REMUNERATION OF THE BOARD AND SENIOR EXECUTIVES
The AGM on May 9, 2023 resolved to pay a total of SEK 1,050,000 in director fees, of which SEK 330,000 to the Chairman of the Board and SEK 180,000 to each other non-executive Board member elected by the AGM. The CEO receives no remuneration for his Board assignment for AB Sagax.
THE 2021 AGM PASSED THE FOLLOWING GUIDELINES FOR REMUNERATION OF SENIOR EXECUTIVES:
"Remuneration paid to the CEO is prepared by the Remuneration Committee and established by the Board at a scheduled Board meeting. The CEO does not participate in this decision. The Board assigns the CEO the task of negotiating with other senior executives in accordance with the guidelines below. Agreements with other senior executives are reached by the CEO jointly with the Chairman of the Board.
The company is to offer commercially competitive remuneration levels and terms and conditions of employment in order to retain and, where necessary, recruit senior executives with the necessary expertise and experience. Remuneration to the company’s management is to essentially take the form of cash salary. Remuneration may comprise a combination of fixed and variable salary. Remuneration is to mainly comprise fixed salary and be considered to correspond to commercially competitive compensation for doing an adequate job. The variable salary supplement is to pertain to additional compensation for work that has been exceptionally well performed, an exceptional workload or another similar circumstance. Unless there are special reasons for not applying this rule, the variable salary supplement is not to exceed 50% of the fixed annual salary. In addition, the Board is to annually assess whether or not a share-based or share-price-based incentive plan is to be proposed to the AGM. Termination salary must not exceed six monthly salaries. Severance pay is not to be applied.
The Board of Directors is entitled to deviate from the aforementioned guidelines if the Board finds specific reasons to motivate this in isolated cases. If the Board of Directors deviates from the remuneration guidelines for senior executives, a report on this must be made to the immediately following AGM."
AB Sagax has complied with the guidelines resolved by the AGM. For further information about remuneration of company management, see Note 5 in the Annual Report.