Each year following the Annual General Meeting, the Board appoints a Remuneration Committee. The Remuneration Committee elected in 2012 consisted of Lilian Fossum Biner and Alexander af Jochnick.
The purpose and aim of the Remuneration Committee is to safeguard that the Company has access to the competence required at a cost appropriate to the company, and that the existing and future remuneration schemes have the intended effects for the company's operations.
The tasks of the Committee are to review remuneration and other material terms of employment for the Company's executive directors, senior executives and other key personnel, monitor and evaluate programs for variable remuneration for the executive management, and in particular monitor and evaluate any share-based incentive program implemented in the Company.
Based on its reviews the Remuneration Committee prepares proposals for resolutions, to be discussed and approved by the Board.
The Remuneration Committee meets when necessary. During 2012 the Remuneration Committee has met twice.