Remuneration
The Board has approved a programme that complies with the Swedish government’s guidelines on remuneration and incentive programmes for senior executives. The programme covers all employees in Sweden and took effect in 2005. Each year Vattenfall’s internal auditors perform a review to ensure compliance with these guidelines. The result of this review is reported to the Board. According to these guidelines, the CEO does not receive any variable salary. Other executives and employees in Sweden do not have higher variable salary than the equivalent of two months’ salary a year, or 16.7% of their normal base salary. The normal base salary for certain executives can be decreased by 16.7%, depending on performance. Local practice applies in other countries. As previously, the Group’s long-term value creation forms the basis of compensation levels. The Group’s targets apply for all employees. Executives’ individualperformance is also measured, as is the performance of their respective units. There are no share- or share price–related incentive programs for the Board or Executive Group Management. Due to Vattenfall’s ownership structure, no such programmes will be possible, either. More detailed disclosures about taxable salaries, benefits and pension costs for the Chairman of the Board, company directors, the CEO and other senior executives are provided in the annual report.
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