There is a remuneration committee for managing salary status, pension benefits, incentive issues and other terms of employment for the CEO and other persons in Group Management. The employment conditions of other members of Group management are determined by the MD and the Chairman of the Board. Remuneration to the Group Managing Director and other members of Group management comprises fixed salaries at competitive market rates.
Nilörngruppen remuneration policy for the CEO, management team and managing directors in subsidiaries govern how total compensation, pension and severance pay is set.
The guidelines are set in accordance with the Companies Act Chapter 8 51-53§.
Remuneration to the CEO, management and subsidiary presidents shall consist of base salary and possibly a company car and other benefits. There shall be no special fee for Board work in Group companies for senior executives.
Bonuses may be paid to individual executives in accordance with the Board’s decision. Variable remuneration shall be based on predefined and measurable criteria such as earnings performance for the Nilörn Group. The variable remuneration may not exceed 100 percent of the fixed salary.
Share- and share price related incentive programs
There are no outstanding share- and share price related incentive programs.
The pension shall be defined contribution.
The notice period shall be specified in the employment contract and be a maximum of 12 months and no severance pay shall apply for all senior executives.
The Annual General Meeting shall decide on fees and other remuneration to each of the directors. Fees that do not belong to the board work shall be charged separately according to fixed hourly rates.
In the annual report, the total amount of the fiscal salaries and other remuneration and pensions given to the directors, CEO and other senior executives. The number of people involved should be indicated.
For each of the directors and the CEO, the information is given on an individual level.