The General Meeting decides on the remuneration of the Board of Directors and the Board of Directors in turn decides on the CEO’s remuneration and other benefits in accordance with Nanoform’s remuneration principles.
Nanoform’s Board of Directors has adopted Nanoform’s remuneration policy on 17 March 2022. The remuneration policy was presented to the General Meeting of the shareholders on 12 April 2022.
The current remuneration principles as adopted by the Board of Directors and presented to the General Meeting may be found here.
The Company’s general remuneration principles apply to the entire personnel. The key principles of the Company’s remuneration are transparency, market-orientation and remuneration based on good performance of both the individual employees and the Company.
Remuneration of the Company´s personnel is based on a total remuneration, which may among other things include both variable and fixed components of remuneration as well as personnel benefits. Remuneration of the personnel in accordance with the remuneration principles may consist of the following components:
- Basic salary and employee benefits in compliance with the local market practices, laws and regulations.
- The annual incentive plan is intended to guide the performance of an individual and the organisation as well as to support rapid implementation of strategic projects. The performance of the Company is emphasised in the annual incentive plan.
- The long-term incentive plan is intended to commit key persons to the Company and at harmonising their interests with those of shareholders and are only based on the financial performance of the Company.
The remuneration of the personnel, the CEO and the Board are regularly evaluated in relation to general market practices for persons acting in equivalent positions.
The Annual General Meeting 2022 decided that the fees to the Board of Directors should be paid in the amount of:
- EUR 10,000 per month for the Chairman of the Board of Directors;
- EUR 6,000 per month for the other members of the Board of Directors;
- EUR 3,000 per month for the Chairman of the Audit and Compensation Committee; and
- EUR 2,000 per month for the other members of the Audit and Compensation Committee.
The Annual General Meeting resolved further that approximately 50% of the aforementioned remuneration be paid in Company’s shares and approximately 50% be paid in cash, both in one instalment. The part of the remuneration paid in shares will be paid by either purchasing shares from the public market, or by transferring Company’s own shares. The shares will be delivered to the Board members within two (2) weeks from the day following the publication of the Company’s interim report for 1 January 2022 – 31 March 2022 or as soon as possible in accordance with applicable legislation.
The description of remuneration and personnel benefits of the key management personnel, including the CEO Edward Hæggström and CFO Albert Hæggström, who is also a member of the Board, may be found in the Remuneration Report to be published in connection with the Financial Statements.