At the AGM on 30th August 2017 it was resolved to adopt the following guidelines for remuneration to the CEO and other senior executives, being members of the Group Management (in total 8 persons).
The remuneration paid to the Group Management is to comprise fixed salary, possible variable remuneration, pension and other benefits, such as any company car and company healthcare etc. The total remuneration package should be based on terms prevailing in the market, be competitive and reflect the individual’s performance and responsibilities as well as, with respect to any share based incentive plans, the value growth of the company's share which is to the benefit of the shareholders.
Variable salary in cash is conditional upon the fulfillment of defined and measurable goals which should be determined by results. The variable salary in cash should at most amount to 50 percent of the annual fixed salary for the respective senior executive. In the event of a maximum outcome, which presupposes that all bonus-related targets are fulfilled, the variable salary costs for Group Management are estimated to amount to approximately SEK 8 million (excluding social security contributions). The calculation is based on the current composition of Group Management. Terms and conditions for variable salary shall give the Board of Directors the option to, under exceptional economic conditions, limit or refrain from payment of variable salary, if such action is deemed reasonable and consistent with the Company´s responsibility towards shareholders, employees and other stakeholders.
Pension benefits should be defined contribution. The age of retirement follows the country specific pension rules.
A mutual notice period of 6 months applies for the CEO. For other members of the GroupManagement mutual notice periods of 6 months apply. The CEO and the other members ofthe Group Management shall, upon having their employments terminated by the company, be entitled to severance pay amounting to not more than 12 months months fixed salary. No severance payment will be made when the employment is terminated by the employee.
The Board of Directors shall have the right to deviate from the guidelines resolved by the General Meeting if, in an individual case, there are special reasons for this.