, variable salary, other benefits and pension.

Where the Board of Directors finds it appropriate, such executives shall also be offered to participate in long term share based incentive plans, which shall be decided by the general meeting. Any variable salary should be linked to predetermined and measurable criteria and be limited to the equivalent of one fixed annual salary.

The total remuneration shall be in line with market practice and be competitive, and be related to responsibility and authority. Upon termination of employment agreements by the company, the notice period shall be no longer than 12 months. Any severance pay shall not exceed one fixed annual salary on top of the notice period.

The company shall strive to have defined contribution pension benefits. The retirement age shall be not less than 60 years and not more than 67 years.

These guidelines apply to agreements entered into after the Annual General Meeting, and in case changes are made to existing agreements after this point in time. The Board of Directors shall be entitled to deviate from the guidelines in individual cases if there are special reasons for it.

 

 

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