NWG // FINANCIAL INFORMATION
by mandatory collective agreement provisions . If the variable cash remuneration qualifies for pension benefits , the pension premiums for premium defined pension shall amount to not more than 30 percent of the fixed annual cash salary .
Other benefits Other benefits may include , for example , life insurance , medical insurance ( Sw : sjukvårdsförsäkring ) and company cars . Such benefits may amount to not more than ten percent of the fixed annual cash salary .
For employments governed by rules other than Swedish , pension benefits and other benefits may be duly adjusted for compliance with mandatory rules or established local practice , taking into account , to the extent possible , the overall purpose of these guidelines .
Executives who are expatriates to or from Sweden may receive additional remuneration and other benefits to the extent reasonable in light of the special circumstances associated with the expat arrangement , taking into account , to the extent possible , the overall purpose of these guidelines . Such benefits may not in total exceed 20 percent of the fixed annual cash salary .
Remuneration to Board members in addition to the Board fee If a Board member , who is elected by the Annual General Meeting and is not employed by the Company , carries out work in addition to his / her duties as Board member , the Board member may be entitled to consulting fees or other customary remuneration . The Board of Directors shall decide if consulting fees or other customary remuneration shall be payable .
Termination of employment Upon termination of an employment , the notice period may not exceed twelve months . Fixed cash salary during the notice period and severance pay may not together exceed an amount corresponding to the fixed cash salary for twelve months . When termination is made by the executive , the notice period may not exceed six months , without any right to severance pay .
Additionally , remuneration may be paid for non-compete undertakings . Such remuneration shall compensate for loss of income and shall only be paid in so far as the previously employed executive is not entitled to severance pay . The remuneration shall amount to not more than 60 percent of the fixed cash salary at the time of termination of employment , unless otherwise provided by mandatory collective agreement provisions and be paid during the time the non-compete undertaking applies , however not for more than twelve months following termination of employment .
Salary and employment conditions for employees
In the preparation of the Board of Directors ’ proposal for these remuneration guidelines , salary and employment conditions for employees of the Company have been taken into account by including information on the employees ’ total income , the components of the remuneration and increase and growth rate over time , in the Board of Directors ’ basis of decision when evaluating whether the guidelines and the limitations set out herein are reasonable .
The decision-making process to determine , review and implement the guidelines
The Board of Directors shall prepare a proposal for new guidelines at least every fourth year and submit it to the general meeting . The guidelines shall be in force until new guidelines are adopted by the general meeting . The Board of Directors shall also monitor and evaluate programs for variable remuneration for the executive management , the application of the guidelines for executive remuneration as well as the current remuneration structures and compensation levels in the Company . The Board members , except the CEO , are independent of the Company and its executive management . The CEO and other members of the executive management do not participate in the Board of Directors ’ processing of and resolutions regarding remuneration-related matters in so far as they are affected by such matters .
Derogation from the guidelines
The Board of Directors may temporarily resolve to derogate from the guidelines , in whole or in part , if in a specific case there is special cause for the derogation and a derogation is necessary to serve the Company ’ s long-term interests , including its sustainability , or to ensure the Company ’ s financial viability .
ANNUAL REPORT // 081