The senior employees' compensation is based on competitive terms. The CEO's compensation for 2010 is detailed in note 22 to the 2010 annual accounts. Pursuant to Section 6-16a of the Public Limited Liability Companies Act, the Board has drawn up a declaration concerning the fixing of the pay and other remuneration of the CEO and other senior employees for 2011.
No incentive schemes based on share options are agreed.
The company’s CEO was employed as per November 1st 2010. A severance pay equal to 9 month salary is agreed upon if the contract is terminated by the company, but which is subject to reduction equal to the compensation from a new employer. Otherwise, 3 months termination notice is agreed. The senior management participate in the company’s pension and life insurance plan through Storebrand Life Insurance AS.