Remuneration of Group management

We endeavour to offer total remuneration that is both fair and competitive. All employees receive remuneration in the form of fixed salary and the opportunity to earn a bonus. Guidelines on remuneration of Group management are adopted by the Annual General Meeting.

Remuneration of the CEO is thereafter determined by the Board. Remuneration of other senior executives is prepared and decided on by the CEO.

The Board makes proposals on Group management remuneration guidelines relating to:

• Targets and rationale for calculating variable pay
• The relationship between fixed and variable pay
• Changes in fixed or variable pay
• Criteria for evaluation of variable pay, long-term incentives, pensions and other benefits

The Board decides on salary and other terms of employment for the CEO. For further information on remuneration, long-term incentive programs and pension plans, see note 4 in the annual report.