Compensation for pay policy as well as information on remuneration in the occupational retirement pension and the Expense Fund of the Labor Market and the Payday Fund

In accordance with section 24 f and section 32 a (a), 2, in the Labor Market's Supplementary Pension, cf. Law Order no. 942 of 2. In October 2009, as amended by law no. 1556 of 21. December 2010, section 5 e and § 14 a, paragraph 1. 2, in the Law on the Animal Lens Fund, cf. Law Order no. 1156 of 3. October 2007, as amended by law no. 1556 of 21. In December 2010 and after negotiation with the Minister for Employment,

Scope and definitions

§ 1. This notice shall apply to the occupational pension and the Veterinary Fund for the Labor Market Fund.

Paragraph 2. The people in paragraph 3. 1 that is hereinafter referred to as the establishment.

§ 2. The provisions of this notice on wage policy, remuneration and information obligations shall apply to the company ' s pay policy, relating to the management, management board and management board, and other staff whose activities are essential ; impact on your risk profile, cf. paragraph Two and three.

Paragraph 2. In the case of employees whose activities have a significant impact on the company ' s risk profile,

1) management of the part of the organisation undertaking the trade or approval of financial instruments,

2) the management of the part of the organization that invests the company ' s assets ;

3) employed in the parts of the organisation referred to in paragraph 1. 1 and 2, which through financial instruments may take a significant risk on behalf of the company ' s assets,

4) the management of actuarial function and reassurance which may take a significant risk to the company ' s assets,

5) management of the part of the organisation responsible for monitoring compliance with risk-taking ; and

6) employees who can claim significant credit risks to the business.

Paragraph 3. The Administrative Board shall take a position on the persons referred to in paragraph 1. 2 that are subject to paragraph 1. 1, and whether there are other persons in the company subject to paragraph 1. 1.

Paragraph 4. The section 5 and section 12 of the BekendtDecision shall apply to the staff involved in the control functions and audits, including those involved in compliance with the compliance and internal audit.

§ 3. For variable wage parts, compensation schemes shall mean that the final remuneration is not pre-paid, including bonus schemes, performance contracts and other similar schemes.

§ 4. The company ' s pay policy must for the people referred to in section 2 (2). 1 and 4, comply with the requirements set out in § 9. 13. For collective bargaining covered by Section 2 (2), Clause 1 and 4, section 9-14 shall apply only to bonuses and other non-wage agreements to the extent that such schemes are not provided for in the Agreement.

Salary policy

§ 5. The Management Board shall determine the company ' s wage policy, including pensions policy and guidelines on the allocation of severance payments, in respect of the persons referred to in section 2, and shall be responsible for its implementation. The agreed wage policy must be approved by the representative.

§ 6. The Management Board shall review at least the salary policy at least once a year in order to adapt the pay policy to the development of the company.

§ 7. The Management Board shall ensure that checks are carried out at least once a year on whether the wage policy is being complied with. The Management Board shall lay down the guidelines for the checks, and the results of which shall be reported to the Management Board.

Paragraph 2. The Management Board shall conduct checks on the management of the part of the organisation responsible for veritable risk-taking and management of the part of the organisation which, incidentally, checks, including internal controls, Chief of Operations. The remuneration committee set up pursuant to section 15 may be responsible for such checks.

§ 8. The staff involved in the preparation of wage policy and the control of compliance with it must be in possession of the necessary expertise and must, taking into account the size of the establishment, internal organisation, and the extent and complexity of the undertaking ' s activities shall be independent of the establishments in the establishment they carry out control.

§ 9. Salary policy must, taking into account the size and organisation of the establishment, and the extent and complexity of the undertaking ' s activities, shall be drawn up in accordance with sections 10 to 14, and

1) be in keeping with and promote a healthy and effective risk management, which does not encourage excessive risk-taking ;

2) be in line with your business strategy, values and long-term goals, including a sustainable business model,

3) harmonize with the principles of the protection of members in the execution of the establishment and include measures to prevent conflicts of interest ; and

4) ensure that the overall variable salary that the undertaking undertakes to pay out shall not be eroded by the company ' s ability to fulfil its obligations.

Paragraph 2. For persons referred to in section 2 (2), 1 who earl a variable salary, cf. § 3, of a maximum of $100,000. during the year, if it is justifiable, the Management Board or the Executive Board shall be able to assess the fact that the requirement in section 10 (3) may be exempt from the requirement in section 10. 1, no. 4. The undertaking shall demonstrate, at the request of the Financial Commission, of the reasons for the exception of the variable salary part from the requirement in section 10 (4). 1, no. 4, as well as the defence thereof, cf. 1. Act.

