111
Attendance at Board and committee meetings in 2018
Member
Board of
Directors
Audit
Committee
Remuneration
Committee
Number of meetings 10 4 2
Georg Brunstam 7 1
Marianne Kirkegaard 10
Gun Nilsson 10 4
Lillie Li Valeur 10 4
Märta Schörling
Andreen 10 4 2
Leif Håkansson 10
Bengt Baron 10
Lena Nilsson 7
Georg Brunstam has attended all Board and Remuneration
Committee meetings since he was elected
member of the Board at the Annual General Meeting on
May 30, 2018. The same is valid for the union representative
Lena Nilsson.
Information about the members of the Board can be
found on pages 44–45.
Fees to Board members
According to the decision of the Annual General
Meeting, the total fees to the Board amounted to SEK
3,375,000, to be allocated between the members
as follows: SEK 850,000 to the Chairman and SEK
375,000 to each of the other members elected at the
Annual General Meeting who are not employed by
the Company. The Chairman of the Audit Committee
received SEK 250,000 and the members SEK 125,000
each. The Chairman of the Remuneration Committee
received SEK 100,000 and the member SEK 50,000.
The secretary to the Board and employee representatives
to the Board do not receive any compensation
other than for costs in connection with their participation
in Board activities. For further information about remuneration
to members of the Board, please see page 83.
Evaluation of the CEO
The Board continuously evaluates the work and competence
of the CEO and the Company’s management
team. This is discussed at least once a year without
representatives of the Company management being
present.
Guidelines for remuneration of senior executives
The 2018 Annual General Meeting approved the
principles for the remuneration of senior executives.
The principles for the remuneration of AAK’s senior
executives are designed to ensure, from an international
perspective, that AAK can offer compensation that is
competitive and at the prevailing market level to attract
and retain qualified people. The total remuneration
package paid to senior executives shall consist of fixed
basic salary, annual variable salary, pension, company
car and severance payment. The fixed salary shall be
individually differentiated on the basis of responsibility
and performance, and shall be set on market principles
and revised annually. In addition to annual salary,
senior executives shall also receive a variable salary,
which shall have a pre-set ceiling and be based on the
outcome in relation to goals set annually. The goals
shall be related to the company’s performance and
shall also be able to be linked to individual areas of
responsibility. The annual variable portion must not
exceed 110 percent of the fixed salary. In addition to the
variable salary mentioned, share or share-price related
incentive programs may be added as determined from
time to time by the Annual General Meeting. The right to
a pension for senior executives shall apply from the age
of 60 at the earliest. Pension plans for senior executives
shall primarily be defined benefit plans. In the event of
termination of employment by the Company, the notice
period for the President and other senior executives
shall be twelve months, and they shall be entitled to
receive severance pay with a pre-determined ceiling
corresponding to twelve months’ salary. For termination
of employment by the employee, a notice period of six
months shall normally apply and no severance pay shall
be payable. These guidelines will cover those persons
who are in Group management positions during the
period of time in which the guidelines apply. The guidelines
apply to agreements entered into after a resolution
by the Annual General Meeting, and in the event that
changes are made to existing agreements after this
point in time. The Board will be entitled to diverge from
the guidelines if there are particular reasons to do so in
an individual case.