Senior executives comprise the Group's senior management, including the President, the presidents of the three sub-groups, the Parent Company's Chief Financial Officer and the Parent Company's Controller.
All of these individuals have a total remuneration package consisting of a fixed basic salary, a bonus, a defined-contribution pension benefit and other benefits (mainly company car benefits). The total remuneration package is to reflect market conditions. The bonus for senior executives who are employed by the Parent Company is based on the Group's profitability and growth and, for senior executives employed by the subsidiaries, on the subsidiaries' profitability. Variable remuneration is always maximized at 100 percent of basic salary.
Remuneration in 2014 followed the guidelines adopted by the 2014 Annual General Meeting.
The Remuneration Committee has evaluated the model for determining bonuses, the structure of which has been unchanged in recent years, and has found that the outcomes are in line with the Group's strategy for value creation and that the total remuneration package for senior executives is competitive.
Accordingly, the Board has found no reason to change the model for variable remuneration and the Board’s motion is included in the notice for approval by the 2015 Annual General Meeting.
Currently, there are no outstanding share or share-related incentive programs.