NWG // FINANCIAL INFORMATION
Personnel, organization and remuneration
The average number of annual employees as of December 31 was 2,451( 2,450) people, of which 48 % were men and 52 % were women. Of the number of employees, 512( 502) people work in production. The production within New Wave Group is attributable to AHEAD( embroidery), Cutter & Buck( embroidery), Kosta Boda, Orrefors, Seger, Termo and Toppoint.
The guidelines for remuneration to senior executives for New Wave Group AB were adopted by the 2024 annual general meeting and applied during the year. These guidelines can be found in their entirety in note 6
New Wave Group has no specially appointed remuneration committee. Remuneration issues are instead dealt with by the Board in its entirety, whereby a member who is a member of the company management does not participate in the work. The Board as a whole is thus tasked with monitoring and evaluating the ongoing and completed programs for variable remuneration for company management, as well as following and evaluating the application of the guidelines for remuneration to senior executives that the Annual General Meeting must decide on by law. In addition, the Board shall monitor and evaluate current remuneration structures and remuneration levels in the company.
Guidelines for remuneration to senior executives
Guidelines for senior executives include board members, the CEO and other persons in the management of New Wave Group AB(“ the Company”).
A successful implementation of the Company ' s business strategy and the safeguarding of the Company ' s long-term interests, including its sustainability, presupposes that the Company can recruit and retain qualified employees. This requires that the Company can offer competitive remuneration. The guidelines enable senior executives to be offered a competitive total remuneration.
The forms of compensation, etc. The total remuneration for each senior executive must be market-based and may consist of the following components: fixed cash salary, variable cash remuneration, pension benefits and other benefits. In addition to and independent of these guidelines, the Annual General Meeting may decide on, for example, share and share price-related remuneration. Fixed and variable remuneration shall be related to the senior executive ' s responsibility and authority.
The decision-making process for establishing, reviewing and implementing the guidelines The Board shall prepare proposals for new guidelines at least every four years and submit the proposal for resolution at the Annual General Meeting. The guidelines shall apply until new guidelines have been adopted by the Annual General Meeting. The Board shall also monitor and evaluate programs for variable remuneration for company management, the application of guidelines for remuneration to senior executives and applicable remuneration structures and remuneration levels in the Company. The company ' s CEO and majority owner Torsten Jansson is not independent in relation to the company, nor is Isabella Jansson as she is an employee of the Group and Torsten Jansson ' s daughter. Other board members are independent in relation to the Company and the company management. The CEO does not attend the Board of Directors consideration of and decisions on remuneration-related issues or other persons in the company management, to the extent they are affected by the issues.
Deviating from the guidelines The Board may decide to temporarily deviate from the guidelines in whole or in part, if in an individual case there are special reasons for this and a deviation is necessary to meet the Company ' s long-term interests, including its sustainability, or to ensure the Company ' s financial viability.
No deviations have been made from the guidelines during the current year.
Related party transactions
Lease agreements exist with related companies. Companies related to the CEO have purchased merchandise and received compensation for consulting services performed. In addition, there are transactions with related parties to insignificant values. All transactions have taken place on market terms. For further description, see Note 17.
Risks and risk management
Purchasing market
New Wave Group’ s purchases are mainly made in China, Bangladesh, India, Vietnam and Egypt. Political and socioeconomic changes could have an impact on New Wave Group. By maintaining a high level of preparedness and by making purchases in several different countries in Europe as well as Asia, New Wave Group limits the economic risk which would arise if purchases were made from a single country.
086 // ANNUAL REPORT