Volvo 2010 Annual Report Download - page 107
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for retirement at age 60 are no longer signed, and are instead replaced
by a defined-contribution plan with pension premium payments at the
longest to the age of 65 years. The premium constitutes 10% of the
pensionable salary.
Earlier defined-benefit pension plans, which entitled the employee
to 50% of the pensionable salary after normal retirement age, have
also been replaced by a defined-contribution plan. The pension plan
includes employees born before 1979 and is a complement to the
collective agreement regarding occupational pension. The premium
constitutes of SEK 30,000 plus 20% of the pensionable salary over
30 income base amounts. The pensionable salary consists of the
annual salary and the average of the variable salary for the previous
five years. Pension premiums amounted to SEK 40,478,675 for other
senior executives in 2010.
Volvo Group’s total costs for remuneration and benefits to
senior executives
Costs for total remuneration and benefits to the members of the
Group Executive Committee (GEC) in 2010 is pertaining to the follow-
ing: fixed salary SEK 89 million (91); variable salary SEK 39 million (8);
other benefits SEK 10 million (14) and pensions SEK 51 million (45).
Total costs for members of the GEC include social fees on salaries
and benefits, special pension tax and additional costs for other ben-
efits. The remuneration model of the Volvo group is to a main part
designed to follow changes in the profitability of the group.
Incentive programs
The Annual General Meeting held in 2009 approved a share-based
incentive program for certain senior executives with allotment in
2010. The financial targets set as conditions for allotment were not
fulfilled and no allotment was therefore made.
The Board of Directors will propose to the Annual General Meeting
a performance-based long-term share-based incentive program for
maximum 300 of the Volvo Group’s top executives. The program will
require that the participants invest part of their own salary in Volvo
shares. Details about the program will be announced in connection
with the Notice to attend the Annual General Meeting.
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