Remuneration guidelines for executive management are resolved upon by the AGM. The executive management team consists of the CEO and nine other members. The remuneration terms shall emphasize ‘pay for performance’ and vary with the performance of the individual and the Group. The total remuneration for the executive management team shall be tied strongly to the position held, be in line with market practice and may comprise the following components:
- Fixed compensation.
- Variable compensation.
- Other benefits such as pension and insurance.
Following the ”pay for performance ”principle, variable compensation shall represent a significant portion of the total compensation opportunity for group management. Variable compensation shall always be measured against pre-defined targets and have a maximum above which no pay-out shall be made. More information about remuneration to management can be found in the?Remuneration Guidelines for the Executive Management and on page F37 in the Listing prospectus.