Remuneration to the members of the board of directors
Fees and other remuneration to the members of the board of directors, including the chairman, are resolved by the shareholders’ meeting. At the annual shareholders’ meeting held on 7 May 2021 it was resolved that remuneration for the board of directors, for the time until the end of the next annual shareholders’ meeting, shall be paid in a total amount of SEK 900,000, whereof the chairman of the board shall receive SEK 300,000 and the other board members that are not employed by the Company shall receive SEK 150,000 each.
The annual shareholders’ meeting further resolved that remuneration for the board’s work on committees shall be distributed in accordance with the following: SEK 50,000 shall be distributed to the chairman of the audit committee and SEK 50,000 to the other member. The chairman of the remuneration committee shall receive SEK 25,000 and the other member shall receive SEK 25,000.
The table below presents an overview of remuneration to the board of directors elected by the shareholders for the 2020 financial year. The members of the board of directors are not entitled to any benefits following termination of their assignments as directors of the board.
|Name||Function||Board fee (SEK)|
|Magnus Brännström||Board member||138,750|
|Pernilla Ekman||Board member||–|
|Anders Hedebark||Board member (and CEO)||0|
|Helena Holmgren||Board member||–|
|Helene Willberg||Board member||173,0002|
1Including SEK 43,000 for work in the audit committee.
2Including SEK 43,000 for work in the audit committee.
Guidelines for remuneration to the executive management
At the extraordinary shareholders’ meeting held on 7 May 2021 it was resolved to adopt guidelines for remuneration to the CEO and other members of the executive management, which mainly entail that the remuneration shall be on market terms and may consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. Additionally, the general meeting may – irrespective of these guidelines – resolve on, among other things, share-related or share price-related remuneration. The board of directors should annually evaluate whether share-related or share price-related long-term incentive schemes should be proposed to the general meeting.
The fixed cash salary shall be individual and based on the executive’s responsibility and position as well as competence and experience from the relevant position.
Variable cash remuneration shall be awarded upon satisfaction of certain criteria. Such variable cash remuneration shall not amount to more than the aggregate of twelve fixed monthly cash salaries.
For the CEO, pension benefits shall be premium defined and shall not amount to more than 35 percent of the remuneration which entitles pension (fixed and variable cash remuneration). For other executives which fall within the ITP-plan, the pension benefits shall correspond to what applies according to the ITP-plan. For other executives the pension benefits shall not amount to more than 25 percent of the remuneration which entitles pension (fixed and variable cash remuneration).
Other benefits may include, for example, medical insurance (Sw. sjukvårdsförsäkring) and company car. Such benefits shall have a limited value in relation to other remuneration and correspond to market terms on each geographical market. Such benefits may not amount to more than 10 percent of the fixed annual cash salary.
For employments governed by rules other than Swedish, pension benefits and other benefits may be duly adjusted for compliance with mandatory rules or established local practice, taking into account, to the extent possible, the overall purpose of these guidelines.
Remuneration to the CEO and other executive management
The table below presents an overview of remuneration to the CEO and other members of executive management for the 2020 financial year.
|Name||Board fee||Basic salary||Variable remuneration||Other benefits||Pension costs||Total|
|Anders Hedebark, CEO||0||3,558,555||0||346,764||1,279,572||5,184,891|
|Other members of executive management||–||8,102,918||0||73,490||2,834,193||11,010,601|