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Remunerations

Board

Total Directors’ fees in amounted to SEK 1,350,000, in accordance with an Annual General Meeting resolution. Of this amount, the fees to the Chairman of the Board were SEK 450,000, SEK 300,000 to the deputy chairman with each other Board member receiving SEK 200,000. 

Management

The Company’s current Chief Executive Officer received a salary of SEK 3,406,000 for his work in February to December 2017. Pursuant to the current employment contract, the Chief Executive Officer and the company have a  mutual notice period of 12 months. During the notice period, the Chief Executive Officer is entitled to full salary and other employment benefits. The companys former Chief Executive Officer recived 367,000 for January 2017. Salaries to the Group management´s  amounted to SEK 7,353,000.  SEK 255,000 of variable compensation was paid for 2017. All employed members of Group managment including the CEO are offered an employment benefit in the form of a company car. The Annual General Meeting held on 27 April 2017 adopted guidelines for remuneration of senior executives for the financial year 2017. The other senior executives have a notice period of two to twelve months. 

Warrant programme

An Extraordinary General Meeting on 21 August 2014 resolved on a directed issue of new warrants to senior executives and key employees of the Doro Group. Each warrant gives the holder the right   to buy one share to a predetermined price of SEK 42.00 in the period 22 May 2017 to 21 June 2017. A total of 841,000 warrants were issued.

Further details about the warrant programme is available in the documents related to the EGM 2014.

Remuneration guidelines for the Group Management

The Board’s proposed guidelines for remuneration of senior executives for 2017 are principally that salaries and other terms of employment for the management will be at market levels. The annual general meeting 2017 adopted the Board’s proposal.

In addition to fixed basic salary, the management can also receive variable remuneration and bonuses with a predetermined ceiling and based on results achieved relative to established targets (and in certain cases, other key performance indicators).

The maximum cost, including social security contributions, for variable remuneration may not exceed the fixed base salary of the company’s management. An amount is to be set annually for the total cost for fixed and variable remuneration. This amount must include all the Company’s remuneration costs. The Company’s senior executives are able to allocate part of their fixed and variable remuneration to other benefits, such as pension benefits. The management’s pension plans shall mainly be defined contribution plans.

If employment is terminated by the Company, senior executives may be entitled to severance pay; in which case, this shall have a predetermined ceiling. No severance pay is due if employment is terminated by the employee.

The Board is entitled to depart from these guidelines if there are particular reasons for this in individual cases.

Audit

In the past three years the fees for audit work within the Doro Group amounted to SEK 2.0 (2016), 2.1m (2015) and SEK 1.2m (2014) respectively.

HEAD OFFICE

Doro AB
Magistratsvägen 10
226 43 Lund
Sweden
Phone 0046 46 280 50 00

Corporate identification number
556161-9429

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