Board of Directors’ remuneration
The remuneration of our Board of Directors comprises a fixed base fee and a multiplier of the fixed base fee for the Chairmanship and members of the Audit Committee, Development Committee, and ad hoc tasks. In connection with the adoption of the annual report, the Board of Directors endorses the actual remuneration for the past financial year, which is then presented to the annual general meeting for approval. Expenses such as travelling and accommodation expenses in relation to Board meetings are reimbursed. Warrants are granted on an annual basis consisting of an initial grant upon election and yearly grants each vesting over four and two years, respectively.
Executive Management’s remuneration
The remuneration of our Executive Management comprises a fixed base salary, a cash-based incentive, a share-based incentive, and other benefits. The split between fixed and variable remuneration is intended to result in a reasonable part of the salary being linked to performance, while promoting sound long-term business decisions to achieve the company’s objectives. We may terminate employment by giving executive officers up to 24 months’ notice. Executive officers may terminate their employment by giving us up to six months’ notice. During the notice period, executive officers are entitled to a severance payment. Current service contracts allow severance payments of up to 36 months’ fixed base salary plus target bonus and pension contributions in the event of a merger, acquisition, or takeover of Symphogen.
Further information concerning the Executive Management’s remuneration, including share-based instruments is disclosed in note 5.1 and 5.2 in the consolidated financial statements of the Annual Report 2017.