At the Annual General Meeting on May 16, 2023, guidelines were adopted on remuneration for the CEO and other executive management. Senior executives refer to the CEO and the other members of the executive management. The guidelines’ promote the company’s business strategy, long-term interests and sustainability by enabling that the company is able to recruit and retain qualified personnel.
The remuneration of senior executives shall be on market terms and may consist of fixed cash salary, variable cash remuneration, pension and other benefits. Additionally, the general meeting may – irrespective of these guidelines – resolve on, among other things, share-related or share price-related remuneration. If local conditions justify variations in the remuneration principles, such variations may occur. The fixed remuneration shall reflect the individual’s responsibility and experience level. The fixed remuneration shall be reviewed annually. Senior executives may be offered variable remuneration paid in cash. Such remuneration may not exceed 70 per cent of the annual fixed remuneration for the CEO and may not exceed 45 per cent of the annual fixed remuneration for the other executive management. Variable remuneration shall be connected to predetermined and measurable criteria, designed with the aim of promoting the company’s long-term value creation.
The Board of Directors is entitled to deviate from the guidelines if the Board of Directors, in a certain case, deems that there are good reasons for the deviation.
The Board of Directors shall prepare a proposal for new guidelines at least every fourth year and present it to the Annual General Meeting. The guidelines shall be in force until new guidelines are adopted by the general meeting. For the full Guidelines for remuneration, please see the notice for AGM 2023.