The Annual General Meeting decides on the remuneration of the Board of Directors and the auditor. The AGM held on 21 March 2014 decided on remuneration of EUR 20,000.00 for the Chairman of the Board of Directors, EUR 11,000.00 for the Deputy Chairman and EUR 8,000.00 for each Board member. In addition, the AGM decided that a fee of EUR 600.00 per meeting be paid to the Chairman and members of the Board, and also to the chairmen and members of the Committees. It has been decided that the fee for the auditors will be paid in accordance with the invoice.
The fees paid to the members of the Board of Directors and the Committees were as follows:
The members of the Board of Directors have not received any shares or share-based rights during the financial year.
The company’s Board of Directors decides on the pay of 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 (648,325.04).
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.