11. Remuneration of the Board of Directors

All remuneration of the Board of Directors is disclosed in Note 5 to Orkla ASA’s financial statements.

Remuneration of the board of directors and board members’ shareholdings

As from 20 April 2017, the Board of Directors is remunerated at the following rates:

 Chairman of the board  NOK 800,000 per year
 Deputy Board Chair  NOK 645,000 per year
 Shareholder-elected Board member  NOK 510,000 per year
 Employee-elected Board member  NOK 420,000 per year
 Deputy member  NOK 27,000 per meeting
 In addition, shareholder-elected Board members residing outside of Norway receive an additional NOK 17,000 for each Board meeting they attend and this will apply also to shareholder-elected deputy members.
Compensation Committee
Committee Chair NOK 137,000 per year
Member NOK 102,500 per year
Audit Committee
Committee Chair NOK 172,000 per year
Member NOK 115,000 per year
Nomination Committee
Committee Chair NOK 61,500 per year
Member NOK 45,000 per year
Employee-elected representative NOK 6,000 per meeting

Payments actually received by members of the Board of Directors in 2016 are as follows:

Amounts in NOK Directors’ fee incl.
committee work
Number
of shares1
Shareholder-elected Board members
Stein Erik Hagen 792 666 249 142 000
Grace Reksten Skaugen 673 000 3 000
Ingrid Jonasson Blank 567 166 1 750
Lisbeth Valther 456 166 3 000
Nils K. Selte 573 333 18 000
Lars Dahlgren 456 166 2 000
Employee-elected Board members
Terje Utstrand See table below 5 240
Roger Vangen See table below 7 014
Sverre Josvanger See table below 18 053
Karin Hansson See table below 487

1Total share ownership including related parties

Amounts in 1,000 NOK Fixed
salary
Director’s
fee
Benefits
in kind
Pension
costs
Employee-elected Board members
Terje Utstrand 554 872 506 000 29 747 26 779
Roger Vangen 544 869 307 944 36 929 23 561
Sverre Josvanger 507 708 517 666 113 080 21 901
Karin Hansson (salary in SEK) 396 410 307 500 17 155

No loans have been granted to or guarantees provided for members of the Board of Directors.

 

Note 5 to Orkla ASA’s financial statements: Remuneration and contractual arrangements