The Annual General Meeting 2008 resolved to adopt guidelines for principles for
remuneration to senior executives.
CEO
The remuneration consists of a basic salary, variable remuneration, pension and insurance benefits and other benefits. The variable remuneration is maximized to 75 percent of the basic salary and is based on the Group’s operating results. The Company shall pay premiums amounting to 30 percent of the basic salary regarding pension and sickness allowance insurance. Other benefits principally consist of a company car. The notice period is 6 months on the part of the CEO and 24 months on the part of the Company.
Other senior executives
Remuneration to other senior executives consists of basic salary, variable remuneration, other benefits and pensions. By other senior executives, it refers to the persons who together with the CEO make up the Group Management. At the end of 2008, the Group Management comprised:
- CEO and President
- Chief Financial Officer
- Head of Technology/Sourcing/Logistics
- Country President Spain
- Country President France, was part of the Group Management until January 9,2009.
- Country President UK, was also part of the Group Management until September 1, 2009.
Severance pay is also included in basic salary for other senior executives for 2008. The division between basic salary and variable remuneration shall be in proportion to the executive’s responsibility and authority. The variable remuneration is maximized at 60-75 percent of the basic salary and is based on the Group’s results. Other benefits principally consist of a company car. The notice period is a maximum of 6 months on the part of the executive and a maximum of 12 months on the part of the Company. Pension premiums are based on the ITP plan. Pension-qualifying salary consists of the basic salary. Currently, no severance pay agreements are signed in the case of any of the senior executives. For information concerning senior executives’ shareholdings in Niscayah Group AB see page 56 in the Annual Report.