The remuneration of the members of the Board of Directors and the Board committees is decided by the General Meeting of Shareholders of the company based on a proposal by Adapteo’s Nomination Committee. Resolutions on the remuneration on the Board of Directors have been passed in the Extraordinary General Meeting of Cramo resolving on the demerger.
The members of the Nomination Committee shall not be entitled to remuneration from the company on the basis of their membership unless otherwise decided by the General Meeting of Shareholders.
The Extraordinary General Meeting held in June 2019 resolved that the members of the Board of Directors of Adapteo elected for the term of office ending at the end of the first Annual General Meeting of Adapteo be paid the following remuneration:
Reasonable travel expenses will be refunded in accordance with an invoice. It was resolved that the remuneration is paid in cash.
The Board decides on the remuneration of the President and CEO. The remuneration of the Group Management Team is decided by the Board.
Pursuant to the President and CEO’s contract of service with Philip Isell Lind af Hageby, Mr. Isell Lind af Hageby’s monthly salary will be SEK 220,000. He will also be entitled customary fringe benefits and incentives as in force from time to time. The President and CEO’s contract of service may be terminated on a mutual six months’ notice. Upon termination of the contract by the company for reasons other than a breach of the contract, the President and CEO shall be entitled to receive severance payment equivalent to a maximum of twelve months’ salary in addition to the salary for the notice period.
The remuneration of the other members of the Group Management Team consists of monthly salary, customary fringe benefits and incentives as in force from time to time. The Group Management Team members’ employment contracts may be terminated on a mutual six months’ notice. When the Group Management Team member’s employment is terminated by the company for reasons other than a breach of the employee’s duties, the Group Management Team member shall be entitled to receive severance payment equivalent to a maximum of six months’ salary in addition to the salary for the notice period. Björn Kölerud serves in the company based on a consulting agreement. The agreement may be terminated on a mutual one month’s notice.
The pension benefits of the members of the Group Management Team are determined in accordance with applicable law or collective bargaining agreements. In addition, pursuant to the agreement entered into with the President and CEO agreement, the Company has committed to pay a monthly premium equalling 25 percent of the President and CEO’s monthly base salary to a supplementary occupational pension insurance plan.
STIs shall be based on performance in relation to established targets. The targets shall be individual, measurable and linked to the Company’s financial performance and/or to specific performance (individual targets). STI may, as regards the President and CEO, amount to a maximum of 70 percent of the fixed salary and, as regards the Executives, amount to a maximum of 50 percent of the fixed salary.
The company shall publish its Remuneration Statement on the company’s website in accordance with the governance code.