Each senior manager may, from time to time, be offered a cash bonus. Such a bonus may amount to a maximum of 60% of the annual fixed salary of the CEO, and a maximum of 40% of the annual fixed salaries of other senior managers. The bonus shall not be pensionable or vacationable income. Bonuses shall primarily be based on developments in the Bulten Group as a whole or on developments for unit for which the person in question is responsible. The performance targets should be related to growth, operating profit before goodwill amortization (EBITA) and parameters related to the cash flows of capital turnover. Such targets shall be prepared by the Remuneration Committee and determined by the Board. Any bonuses and reasons for bonuses shall be established for each financial year.

Ahead of every Annual General Meeting the Board shall consider whether or not to propose a share or share price related incentive program to the AGM. It is the AGM that decides on such incentive programs. Incentive programs are intended to contribute to long-term value growth and to ensure that shareholders and employees have a common interest in the share’s value growth.

It shall be possible to offer senior executives a similar incentive as that contained in the share incentive scheme or share price incentive scheme, if such schemes shall prove to be impractical for tax reasons in a country where a senior executive is resident, or if such participation in the company’s assessment is not possible at reasonable administrative cost or using reasonable economic resources. Costs for the company, the investment, the incentive and the financial outcome for such senior executives shall under such conditions substantially correspond to the share or share price related incentive program.

AGM 2016 >

Annual Report 2015 >