Remuneration

Incentive schemes
The Company’s Board of Directors decides on the Company’s remuneration schemes and annually commencing plans, including short-term incentive plans, long-term incentive plans, and pension plans on the basis of recommendations submitted by the Remuneration Committee.

Bonus scheme
The Company operates a bonus scheme, which is determined by the Board of Directors of the Company upon the recommendation of the Remuneration Committee. The CEO and the members of the Executive Team are eligible to participate in the bonus scheme in accordance with the Company’s bonus policy. Annual bonuses are payable based on the attainment of key performance targets of the Company. For 2017, the key performance targets of the CEO and the Executive Team are based on the Company’s EBITDA as well as the individual business and performance targets. The individual business and performance targets are set by the manager of the participant in the bonus scheme.

The maximum bonus payable to the CEO for achieving his targets is the amount to the equivalent of his ten months’ salary. The maximum bonus payable to the members of the Executive Team (excluding the CEO) for achieving his or her targets is the amount to the equivalent of his or her five months’ salary.

Long-term incentive scheme
The Company considers competitive remuneration of management and personnel to be important and looks to further develop its remuneration and incentive arrangements in this regard in the ordinary course of the Company’s business.