Remuneration and pension terms

Remuneration and benefits for the senior executives are prepared by the remuneration committee and decided by the board of directors. In the Annual Report for 2017 note 22 the remuneration for 2017 is shown.

 

THE COMPANY’S AGM ON 22 MAY 2017 resolved to implement the following guidelines for remuneration to senior executives for the period until the 2018 AGM.

 

Remuneration and terms of employment for senior executives, by which is meant the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the Head of Quality and Regulatory Affairs, the Sales Director and the Marketing Director December 31, 2017, shall be designed to ensure the company’s access to executives with the right expertise. This remuneration shall consist of basic salary, possible variable remuneration, incentive programs and other benefits including a company car and pension contributions.

 

The remuneration shall be market-based and proportionate to the executive’s powers and responsibilities. Any variable remuneration shall be related to established, well-defined targets and to the basic salary, and shall be limited to a maximum amount equal to six months’ salary (gross).

 

Episurf Medical’s pension policy is based on an individual occupational pension in a maximum amount equal to 30 per cent of basic salary. The company has a term of notice of no more than six months. Other remuneration and benefits, such as company car, shall be market-based.

 

The Board is given the opportunity to deviate from the above guidelines in individual cases where there is special reason to do so. In such case, information and the reasons
for the deviation shall be reported at the next AGM. Aside from the CEO, no other senior executive or other employee is entitled to termination benefits.

 

On 25 February 2015 the Board decided to appoint a remuneration committee and it currently consists of Dennis D. Stripe, who is also chairman of the committee, Wilder Fulford and Christian Krüeger.

 

Remuneration to other senior executives is negotiated with the CEO and must be approved by the Board Chairman.