At the General Meeting on 27 April 2006, the Chairman of the Board of Directors presented an explanation of guidelines for remuneration of executive management and the Group's incentive programmes.
The basic principle was that until the General Meeting in 2007 no options would be issued beyond the limit adopted by the Board of Directors in 2005. The Board is currently evaluating different types of long-term incentive arrangements, including an option programme with certain changes in the rules. The Board's assessments and proposals for a long-term incentive programme will be presented at the General Meeting on 19 April 2007.
In order to honour agreements previously entered into with executive management and in that connection conclude the existing option programme, 352,900 options were issued today within the limit for option awards adopted by the Board of Directors in 2005 and prior to that. The options have a strike price of NOK 469.70 and a term of six years, and may be exercised in the last three years.
Enclosed: Options issued
After these transactions a total of 1,922,936 options in Orkla have currently been issued and 186,400 synthetic options of the cash bonus programme.
Orkla holds 2,309,759 of its own shares.
Siv M. Skorpen Brekke, Orkla Investor Relations - Tel: +47 2254 4455