The Remuneration Committee, which is appointed from among Board members, is to prepare guidelines in respect of pay and other employment terms for the President and senior executives and present the Board with proposals in respect of these issues. The Board decides on pay and other remuneration of the President. The President is to determine the salary and other remuneration payable to other senior executives in accordance with the Board’s guiding principles. The term “other senior executives” refers to the individuals who, in addition to the President, constitute the Executive Management Group. The basic remuneration levels are to be market-based. Remuneration comprises a fixed basic salary, variable remuneration calculated according to predetermined targets, other benefits, pension and financial instruments in the form of performance shares. The distribution between fixed salary and variable remuneration is to be proportionate to the executive’s responsibilities and authorities. The variable remuneration payable to the President and other senior executives may not exceed one-hundred per cent (100 %) of their fixed annual salary, with the exception of a sign-on bonus. Pension terms and conditions are to be based on defined-contribution pension schemes. The period of notice from the Company is not to exceed six (6) months. During the period of notice of no longer than six (6) months, full salary and employment benefits are payable. If employment is terminated by the Company, severance pay is payable in an amount corresponding to not more than twelve (12) monthly salaries. Decisions regarding share and share-price-based incentive programs are to be made by the AGM. In certain cases, the Board of Directors is to be entitled to disapply the guidelines if special circumstances prevail.
The AGM resolved to pay the Board of Directors fees totaling SEK 2,245,000, of which SEK 625,000 to the Chairman of the Board and SEK 270,000 to each other Board member.
Fees for work on committees will be payable in an amount of SEK 370,000, to be distributed as follows:
Audit Committee: SEK 115,000 to the Chairman and SEK 60,000 to each other member.
Remuneration Committee: SEK 65,000 to the Chairman and SEK 35,000 to each other member.