Variable salary

§ 10. If the company assigns the persons referred to in section 2 (2), 1 and 4, variable salary, cf. Section 3, the pay policy must ensure an appropriate balance between fixed and variable pay parts, including ensuring

1) the adjustable salary parts of a member of the representative, the management board or the management board shall not exceed 50%. of the honoraret and the flat-rate basic salary, including the pension,

2) a suitable ceiling is fixed for variable pay for employees whose activities have a significant impact on the company ' s risk profile ;

3) the flat-rate salary is a sufficiently high percentage of the total salary so that the undertaking can make a flexible bonus policy,

4) the establishment of a minimum payment of at least 40%. of a variable salary part of at least 60 pct;, over a period of at least three years, at the beginning of a year after the date of calculation, however, for at least four years, the management board and the board of management over the years, with a balanced distribution of the years ; or with a growing share at the end of the period, and

5) that the undertaking must not pay a variable salary if, at the time of the payment of the variable salary, the establishment cannot meet its obligations to its members.

Paragraph 2. The appropriate balance between fixed and variable pay parts of paragraph 1. 1 may vary according to the operation of the recipient and the relationship in the company.

Paragraph 3. The company shall ensure that the persons referred to in section 2 (2) are mentioned. 1, which receives a variable salary, must repay the variable salary in full or in part if the variable salary is disbursed on the basis of data on results which can be documented to be incorrect and that the consignee is in malicious belief.

§ 11. A variable salary part of a result-dependent shall be determined on the basis of an assessment of the results of the individual employee, the results of the performance of the individual employee and the undertaking ' s performance.

Paragraph 2. Evaluation of the results in accordance with paragraph 1 1 must be viewed in relation to the cyclical situation and takes place within a multiannual framework to ensure that the assessment takes account of the results over a longer period.

Paragraph 3. The result measurement taken to account for the variable payroll in accordance with paragraph 1. 1, reflect current and future risks associated with the relevant results, as well as any free reserves and liquidity required to achieve results.

Paragraph 4. In the assessment of the results of the individual employees in accordance with paragraph 1. 1, account shall be taken of non-economic criteria such as compliance with internal rules and procedures, and compliance with the company ' s guidelines and business practices.

Compensation of employees in special functions

§ 12. Where the company ' s remuneration of an employee involved in the company ' s control functions includes a variable salary, the variable salary must not be dependent on the outcome of the department to which the employee is supervising.

Paragraph 2. Where the company ' s remuneration of an employed as an actuarial function includes a variable salary, the variable salary must depend on its role and shall not depend on the results of the department.

Special rules on severance payments

§ 13. Section 10 shall not apply to agreements on severance payments which meet the following conditions :

1) The agreement on severance payments has been entered into in relation to the occupation of the position.

2) The agreed severance allowance is not dependent on results obtained by the performance of the job.

3) The agreed severance allowance must be at the time of deduction of the maximum amount equal to the total remuneration of the last two years, including pensions.

Paragraph 2. Section 10 shall not apply to agreements on severance payments made in relation to deduction, for that part of the deduction that does not exceed a value equal to one year of total remuneration including pension.

Paragraph 3. Paragrasions 1 and 2 shall apply only to severance payments which cannot be deducled by law or by agreement.

Information for company employees

§ 14. The persons referred to in section 2 (2). In any case, the latest updated wage policy and other documents describing their remuneration and the evaluation of their performance shall be made available at any time.

Compensation Committee

§ 15 The company may set up a remuneration committee, cf. however, paragraph 1 2.

Paragraph 2. In groups, with several companies, which are under paragraph 1. 1 has reduced a remuneration committee, a joint committee of remuneration may be set up for these undertakings in the group or part thereof. The remuneration committee must be organizationally placed in the parent company.

Paragraph 3. The chairman and the members of the remuneration committee shall be members of the management board of the undertaking which shall set up the remuneration committee, or by the management boards of undertakings which, pursuant to paragraph 1, shall be that of the Management Board. 2 has a common remuneration committee. The remuneration committee shall be groused in such a way that the members are able to make a qualified and independent assessment of whether the company's remuneration, including wage policy and related business practices, are in accordance with section 23 b (s). 1, no. 9, in the Labor Market's Supplementary Pension, Section 4 c (3) (c) 1, no. 9, in the Law on the Veterinary Fund (Lens) Fund, and the provisions of this notice.

Paragraph 4. The remuneration committee shall be required to carry out the preparatory work on the decisions taken by the Management Board for remuneration, including wage policy and other decisions on this subject, which may affect the risk management of the company. The Committee shall be capable of carrying out other duties relating to remuneration. In the preparatory work, the committee must carry out its long-term interests.

Approval of wage policy

§ 16 Before a company enters into an agreement on the subject of a variable pay or severance allowance with a member of the company's rep or board, the representative must have approved the company ' s wage policy, cf. § 23 (b) (b) 1, no. 9, in the Lab pension and section 4 (c) (c) of the Work market. 1, no. 9, in the Law on the Fund for the Payday Fund, including guidelines for the allocation of variable pay and the guidelines for severance payments.

