Fees are payable to the board in accordance with the resolution of the annual general meeting. The nomination committee is tasked with preparing and submitting proposals ahead of the annual general meeting regarding fees and how the fees should be apportioned between the chairman and the members of the board.
The annual general meeting on 21 April 2015 resolved that directors’ fees of SEK 1,600,000 in total should be payable to be apportioned as follows: SEK 400,000 to the chairman of the board and SEK 200,000 to each of the members of the board.
Guidelines for remuneration to senior executives
The following guidelines were adopted at the annual general meeting on 21 April 2015:
Salaries and other terms and conditions of employment for the senior management shall be on market conditions and market-related and be competitive, but not market-leading in relation to other comparable companies.
The guidelines shall apply for the senior management, which currently consists of the managing director and six business area directors. The managing director’s remuneration shall be proposed by the chairman and determined by the board of directors. Remuneration payable to other members of the senior management shall be proposed by the managing director and approved by the board. Remuneration to the senior management consists of a fixed salary. No variable salary or performance-related remuneration shall be payable.
The retirement age for the managing director is 62. For other members of the senior management, the retirement age is 65. Pension plans are defined contribution plans, and the company has no additional obligations after payment of the annual premiums.
In the event of termination of employment by the company, the managing director of the parent company and the managing director of the subsidiary company TL Bygg have a notice period of 12 months. Other members of the senior management have a period of notice of up to six months. In the event of termination of employment by the company, the managing director of the parent company is entitled to severance pay corresponding to six months’ salary. No further severance pay exists.
The terms and conditions that the company applies to other employees in the group, either in accordance with collective agreements or in accordance with unilateral commitments by the company to the employees, otherwise apply for the senior management.
Departure from the above-mentioned guidelines by the board of directors is permitted if there are special grounds for doing so in a particular instance.