Remuneration

Remuneration for the Board members was resolved on the AGM in April 6, 2021 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 2021 amounts to SEK 3,275,000 in board fee (unchanged). 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 2022.

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 2020 is described below.

Remuneration – the Group Management Team
Costs incurred in 2020 Base salary Short-term variable Share-based Other Subtotal Pension costs Total
SEK Thousand compensation incurred in the year, expected to be paid out in the next year long-term variable compensation benefits
Henri de Sauvage-Nolting, 5 5 529 92 5.630 1,500 7.130
President and CEO
Other Group Management Team1 23.860 53 2.050 1.320 27.290 5.310 32.600
Total 28.860 58 2.580 1.410 32.920 6.810 39.720
of which, Parent Company 11.880 21 1.270 353 13.520 3.480 17.000
               
               
Amount paid in 2020              
Henri de Sauvage-Nolting, 5 3,649 257 92 9 1,500 10.500
President and CEO
Other Group Management Team1 23.860 10,678 381 1.320 36.240 5.310 41.550
Total 28.860 14,327 638 1.410 45.240 6.810 52.05
of which, Parent Company 11.880 7,156 257 353 19.640 3.480 23.120
             
             
Costs incurred in 2019 Base salary Short-term variable Share-based Other Subtotal Pension costs Total
SEK Thousand compensation incurred in the year, expected to be paid out in the next year long-term variable compensation benefits
Henri de Sauvage-Nolting, 4.66 3,658 388 96 8.800 1,398 10.2
President and CEO
Other Group Management Team2 24.700 10,687 3.210 2.260 40.870 5.74 46.610
Total 29.360 14,345 3.600 2.36 49.67 7.140 56,808
of which, Parent Company 12.200 7,170 973 1.080 21.430 3.540 24.960
               
               
Amount paid in 2019              
Henri de Sauvage-Nolting, 4.66 263 - 96 5.020 1,398 6.420
President and CEO
Other Group Management Team2 24.700 1,843 765 2.260 29.580 5.74 35.320
Total 29.360 2,106 765 2.36 34.590 7.140 41.730
of which, Parent Company 12.200 477 189 1.08 13.950 3.540 17.480
               
               
1) Other Group Management Team comprised 10 persons for the period 1 January 2020 up to 31 December 2020.
2) Other Group Management Team comprised 11 persons for the period 1 January 2019 up to 31 March 2019, 12 persons for the period 1 April 2019 to 30 April 2019 and 11 persons for the period 1 May 2019 to 31 August 2019. As from 1 September 2019 the other Group Management Team consisted of 10 persons.

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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