Remuneration Committee’s evaluation of remuneration to the company’s Executive Management and Audit Committee
The Board of Directors of Beijer Ref AB as a whole constitutes the company’s Remuneration Committee and fulfils its duties.
The duties of the remuneration committee include monitoring and evaluating
- all schemes for the variable remuneration of the Executive Management,
- the application of the company’s guidelines for remuneration for senior executives
- the current remuneration principles and remuneration levels in the company.
Guidelines for the remuneration and other terms of employment for senior executives were resolved at the 2017 Annual Meeting of shareholders. These also include schemes for the variable remuneration of the Executive Management.
In line with item 10.3 of the Swedish Code for Corporate Governance, the Board of Directors here submits the following report on the result of the aforementioned evaluation.
During 2017, the Remuneration Committee has monitored and evaluated the company’s schemes for the variable remuneration for senior executives as well the guidelines for the remuneration of senior executives.
The remuneration Committee has evaluated the outcome of the variable remuneration for 2017 and has noted that, in all cases, these have followed the applicable guidelines for the company and that, against the background of the described outcome, these guidelines have fulfilled their objectives and functioned well in the intended way.
In addition, The Remuneration Committee has monitored and evaluated the remuneration principles and remuneration levels which exist in the company for senior executives, and the Committee finds that these are on market terms.
Malmö, March 2018
Beijer Ref AB
Board of Directors
The Audit Committee consists of Bernt Ingman, who is also the Chairman of the Committee, and Frida Norrbom Sams. The CEO is invited and the CFO participates in the Meetings as does the company’s Auditor, when required.
The Audit Committee has an advisory as well as a preparatory function for placing decision-making matters before the Board for consideration before a decision is taken by the Beijer Ref Board of Directors.
The Audit Committee’s overall tasks include:
- being responsible for the preparation of the Board’s work of quality-assuring the company’s financial reporting,
- continually meeting the company’s Auditor in order to inform itself of the emphasis and extent of the audit and to discuss the co-ordination between the internal and external audit and the view on the company’s risks,
- determining guidelines for which services other than audit that the company may procure from the company’s auditor,
- evaluating the audit effort and informing the company’s Election Committee or, where appropriate, a special Election Committee about the result of the evaluation,
- assisting the Election Committee in the production of a proposal to the Auditor and the remuneration of the Audit effort,
- ensuring that the Audit Committee shall minute its meetings,
- ensuring that when the Board of Directors has delegated the decision-making right in a specific matter, to deal with this matter and report back to the Board as soon as possible, and
- ensuring that the Audit Committee shall report to the Board of Directors at Ordinary Board Meetings and that the Minutes from the Committee’s meetings shall be appended to the ordinary board documents.
The Audit Committee will provide continual verbal reports to the Board of Directors and put forward proposals in matters that require the Board’s decision. The Minutes are made available to all Board Members, the CEO and to the Auditor.