This guideline for executives reflects Meda’s need to be able to recruit and motivate qualified employees via compensation that is competitive in various countries. The Group’s executive management team consists of:

• Chief executive officer (CEO)
• Chief operating officer (COO)
• Chief financial officer (CFO)

The guideline for remuneration/compensation and other employment terms for Meda’s executives imply that (i) Meda shall strive to offer its executives market-based remuneration/compensation, (ii) subsequent criteria shall be based on significance of responsibilities, competence requirements, experience, and performance, and (iii) remuneration consists of:

• Fixed basic salary
• Short-term variable pay 
• Pension benefits 
• Other benefits and severance terms and conditions
  

The guideline agrees with previous years’ remuneration guidelines and is based on initial contracts entered between Meda and its senior executives. The difference between basic salary and variable pay shall be in proportion to the executive’s responsibilities and authorities. Guidelines for the CEO’s employment terms are in Note 8 of the annual report.

Short-term variable pay is performance-based – partly on Group profit and partly on individual qualitative parameters. The variable pay ceiling is 45% of the executive’s total annual remuneration.

Other benefits primarily consist of company car. Pension premiums consist of an amount that is based on the ITP scheme or comparable schemes for employees outside Sweden. Pension-based salary consists of basic salary and variable pay.

Fixed salary during the period of notice for termination and severance pay shall together not exceed an amount equivalent to two years of fixed salary.

The board shall prepare for and resolve issues concerning executives’ remuneration. If sufficient reason exists, the board has the right to deviate from the above remuneration principles for executives.

 

 Board statement on its evaluation of remuneration to senior executives (in Swedish)