Paragraph 2. The Administrative Board shall, once a year, to the representative and to the Employment Minister, account for the remuneration of the company's representative and the Board of Directors. The statement shall contain information on the remuneration in the preceding financial year and on the expected remuneration for the current and the following financial year.

Information to be provided and reporting

§ 17. At least once a year, the company must publish the following information on its pay policy and practices, the management board, management board, management and other staff whose activities have a significant impact on the company ' s risk profile ; cf. Section 2 (2). 1 :

1) The decision-making process in determining wage policy, including information on the composition of the remuneration committee, its mandate and the external experts, which have been consulted for the determination of the wage policy, and the role of the relevant stakeholders.

2) The connection between wages and results.

3) The main characteristics of the establishment structure of the establishment, including information on the criteria for results and risk adjustments, and for the postponement of variable pay and the acquisition of the data.

4) The result criteria that are added to the allocation of variable pay parts.

5) The main parameters and justifications for schemes with variable pay and other non-cash benefits.

6) Total remuneration collected during the accounting year allocated to business areas.

7) Total remuneration for remuneration earned during the accounting year, divided on the representative, management board, management and other staff whose activities have a significant impact on the company ' s risk profile, indicating the following :

a) The total earned salary in the accounting year, distributed on a fixed and variable salary as well as the number of recipients.

b) The total earned variable salary during the accounting year, distributed in cash and other non-cash benefits.

c) The total earned variable salary during the accounting year, distributed on paid and deferred amounts.

d) The value of the deferred variable (assigned), paid and reduced during the accounting year respectively.

(e) The compensatory and severance payments paid during the financial year and the number of recipients.

(f) The total amount of deduction allowances granted during the financial year, the number of recipients and the maximum amount allocated to a single person.

Paragraph 2. The provision in paragraph 1 shall be 1, no. 7, shall apply only to employees whose activities have a significant impact on the company ' s risk profile, provided that publication does not mean the individual ' s individual pay at the same time as the individual pay is provided.

Paragraph 3. The provision in paragraph 1 shall be 1, no. 7 (e) and (f) shall apply only to reimbursements which cannot be dedushed by law or by agreement.

Paragraph 4. The company may, taking into account its size, internal organisation, the extent and complexity of its activities, in whole or in part, no one or more of the information referred to in paragraph 1 shall be disburced. 1.

Paragraph 5. The undertaking shall, in the immediate extension of the end of the financial year, submit the items referred to in paragraph 1. 1, no. The information referred to in paragraph 5 and the information referred to in paragraph 1 shall be published by 6 and 7. 1 mentioned information on its website in a place where they naturally belong. Where publication of information to the fulfilment of the accounts or other requirements is published, the information requirement shall be deemed to have been complied with. If the information is not contained in the annual report, the company must specify in the annual report where the information can be found.

Paragraph 6. Removing the information from your company's website must take place by the same principles that the company uses for other messages.

Paragraph 7. Companies which, in accordance with paragraph 1, 4 shall be unable to publish one or more of the items referred to in paragraph 1. Paragraph 1 shall also be unable to do so in accordance with paragraph 1. 5 to submit to them in paragraph 1. 1, no. The information referred to in paragraph 6 and the publication of the information referred to in paragraph 1 shall be made available to the Financial 1 mentioned information on his home page.

§ 18. In the case of the submission of the annual report, the company shall report the number of persons to the Financial Supervisions which, during the financial year in question, in the course of their employment or office as a representative or a member of the board, have earned the service of : a total annual salary, including pension, exceeding an amount equal to 1 million. Euro.

Paragraph 2. The report for the Financial supervision referred to in paragraph 1. 1 shall include the number of people and the size of each unnamed person ' s total salary including pensions.

Penalty provisions

§ 19. The withdrawal of section 2 (2). 3, section 5 and 6, section 7 (4). One and two, one. pkt., section 9, paragraph. One and two, two. pkt., and section 10 (1). 1, 3 and 4, section 11 16, section 17, paragraph 1. Paragraph 1 and paragraph. FIVE, ONE. pkt., and section 18, is punished by fine.

Paragraph 2. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Entry into force

20. This notice shall enter into force on 1. March 2012, cf. however, paragraph 1 3-4.

Paragraph 2. At the same time, notice No 1666 of 21. In December 2010 on wage policy and of information obligations on remuneration in the supplementary pension of the labour market and the Payday Fund of the Payday Fund.

Paragraph 3. The provision in section 9 (4). 2 shall enter into force for earnings year 2012.

Paragraph 4. The provision of Article 13 shall apply to agreements on severance payments made or renegotiating following the entry into force of the notice.