Remuneration of senior executives

The Board of Directors' proposal for guidelines for the remuneration of Senior Executives

By Senior Executives is meant the President and Executive Vice President level, currently four individuals.

The remuneration shall consist of a fixed salary, a variable salary, a pension and other remuneration such as a company car. The total remuneration shall be on market terms and support the interest of the shareholders by enabling the company to attract and retain senior executives.

The fixed salary shall be renegotiated annually and take into account the area of responsibility, the competence, performance and experience of the individual. The variable salary shall be based on the outcome in relation to set financial targets. The individual shall receive a maximum amount equivalent to six months’ salary.

For detailed information, see note 6 (page 52) in Annual Report 2015.