Annual Report 2010 - Falck

104 Falck Annual Report 2010 | Parent Company
Notes to the parent company financial statements
Note DKK million 2010 2009
1 Accounting policies
See note 1 to the Group financial statements for a description.
2 Other operating income
Management fees from Group companies 7 7
Total other operating income 7 7
3 Fees to auditors appointed at the annual general meeting
KPmG
Audit (1) (1)
Preparation of a potential IPO (8) -
Total fees (9) (1)
4 Staff costs
Ordinary remuneration to the Executive Management Board (7) (8)
Remuneration to the Executive Management Board relating to preparation of a potential IPO (7) -
Remuneration to the Board of Directors (2) (1)
Total (16) (9)
Of which reinvoiced 3 -
Total staff costs (13) (9)
Number of full-time employees 2 2
The rate of increase in remuneration to the Executive Management Board excluding bonus was 2% in
2010 (2009: 0%).
Remuneration to the Executive Management Board includes pension contributions of - 1
The service contracts for the members of the Executive Management Board include severance
periods which, in the case of resignation by an executive, are 6 months and, in the case of
termination by the company, are 12 months.
Warrant programme, Executive management Board
Number of warrants at 1 January 4,443,120 4,443,120
Buy back in the period. See note 21 to the Group financial statements (4,443,120) -
Warrants at 31 December - 4,443,120
In December 2010, the Group acquired the existing warrants from the Executive Management Board
through a cash buy back at market value. See note 37 to the Group financial statements. The warrant
programme was subsequently cancelled in February 2011.
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised
to establish a new warrant programme. At the Board meeting held on 15 March 2011, the Board
of Directors adopted a resolution to establish a new warrant programme for the Executive Management
Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles the
holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price
of DKK 125 per share. The warrants issued were acquired at market value, equivalent to DKK 11 million,
and there are no conditions attached to the acquisition of the warrants.
5 Exceptional items
Costs related to preparation of a potential IPO (20) -
Total exceptional items (20) -