Remuneration
There is no specially appointed remuneration committee to deal with wages, pension benefits, incentives and other employment-related conditions for the MD; these matters are dealt with by the Board as a whole. The employment conditions of other members of Group management are determined by the MD and the Chairman of the Board.
New Wave Group’s compensation policy for senior executives:
- Compensation is based on factors such as job description, expertise, position and performance.
- Compensation is at competitive market rates for the market/job in question.
- Remuneration comprises a fixed salary. Variable remuneration such as bonus may be paid when this is justified in order to be able to recruit and maintain key staff and stimulate improvements in sales and profits, as well as the work involved in achieving specific key figures set by the Board.
- Opportunity to purchase New Wave Group share options at market value on two of three occasions.
- No special fee for Board work in Group companies for senior executives.
- Pension benefits shall be equivalent to an ITP plan or, for senior executives outside Sweden, pension benefits which are standard in the relevant country.
- A mutual notice period of no more than six months and no severance pay shall apply for all senior executives.
Conditions of Employment for the CEO
Remuneration to the Group CEO comprises a fixed salary. No Board member’s fees or other remunerations (bonuses) are paid to the CEO. Pension benefits are paid in accordance with the ITP plan. A mutual notice period of six months applies for the CEO, i.e. no severance pay.
Remuneration to the Board
The AGM decides on the fee for the Board members who are elected by the AGM. The division of the fee between the Chairman and other members is set out in note 6 for the Group in the Annual Report.
