The Board of Directors decides on the remunerations, incentive schemes, and other benefits of the President and CEO and the Executive Management Group. Remuneration of the CEO and other members of the Executive Management Group consists of a fixed monthly salary, an annual bonus and a share-based incentive plan intended as a long-term incentive. The criteria for bonus payments are consolidated result, result of the business area or business unit  as well as personal targets. The maximum annual bonus of the CEO is 50 percent of the annual salary. The maximum bonus of the other members of the Executive Management Group is 40 percent of the annual salary.

The CEO has also a separate share-based payment incentive plan. According to the plan, the CEO received 50,000 shares in Glaston Corporation one year after the date when his emplpyment in Glaston began, i.e. on 3 September2010.

The CEO’s period of notice is three months. In the event the company give notice to the CEO, he will receive an additional remuneration equaling 12 months’ salary. If there is a change in control of the company where more than 50 percent of the company’s shares are transferred to a new owner, the CEO has the right to terminate his employment contract with 1 month’s period of notice, in which case he would receive EUR 200,000 as compensation for termination of employment. 

The President & CEO and members of the Executive Management Group are entitled to a statutory pension. The President & CEO and one member of the Executive Management Group are entitled to a supplementary pension that exceeds the statutory scheme. The President & CEO has the opportunity to retire at 63 years of age. The retirement age of other members of the Executive Management Group is in accordance with normal local legislation.

The table below lists the Executive Management Group remuneration in financial periods 2011 and 2010, EUR.