Saab 2013 Annual Report Download - page 107
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SENIOR EXECUTIVES’ BENEFITS
Remuneration to Board members
In accordance with the resolution of the Annual General Meeting, the fees
paid to members of the Board, for the term April - April , amount to
,, (,,), consisting of ,, (,,) to the Chair-
man, , (,) to the Deputy Chairman and ,
(,) to each of the other members elected by the Annual General Meet-
ing, with the exception of the President.
For audit committee work, during the term April - April , com-
mittee chairman Per-Arne Sandström also received a fee of ,
(,) and committee members Johan Forssell and Joakim Westh each
received a fee of , (,).
For remuneration committee work, during the term April - April
, committee chairman Lena Treschow Torell also received a fee of
, (,) and committee members Marcus Wallenberg and Sten
Jakobsson each received a fee of , (,). Remuneration to
Board members and committee members recognised as cost for scal year
is shown in the table below.
Remuneration to the President
e salary paid to the President and consists of a xed salary. e previ-
ous short-term variable portion was discontinued as of in accordance
with the resolution of the Annual General Meeting. e preparation process
for compensation issues regarding the President is handled by the Board’s
Remuneration Committee according to the principles laid down by the
Annual General Meeting and then voted on by the Board.
Håkan Buskhe has participated since September in the Perfor-
mance Share Plans approved by the , , and Annual
G eneral Meetings and in the Share Matching Plans and .
Outstanding matching rights in the Performance Share Plan amount to
, (,) as of December at estimated outcomes and in the Per-
formance Share Plan to ,, (,,) at estimated outcomes. Corre-
sponding gures for the Performance Share Plans and the Share Matching Plans
and are , (,) and , respectively, at estimated outcomes.
During the period January through December , Håkan Buskhe
received salary and other benets totalling ,, (,,), of which
other benets, including share related plans, amounted to ,, (,,).
Pension terms
e retirement age for the President is years. e President has a dened-
contribution pension plan. He may decide himself on the payment term,
though this must fall within the provisions of Swedish income tax law. e
pension cost for Saab consists of pension premiums amounting to per cent
of the xed salary until the President turned , aer which the pension pre-
mium amounts to per cent of the xed salary. Pension premiums are paid as
long as the President remains an employee of the company, but not beyond the
age of . During his rst ve years of employment, the President also receives
an extra pension contribution of ,, payment of which is made
annually and is conditional on Håkan Buskhe remaining an employee.
To this is added the cost of pension premiums according to the plan.
e pension commitment is vested.
For , the cost of Håkan Buskhe’s pension, including , was
,, (,,).
Severance terms
If terminated by the company, the President will receive a salary and pension
benets for a period of six months (period of notice). ereaer he will receive
severance pay equivalent to one year of salary, based on his current xed sal-
ary. If the President does not obtain new employment, he will receive an addi-
tional six months of severance pay. e salary during the period of notice and
severance will be deducted from income received from other employment dur-
ing the same period. If the President resigns voluntarily, there is a six-month
period of notice with salary and pension benets, but no severance pay. e
President’s agreement includes a non-compete clause.
Remuneration to other senior executives
e group of other senior executives included () individuals at year-end
/; specically, Executive Vice Presidents, Heads of the Business Areas
and Heads of Group stas. During the following senior executives have
le Group Management or the company: Marketing Director Jonas Hjelm (
January), Head of Group Communications Carina Brorman (February),
Head of Group Corporate Investments Peter Sandehed (March) and Deputy
and Lena Olving ( June). At the turn of / Group Manage-
ment was therefore comprised of persons, including the . During ,
Head of Business Area Lennart Sindahl and Senior Vice President and
Magnus Örnberg were appointed Executive Vice Presidents.
e salaries paid to other senior executives consist of a xed salary. e
previous short-term variable portion was discontinued as of in accord-
ance with the resolution of the Annual General Meeting. Compensation issues
regarding the other senior executives are prepared by the Head of Group
Human Resources and presented to the President, who makes a decision
pending the approval of the Compensation Committee and the Board.
Of the other senior executives, one individual has received cash settlements
of ,, for extraordinary work. Also two individuals received cash set-
tlements of a non-recurring nature upon recruitment according to a resolution
. An amount totalling ,, will be paid during a period of
months from the start of employment. e payments are made monthly in the
form of pension premiums and are conditional upon the recipients not giving
notice of termination of employment. , has been paid during .
Since November , all eligible executives have participated in the
P erformance Share Plans approved by the Annual General Meetings in ,
, and and in the Share Matching Plans and . e Perfor-
mance Share Plan was concluded in January . Outstanding matching
rights in the Performance Share Plan amount to , (,,)
as of December at estimated outcomes and in the Performance Share
Plan to ,, (,,) as of December at estimated out-
comes. Corresponding gures for the Performance Share Plans and the Share
Matching Plans and amount to , (,) and ,,
respectively, at estimated outcomes.
In , the other senior executives received salaries and other benets
totalling ,, (,,), of which other benets, including share
related plans, amounted to ,, (,,).
Pension terms
As of January , a pension age of years applies to new executives. Among
other senior executives, one individual has a retirement age of years.
In addition to , members of the group () are aliated with the Saab
plan, which is dened-contribution and vested. e Saab plan provides pen-
sion benets in addition to or its equivalent on salary levels between
and basic amounts as well as on salary segments over basic amounts.
e individuals themselves can decide on the payment term, though this must
fall within the provisions of Swedish income tax law. Moreover, an insurance
policy nances the period between the ages of or years and years.
e pension cost for Saab consists of pension premiums, which are based
on a percentage of qualifying salaries. e percentage rate is determined by
each executive’s time remaining until the pension age, or years, when
joining the plan. e aggregate insurance balance should cover a targeted
pension from years of approximately . per cent of salary levels between
and basic amounts and approximately per cent of segments over
basic amounts of qualifying salaries. Premium payments continue as long
as the individuals remain in their positions or as employees of the company.
Pension obligations are vested. In , pension costs for other senior
executives, including and its equivalent, amounted to ,,
(,,). Other senior executives are entitled, or obliged if the company
so requests, to retire on pension as of the age of or years.
Severance terms
If terminated by the company, the group of other senior executives will receive
a salary and pension benets for six months (period of notice). ereaer
they will receive severance pay equivalent to months of salary, based on
their xed salary. Severance is paid monthly with the rst payment in the
month aer employment has ended. Severance is not paid for the period that
falls aer the contractual pension age. Employees hired before January
who have reached the age of are entitled to another six months of severance.
e salary during the period of notice and severance will be deducted
from income received from other employment during the same period. If they
resign voluntarily, there is a six-month period of notice with salary and pen-
sion benets, but no severance pay.
Other benets
All senior executives have a company car and medical insurance. Several sen-
ior executives also have benets in the form of overnight housing and travel.
NOTE 37 CONT.
FINANCIAL INFORMATION > NOTES
SAAB ANNUAL REPORT 2013 103