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Fees paid to the Board of Directors
The Annual General Meeting decides annually on the fees to be paid to the members of the Board of Directors for one term of office at a time.
Salaries and bonuses paid to the President and CEO and the Board of Management
The remuneration paid to the President and CEO and other members of the Board of Management, and the principles underlying it, are determined by the Board of Directors. The remuneration paid to the President and CEO and the other members of the Board of Management consists of a monthly salary and a bonus. The Board of Directors determines the terms for the bonus payment. More information about the salaries and bonuses can be found in the Financial Review in the Annual Report on page 111. The bonus payments for the President and CEO and the Board of Management are paid according to the achievement of the company’s profit targets. Information on shares and possible options from previous option-schemes held by the President and CEO and the other members of the Board of Management is given on page 36 in the Annual Report.
The President and CEO is eligible to take retirement on reaching the age of sixty and his retirement pension is 60% of his statutory (TEL) earnings. Compensation paid to the President and CEO if he is dismissed by the company corresponds to 24 month’s salary in addition to a six-month period of notice salary. The retirement age of the members of the Board of Management is sixty years.
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