Page 67 - Kitron Annual Report 2011

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Notes to the financial statements Kitron ASA
Name
Function
Period
Basic
Bonus
Other Total pay
salary
paid*) remun. &
remun.
(Amounts in NOK 1000)
(A)
(B)
(C) (A+B+C)
Nerijus Dagilis
Chairman of the board
07.05.2009-06.05.2010 300
73
373
Asa-Matti Lyytinen
Chairman of the board
08.11.2010-31.12.2010
-
-
-
Arne Solberg
Deputy chair
07.05.2009-06.05.2010 100
40
140
Tomas Kucinskas
Board member
07.05.2009-06.05.2010 100
90
190
Harri Takanen
Board member
08.11.2010-31.12.2010
-
-
-
Elena Anfimova
Board member
07.05.2009-06.05.2010 100
53
153
Lisbeth Gustafsson Board member
07.05.2009-06.05.2010 100
43
143
Liv Esther Johansen Employee representative
07.05.2009-06.05.2010 100
35
135
Geir Vedøy
Employee representative
07.05.2009-06.05.2010 100
10
110
May Britt Gundersen Employee representative
07.05.2009-06.05.2010
85
-
85
Ståle Kroken
Employee representative
07.05.2009-22.06.2010
25
-
25
Total
1 010
344 1 354
*) Bonuses earned in 2009 and paid in 2010.
**) Bonuses earned in 2010 and paid in 2011
No payroll tax is included in the tables above. Pension contribution includes paid contribution to the company’s
pension scheme. For employee representatives only the board remuneration is declared. Provisions for manage-
ment bonuses at 31 December 2010 were made.
Declaration of remuneration to senior executives
The table above includes information on all individuals covered by the disclosure obligation at any time during
the year, while the following declaration is limited to the CEO and the vice presidents. The CEO is covered by
the same schemes as the vice presidents unless otherwise stated.
The following review presents the executive remuneration policy as resolved by the board in Kitron ASA. The
mandatory executive remuneration policy was resolved by Kitron ASA’s annual general meeting on 6 May 2010.
Changes, if any, may be resolved by the annual general meeting on 26 April 2012.
The executive remuneration policy for Kitron ASA applies to all units in the group.
Recommended executive remuneration policy
Kitron wants to offer competitive terms in order for the company to attract and retain competent managers, and
at the same time achieve alignment of interest between management and shareholders. The remuneration and
other terms of employment for the executives reflect a number of factors, such as the position itself and the
market conditions.
The remuneration comprises a reasonable basic salary and a pension contribution plus a cash bonus, which
is principally linked to the company’s performance. For the CEO and the CFO the total bonus may not amount
to more than 50 per cent of base salary. For the other members of the corporate management team the total
bonus is limited to 50 per cent of base salary. Kitron does not offer other substantial benefits of any kind than
company cars. Certain tools, which are needed to perform executive duties, represent a taxable benefit which
has been included in the amounts in the table above. Kitron honours all employment agreements which are in
effect. Future supplements to employment agreements and new employment agreements will be in accordance
with these guidelines.
The board determines the remuneration and other terms of employment of the CEO and issue guidelines for
the remuneration of leading personnel. The board has appointed a remuneration committee consisting of three
members from the board that are preparing matters for decision by the board. The CEO determines the remu-
neration and other terms of employment of the vice presidents within the framework resolved by the board.