The Annual General Meeting decides on the remuneration of the Board of Directors and the auditor. The Annual General Meeting held on 21 March 2014 confirmed the attendance allowance for Board meetings as EUR 600 per meeting and set the following annual fees for the term beginning 21 March 2014: EUR 20,000 for the Chairman, EUR 11,000 for the Deputy Chairman, and EUR 8,000 for each of the members.
The fees paid to members of the Board of Directors for the year 2014 came to a total of EUR 105,333.
It was decided that the auditors' fee will be paid to invoice.
The company’s Board of Directors decides on the pay received by the CEO and members of the Management Group, and on the principles and disbursement of their performance bonuses. Group employees do not receive additional compensation for serving as Board members or the CEO of a Group company.
The salaries and fees of the CEO and Deputy CEO, including benefits in kind, came to EUR 794,590.53.
The retirement age for members of the Management Group is 63 years. Members of the Management Group belong to a contribution-based pension system in which an insurance premium corresponding to two months’ taxable income is paid annually into a group pension insurance plan. The Deputy CEO is entitled to a benefit-based pension.
The period of notice for terminating the CEO’s employment relationship is twelve months.
In 2014, members of the Management Group were included in the annual bonus system, which is based on a balanced score card. Members of the Management Group have also been part of a long-term incentive plan since the beginning of 2010. The incentive plan is based on the Group’s performance and is divided into three-year periods. The third period ended in 2014.