The board of director’s remuneration is determined by the General Meeting with basis in the recommendation of the election committee. The remuneration will reflect the board of director’s responsibility, competence, time consumption, and the group’s complexity. The remuneration will not be performance based.
Options are not offered to board members.
Executive Personnel Fee
Remuneration to the Chief Executive Officer is stipulated by the board of directors in meeting. The board of directors lays down the guidelines for remuneration of executive personnel. These guidelines are presented for information at the annual General Meeting.
To the extent options are offered to the Chief Executive Officer, members of corporate management or other employees, this must be approved through authority given by the General Meeting.
If the Chief Executive Officer and/or others are offered bonus arrangements, these will be connected to value added for the group and shareholders in the long term, in order to avoid short-term disposals that may be detrimental to the group.
In a time where the focus on cost savings is at its peak, we need to ensure that the safety of the installations still meets the requirements and that we still can claim to be “top of the league” regarding safety in the Petroleum sector.