The Board has resolved not to establish a Remuneration Committee, for the reason that the Board considers it more appropriate that the Board as a whole fulfils the assignments incumbent on the Remuneration Committee in accordance with the Code.
In terms of remuneration matters, this entails that the Board is to:
prepare decisions in matters concerning guidelines for remuneration and other terms of employment for senior executives,
monitor and evaluate ongoing programmes and programmes concluded during the year for the variable remuneration of senior executives, and
monitor and evaluate the outcome of variable remuneration and manner in which the company applies the guidelines to senior executives, as adopted by the general meeting.