Variable remuneration

Guidelines for senior executives, approved by the 2019 Annual General Meeting, state that Group management shall have market-competitive salaries and other remuneration terms. In addition to base salary, the management team may also receive variable remuneration, which is capped at 58% of base salary, the equivalent of seven monthly salaries. Senior executives shall have premium-based pension schemes, capped at 30% of fixed remuneration. The maximum period of notice is 24 months and shall also include the obligation to work during the period of notice. Employment agreements shall not contain provisions for severance pay. There is an exception in an agreement signed in 2001, whereby severance pay, amounting to a further six (6) months' salaries, may be made upon termination by the company when the employee reaches the age of 55.