Management compensation

The total remuneration paid to Group Management Team consists of fixed salary, variable components in the form of annual short-term variable remuneration and long-term variable remuneration, pension, other benefits and terms related to termination of employment. Read more about the remuneration principles. Read also the Board of Directors’ report regarding the results of the Compensation Committees evaluation on remuneration.

Remuneration and other benefits to Group Management Team

 
1) Options costs are recognized in accordance with IFRS 2, excluding social security charges.

Comments to the table:

• At the end of 2010, the Group Management Team consisted of ten persons including the President. During 2010, twelve persons, including the President, have been assigned to the Group Management Team. However, during 2010, the Group Management Team never consisted of more than ten members at the same time. The President and five other members of the Group Management Team are employed by the Parent Company and four members are employed by subsidiaries.
  
  At the end of 2009, the Group Management Team consisted of ten persons including the President. During 2009, twelve persons, including the President, were assigned to the Group Management Team. However, during 2009, the Group Management Team never consisted of more than ten members at the same time. The President and five other members of the Group Management Team were employed by the Parent Company and four members were employed by subsidiaries.
• Variable salary pertains to accruals charged to the consolidated income statement during the year for short-term and long-term incentive program based on achieved results.
• Options relate to the costs in accordance with IFRS2. Options accrued in 2009 were allotted in 2010. During 2010 the option program was replaced by a long-term cash based incentive program. Charges for the long-term cash incentive program are included in variable salary.
• Other benefits pertain to company cars, medical insurance, dental plan, life insurance, club membership and other benefits.
• Reported pension costs correspond to service costs for defined benefit pension plans and fees relating to defined contribution pension plans (excluding payroll taxes).