Guidelines for compensation
Proposals by the Board and resolutions on guidelines for compensation to senior executives must be presented to the shareholders at the AGM at least every four years. The guidelines include the President and other individuals in the company's senior management.
Three weeks prior to the AGM, the auditor submits an opinion on the previous year’s guidelines and whether these have been followed. Remunerations to Group management members consist of a fixed salary and any variable salary, other benefits and a pension.
The fixed salary must be related to the member’s responsibilities and powers; the pension benefits must be defined contribution and the total remuneration must be at competitive market rates. The retirement age is 65 years.
Any severance pay only applies when termination is initiated by the company. It should not exceed 18 months’ salary.