The variable part of the income is based on that the company reaches certain predetermined results.
All members of the executive management have a variable income not exceeding 40 per cent of the fixed yearly income. 75 per cent of the variable salary is dependent on the company achieving certain predetermined results. The remaining 25 per cent of the variable salary is base upon predetermined criteria related to personal performance.
The Board of Directors has the possibility to resolve that an additional discretionary bonus shall be paid to the members of the executive management, including the CEO. The conditions for payment of the discretionary bonus shall be of extraordinary character.
Conditions for variable income and performance criteria – The Board of Directors may at its own discretion determine the conditions for payment of variable income.
At the AGM held on June 4, 2020, the shareholders resolved to authorize the Board of Directors to implement a share based incentive program as outlined in the notice for the AGM.
The Compensation Committee meet when so is required and attend to matters relating to salaries, other employment conditions, pension benefits and bonus for the CEO and members of the Management team that reports directly to the CEO, as well as other compensation matters of principal interest.