The Board’s Compensation Committee presents a recommendation concerning the terms and conditions for the President and CEO to the Board of Directors and monitors the general terms and conditions for other senior executives in the Group.
The Board assesses the President and CEO and his terms and conditions once a year. A description of the remuneration of the executive management and the Group’s compensation and benefits policy, including the scope and design of bonus and share-price-related programmes, is given in the Board of Directors’ statement of guidelines for the remuneration of executive management; see Note 5 to Orkla ASA’s financial statements. A ceiling has been set for performance-related remuneration. The Board of Directors’ statement of guidelines is made available to shareholders in a separate document pertaining to this item of business, together with the notice of the Annual General Meeting.
The Board of Directors decides the terms and conditions of the President and CEO and makes decisions on fundamental issues relating to the Group’s compensation and benefits policy and compensation arrangements for other employees. The Board of Directors has a special Compensation Committee that prepares matters relating to compensation for decision by the Board. The Committee consists of three Board members, one of whom is elected by the employees, and was chaired by the Deputy Chair of the Board in 2017. The administration prepares matters for the Compensation Committee and the Board.
The Group Executive Board participates in the Group’s annual bonus programme and long-term incentive programme.
|Amounts in 1,000 NOK||Fixed salary 31 Dec. 2017||Paid salary and holiday pay (A)||Paid bonus (accrued in 2016)||Paid from bonus bank||Benefits in kind (B)||Total paid salary and allowance 2017||Total paid salary and allowance 2016|
|Peter A. Ruzicka||6 070||6 601||2 644||1 055||305||10 605||10 070|
|Jens Bjørn Staff||2 941||3 121||787||279||280||4 467|
|Terje Andersen*||2 971||3 332||1 090||1 086||300||5 808|
|Karl Otto Tveter*||2 985||3 286||850||979||304||5 419|
|Atle Vidar Nagel Johansen||3 659||4 105||1 116||1 122||336||6 679|
|Ann-Beth Freuchen||2 870||3 139||1 450||857||244||5 690|
|Pål Eikeland||2 870||3 242||770||1 973||265||6 250|
|Stig Ebert Nilssen||3 218||3 445||934||964||238||5 581|
|Johan Clarin||2 988**||3 101||769||1 250||305||5 425|
|Total Group Executive Board excl. CEO||45 319||44 109|
*Also receives a Board fee of NOK 300,000 from Jotun.
**The annual salary is stated in SEK thousand.
|Amounts in 1,000 NOK
|Accrued bonus in 2017*||Accrued longterm incentive programme***||Accrued pension costs||Accrued total (C)||Balance bonus bank 31 Dec. 2017***|
|Peter A. Ruzicka**||3 035||3 035||2 222||8 292||10 053|
|Jens Bjørn Staff||853||853||755||2 461||2 818|
|Terje Andersen||1 254||1 254||945||3 453||4 301|
|Karl Otto Tveter||925||925||744||2 594||3 345|
|Atle Vidar Nagel Johansen||834||834||1 012||2 680||4 512|
|Ann-Beth Freuchen||1 378||1 378||613||3 369||4 712|
|Pål Eikeland||362||362||704||1 428||3 868|
|Stig Ebert Nilssen||1 091||1 091||837||3 019||2 767|
|Johan Clarin (SEK)||867||867||726||2 460||3 429|
*Accrued annual bonuses for 2017 are paid in 2018.
**The accrued salary and remuneration of the President and CEO totalled NOK 15,198,000 (A+B+C) in 2017.
***The bonus bank balance does not include bonuses accrued in 2017.
|Number||Award date (dd/mm/yyyy)||Strike price||1st exercise/ exercise date (dd/mm/yyyy)||Last exercise|
|Atle Vidar Nagel Johansen||-35 000
|Exercised at 80,50|
|Ann-Beth Freuchen||-40 000||09.05.2011||37,43||09.05.2014||Exercised at 80,50|
|Stig Ebert Nilssen||-50 000||09.05.2011||37,43||09.05.2014||Exercised at 80,50|