The total fees to the members of the Board amounted to SEK 1,100,000 in accordance with the decision by the Annual General Meeting. Of this amount, the fees to the Chairman of the Board amounted to SEK 350,000 and to other Board members SEK 150,000. The Company’s CEO received no Board fee.
The Company’s CEO received a salary of SEK 4,164,000 for his work in 2015. Variable remuneration to the CEO amounted to SEK 820,000 for2015. Salaries to the other six members of the Group management amounted to SEK 8,004,000. These six members were paid variable remuneration of SEK 582,000 for the 2015 financial year. All employed members of the Group management including the CEO receive employment benefits in the form of a company car. The Annual General Meeting held on 27 April 2015 adopted guidelines for remuneration of senior executives for the 2015 financial year. Under his current employment contract, the CEO and the Company have a reciprocal notice period of 12 months. The CEO is entitled to full salary and other employment benefits during the notice period. Other senior executives have a notice period of three to nine months.
The Extraordinary General Meeting on August 21, 2014 adopted a resolution to effect a directed issue of warrants to senior executives and key employees in the Doro group. Further detailes about the warrant programme is available at the webpage Warrant programme and in the documents related to the EGM 2014.
Remuneration guidelines for the Group Management
The Annual General Meeting 2016 adopted the Boards proposition regarding remuneration guidelines for the Group Management. The principal effect shall be that salaries and other terms of remuneration for the group management shall be on market terms. In addition to a fixed base salary, the group management may also receive a variable remuneration (including also any bonus) that shall have a predetermined maximum level and be based on the outcome in relation to profit targets (and in certain cases other key ratios). The maximum cost, including social security contributions, for variable remuneration may not exceed the fixed base salary of the company’s management. The total cost for fixed and variable remuneration shall each year be determined to an amount including all of the company’s remuneration costs, which enables management to allocate parts of their fixed and variable remuneration to other benefits, such as pension benefits. The pension plans for the management shall mainly be a defined contribution pension scheme. In case of termination of employment by the company there may be a right to a severance pay, which in such case shall have a predetermined maximum amount. In case of termination of employment by the employee no severance pay shall be paid. The board of directors is entitled to deviate from these aforementioned guidelines where, in the board’s opinion, the specific circumstances of a particular case so dictate.
In the past three years the fees for audit work within the Doro Group amounted to SEK 2.1m (2015), SEK 1.2m (2014) and SEK 1.3m (2013) respectively.