The board of directors
The amount of remuneration granted to the board of directors, including the chairman, is determined by resolution at the annual general meeting. At the annual general meeting of the Company on April 25, 2018, it was resolved that no remuneration shall be paid to the members of the board of directors.
The members of the board of directors are not entitled to any benefits upon ceasing to serve as a member of the board of directors.
No board remuneration was paid to the board of directors during 2017.
The CEO and Group management
The board of directors decides on the remuneration policy for the CEO and Group management. Such policy is in accordance with the guidelines for remuneration of the CEO and Group management, as adopted by the annual general meeting. Individual compensation to the CEO is approved by the board of directors, while individual compensation to other members of Group management is decided by the CEO conditioned upon approval by the chairman of the board of directors. All decisions on individual compensation to members of the Group management are within the approved remuneration policy adopted by the board of directors.
The employment contract with the CEO has a mutual 6 months’ notice. Of the remaining members of the Group management one member has a mutual 6 months’ notice, one member a mutual 3 months’ notice and two members a mutual 90 days’ notice. The CEO is entitled to severance pay of 36 monthly salaries after the notice period has ended if the employment is terminated by the Company. One additional member of the Group management is entitled to severance pay of 36 monthly salaries, one member is entitled to severance pay of 18 monthly salaries and one is entitled to severance pay of 6 monthly salaries.
The Company has entered into a consultancy agreement pursuant to which Thomas Buhre is appointed as CFO until further notice. The agreement is subject to a mutual notice period of three months. In addition, the Company has entered into a consultancy agreement, pursuant to which Rolf Olofsson is appointed as CLO until further notice.