The Compensation Committee is appointed annually by the Board of Directors and is a body within the Board.
Committee members are Conny Karlsson, (Chairman), Charles A. Blixt, and Jacqueline Hoogerbrugge.
The Company’s President presents reports on certain issues, but is not a member of the Committee and is not present when the Committee prepares decisions regarding compensation to the President.
The committee’s duties are to prepare and submit to the Board proposals for resolutions relating to remuneration and other terms of employment for the Company’s President, principles regarding remuneration to senior executives, which the Board will present to the AGM for a resolution and other remuneration and employment term matters which by law or other regulations, the Swedish Code of Corporate Governance or established practice shall be resolved by the General Meeting or the Board of Directors.
The Board of Directors has delegated decision-making authority to the Compensation Committee in certain issues such as calculation and payment of variable salary to the Company’s President, salary and other compensation that, within the framework of the guidelines resolved by the AGM, is to be paid to members of the Group Management Team other than the President, including performance criteria, and targets in any long term incentive plan and approval of significant engagements outside the Company with respect to members of the Group Management Team other than the President.
The committee is to meet as often as necessary but at least twice annually.
Committee’s work 2018
Two meetings were held in 2018.
During 2018, the committee devoted special attention to determination of variable compensation for 2017 to be paid in 2018, and on targets relevant to variable compensation, proposals to the Board concerning adjustments of the President’s salary and variable compensation for 2019, and determination of salaries and variable compensation for other members of the Group Management Team for 2019. In addition, the committee submitted a proposal to the Board concerning guidelines for the determination of salary and other remuneration paid to the President and other members of the Group Management Team.