The Remuneration Committee shall prepare issues concerning principles of CEO and other senior executive remuneration, and individual remuneration for the CEO in accordance with these principles. Among other things, these principles cover the relationship between fixed and any variable remuneration as well as the link between performance and remuneration; principal terms for any bonus and incentive programs; and principal terms for non-monetary benefits, pension, termination and severance pay. The Board of Directors as a whole sets the remuneration and other terms of employment for the CEO. Share-related incentive programs for the group management are, however, approved by the Annual General Meeting.
The committee shall further assist the Board of Directors in overseeing the system by means of which the company fulfils provisions in law, stock exchange rules and the Code concerning publication of information regarding CEO and other senior executive remuneration; and shall monitor and evaluate any ongoing variable remuneration programs, or any concluded during the year, for the CEO and other senior executives, and the application of the guidelines for CEO and other senior executive remuneration adopted by law at the Annual General Meeting, as well as current remuneration structures and levels.
Remuneration Committee Members
The Remuneration Committee comprises board members Carl Klingberg (Chairman) and Barak Matalon.