Management compensation
The 2007 Annual General Meeting established certain principles for determining salary and other compensation to the President and other members of Group Management Team.
The objective of these principles is to ensure that the Company is able to recruit and retain employees with optimum skills and qualifications for their respective duties.
The total remuneration paid to Group Management Team officials shall comprise the following components: fixed salary, annual variable salary, a long-term incentive program in the form of employee stock options, pension benefits, terms in conjunction with notice of termination and severance pay, and other benefits.
* Options costs are recognized in accordance with IFRS 2, excluding social security charges.
Comments on the table:
- During 2007, Group Management Team consisted of ten persons including the President. The President and six persons of other members of Group Management Team are employed by the Parent Company, whereof one member was employed by a subsidiary prior to October 1, 2007 and one member started his employment July 1, 2007. Three members of the Group Management Team are employed by subsidiaries, whereof one member started his employment October 1, 2007. During 2006 the Group Management Team consisted of seven persons including the President. The President and three members were employed by the Parent Company and three members was employed by subsidiaries. Each respective subsidiary pays salary and other remuneration to the members of Group Management Team employed by that subsidiary.