Board's declaration regarding the determination of salary and other
Guidelines for 2015 The company’s executive personnel are paid a fixed salary that reflects the employee’s education, experience and professional qualifications. It is important that remuneration is at a level that allows the company to attract the best qualified persons to the company’s key positions. In addition to their base salary, executive personnel can receive a variable bonus of up to 30 percent of his/her gross annual salary. The size of the bonus paid to the individual employees will be dependent in part on the achievement of individual targets and in part on the performance of the Group. The targets for the CEO are set by the Board of Directors. The CEO has established targets for executive personnel.
Executive personnel receive a free company car, telephone, mobile phone, Internet, newspapers and canteen as benefits in kind. Executive personnel in Norway are members of the company’s defined contribution pension plan in the same manner as other employees. The retirement age for executive personnel is according to local legislation. If employment is terminated, the individual employees are entitled to a salary for a maximum of 18 months after the termination of employment.
Blom believes that the company’s performance-based bonus agreements with executive personnel have a motivating effect and are in the best interests of the company and its shareholders.
The company does not currently have any agreements with executive personnel concerning the allocation of shares, subscription rights, options and other forms of remuneration linked to shares or the performance of the company’s shares or shares in other companies within the Group. The Board of Directors will, however, continuously consider incentive schemes that are appropriate to secure a qualified management for the company, including the use of various share option schemes