Remuneration of senior executives

PA Resources applies the remuneration levels and terms of employment required to ensure the company’s access to senior executives with the requisite competence and capacity to achieve the established goals.

Remuneration of senior management

Fees to the Board of Directors

A total sum of SEK 1,650,000 is to be paid as fees to the Board of  Directors, as resolved by the Annual General Meeting 2011. Of  this, the Chairman of the Board shall receive SEK 550,000 and  each of the other Board members SEK 275,000. The members are  appointed for the period up to the end of the 2010 Annual General Meeting and the fees refer to this period.

Outcome 2010
  Basic salary/directors' fees (SEK '000) Variable remuneration Other benefits Pension expenses Share-based payment Other remunerations Total
Sven Rasmusson 550           550
Lars Olof Nilsson 275         208 483
Paul Waern  275         4 279
Catharina Nystedt-Ringborg 275         65 340
Hans Kristian Rød 275           275
Group Management(2 pers) 4,650 560 128 439     3,709

 (Total reuneration and other benefits are reported excluding statutory social security costs.)

Principles for remuneration of senior management

PA Resources applies the remuneration levels and terms of employment required to ensure the company’s access to senior executives with the requisite competence and capacity to achieve the established goals. Remuneration levels are adapted to the company’s cost levels while taking into account the competence of the individual executive. Consequently, the overall principle applied for salaries and other remuneration is that these should be in line with market rates and be applied on an individual basis and be comprised of: n a fixed salary;

  • variable remuneration related to clearly measurable goals and not exceeding the fixed salary;
  • pension benefits that are defined contribution based
  • non-monetary benefits including company car, computer and mobile phone;
  • pay during notice period and severance pay limited to a maximum of 18-months salary.

The guidelines apply to the President and CFO who comprise the senior executives included in the Group management. The complete guidelines for remuneration of senior management can be found in the box to the right.