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Remuneration and the remuneration committee
Remuneration to the board of directors
The nomination committee, which is appointed in accordance with the principles resolved at the annual general meeting, proposes the remuneration to board members. Remuneration to the board of directors is resolved by the annual general meeting and is stated in the annual report.
Guidelines for remuneration to senior executives
At the Annual General Meeting held on 4 May 2021, guidelines for remuneration to senior executives were adopted. The guidelines are valid until a general meeting adopts new guidelines (when necessary or at least every four years). Please refer to the documents from the AGM 2021 for the complete guidelines.
Forms of remuneration, etc.
The remuneration shall be at market level, be in relation to responsibility and authority and consist of the following components: fixed salary, any variable remuneration in accordance with separate agreements, pension and other benefits. The general meeting may in addition – irrespective of these guidelines – resolve on, shares or share price-based instruments that form part of remuneration.
The fixed salary shall constitute the base of the total compensation and shall consist of fixed cash salary, which shall be reviewed annually. The fixed salary shall be competitive and reflect the requirements of the position regarding competence, responsibility, complexity and in which way the remuneration promotes the business goals.
In addition to the fixed salary, the CEO and other senior executives may, in accordance with separate agreements, receive variable remuneration upon fulfilment of predetermined criteria. Any variable remuneration shall consist of annual variable cash salary and may not exceed 50 per cent of the fixed annual salary.
For the CEO and other senior executives, pension benefits, including health insurance, shall be fixed and the premiums may not exceed 30 per cent of the fixed annual salary. Variable renumeration shall not contribute to pension.
Other benefits, which may include travel benefit and health care insurance, shall be at market level and constitute a limited share of the total renumeration. Premiums and other costs arising from such benefits may not exceed 15 per cent of the fixed annual salary.
Termination of employment
The notice period for termination for the CEO and other senior executives shall be a maximum of twelve months. When termination is made by the company, severance may be paid with an amount corresponding to a maximum of twelve months fixed salary.
The company has a remuneration committee consisting of Christine Lind (Chair), Hans Preusting and Helén Tuvesson. The tasks of the remuneration committee are set out in its instructions, which are adopted by the board annually. The purpose of the remuneration committee is to perform the tasks of the committee pursuant to the Swedish Corporate Governance Code and otherwise assist the board of directors of the company in matters relating to remuneration to the CEO and management of the company. The main tasks are preparation of the board’s decisions regarding remuneration principles, remuneration and other employment terms of the company’s management and monitoring and evaluation of ongoing and concluded programs for variable remuneration to the management as as well as applicable remuneration structures and levels, including implementation of the principles for remuneration to the management adopted by the general meeting.