Guidelines for remuneration to the executive management

At the annual shareholders’ meeting on 15 May 2020, guidelines were adopted on remuneration for the CEO and other members of the executive management. According to the guidelines, Ambea shall offer remuneration that is in line with market practice and is based on one fixed and one variable part.

Remuneration to the CEO and other members of the executive management shall be comprised by fixed salary, variable remuneration and pension. The division between fixed salary and variable remuneration shall be proportionate to the members of the executive management’s level of responsibility and authority. The variable remuneration shall be based on the financial performance of the group and the individual outcome is decided based on the fulfillment of individual quality and development targets.

The members of the executive management may receive pension benefits in the range of 20 to 30 percent of their respective salary, or in accordance with the applicable occupational pension plan or in accordance with collective bargaining agreements. Agreements concerning pensions shall be based on premium based solutions and be in accordance with the levels, practice, individual agreements and collective bargaining agreements applicable to the group.

Members of the management are entitled to a notice period of six months, if the employment is terminated by the employer, and six months, if the employment is terminated by the employee. Upon termination by the employer, members of the management are, in addition to their fixed monthly salary during the notice period, entitled to severance pay equal to an amount ranging from three to twelve months’ fixed salary.

Under special circumstances, the board of directors may deviate from the above guidelines.