The Annual General Meeting decides on the remuneration of the Board of Directors and the auditor. The Annual General Meeting held on 19 March 2015 confirmed the attendance allowance for Board meetings as EUR 600 per meeting and set the following annual fees for the term beginning 19 March 2015: EUR 20,000 for the Chairman, EUR 11,000 for the Deputy Chairman, and EUR 8,000 for each of the members.
The fees paid to members of the Board of Directors for the year 2015 came to a total of EUR 112,000.
The fees paid to the members of the Board committees for the year 2015 amounted to EUR 22,200.
It was decided that the auditors’ fee will be paid to invoice.
The company’s Board of Directors decides on the pay received by 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 other benefits paid to the CEO in 2015 came to EUR 744,672.96, of which EUR 367,095.87 was fixed pay and EUR 377,577.09 was variable pay. The salaries and other benefits paid to the Deputy CEOs came to EUR 456,098.50, of which EUR 238,754.19 was fixed pay and EUR 217,344.31 was variable pay.
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 period of notice for terminating the CEO’s employment relationship is twelve months.
Members of the Management Group have been part of a long-term incentive plan since the beginning of 2010. The incentive plan is based on the Group’s profit performance and is divided into three-year earning periods, starting each year.