AAK Annual Report 2018

111 Attendance at Board and committee meetings in 2018 Member Board of Directors Audit Committee Remuneration Committee Number of meetings 10 4 2 Georg Brunstam 7 1 Marianne Kirkegaard 10 Gun Nilsson 10 4 Lillie Li Valeur 10 4 Märta Schörling Andreen 10 4 2 Leif Håkansson 10 Bengt Baron 10 Lena Nilsson 7 Georg Brunstam has attended all Board and Remu­ neration Committee meetings since he was elected member of the Board at the Annual General Meeting on May 30, 2018. The same is valid for the union repre- sentative Lena Nilsson. Information about the members of the Board can be found on pages 44–45. Fees to Board members According to the decision of the Annual General Meeting, the total fees to the Board amounted to SEK 3,375,000, to be allocated between the members as follows: SEK 850,000 to the Chairman and SEK 375,000 to each of the other members elected at the Annual General Meeting who are not employed by the Company. The Chairman of the Audit Committee received SEK 250,000 and the members SEK 125,000 each. The Chairman of the Remuneration Committee received SEK 100,000 and the member SEK 50,000. The secretary to the Board and employee represent- atives to the Board do not receive any compensation other than for costs in connection with their participation in Board activities. For further information about remu- neration to members of the Board, please see page 83. Evaluation of the CEO The Board continuously evaluates the work and compe- tence of the CEO and the Company’s management team. This is discussed at least once a year without representatives of the Company management being present. Guidelines for remuneration of senior executives The 2018 Annual General Meeting approved the principles for the remuneration of senior executives. The principles for the remuneration of AAK’s senior executives are designed to ensure, from an international perspective, that AAK can offer compensation that is competitive and at the prevailing market level to attract and retain qualified people. The total remuneration package paid to senior executives shall consist of fixed basic salary, annual variable salary, pension, company car and severance payment. The fixed salary shall be individually differentiated on the basis of responsibility and performance, and shall be set on market principles and revised annually. In addition to annual salary, senior executives shall also receive a variable salary, which shall have a pre-set ceiling and be based on the outcome in relation to goals set annually. The goals shall be related to the company’s performance and shall also be able to be linked to individual areas of responsibility. The annual variable portion must not exceed 110 percent of the fixed salary. In addition to the variable salary mentioned, share or share-price related incentive programs may be added as determined from time to time by the Annual General Meeting. The right to a pension for senior executives shall apply from the age of 60 at the earliest. Pension plans for senior executives shall primarily be defined benefit plans. In the event of termination of employment by the Company, the notice period for the President and other senior executives shall be twelve months, and they shall be entitled to receive severance pay with a pre-determined ceiling corresponding to twelve months’ salary. For termination of employment by the employee, a notice period of six months shall normally apply and no severance pay shall be payable. These guidelines will cover those persons who are in Group management positions during the period of time in which the guidelines apply. The guide- lines apply to agreements entered into after a resolution by the Annual General Meeting, and in the event that changes are made to existing agreements after this point in time. The Board will be entitled to diverge from the guidelines if there are particular reasons to do so in an individual case.