Guidelines for remuneration to senior management adopted by the Annual General Meeting 2016
Remuneration to the chairman of the board and other members of the board is paid in accordance with the resolution by the AGM. The employee representatives are not granted remuneration. Remuneration for the managing director is decided by the board of directors following a proposition by the remuneration committee. Guidelines for remuneration to senior management are established by the AGM. Market rate terms for salaries and other employment terms is applied to the group management. In addition to fixed yearly salaries, the group management will also receive variable salaries. The variable salaries are based on the earning trend compared to fixed targets and have a maximum in absolute amounts stipulated individually on a yearly basis. Remuneration to certain senior managers within the Enea group of companies may also be paid by way of share related compensation.
Other senior managers in Sweden have pension agreements that fall within the ITP-plan with a stipulated retirement age of 65 and pension premiums related to the salary of the employee. The ITP-plan is principally characterised as being based on beneficial grounds. The ITP-plan is assured by insurance in Alecta. Pension premiums will be paid regularly.
In case of termination of the managing director’s employment, the company will observe a notice period of six months and the managing director a notice period of six months towards the company. A severance pay corresponding to six months fixes salaries will apply if the Company terminates the employment. The managing director is entitled to a severance pay corresponding to six months salaries if the ownership in the Company is changed to the extent that there are new majority shareholders. All dismissal pay and severance pay will be reduced in relation to any other earned income. For all other senior management a notice period of 3-12 months applies. The board reserves the right to deviate from the proposed guidelines, if there are particular reasons at hand in a specific case.