Report - Kongsberg Gruppen 2007 - Kongsberg Maritime ...

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66 Expensed salaries and other benefits specified for the members of executive management for 2007 and 2006 Other benefits reported in Total Year's Total Paid the fiscal paid Option Accured pension expensed Amounts in NOK 1 000 Year Salaries bonuses 1) year 2) benefits expense bonuses 3) service cost benefits Executive management Jan Erik Korssjøen, CEO 2007 2 802 692 176 3 670 13 2 100 783 5 874 2006 2 644 426 143 3 213 12 1 887 706 5 818 Arne Solberg, CFO 2007 1 554 387 162 2 103 13 1 168 284 3 181 2006 1 466 207 142 1 815 12 1 056 207 3 090 Stig Trondvold, EVP, Business Development 2007 1 480 471 155 2 106 13 1 112 799 3 559 2006 1 416 197 137 1 750 12 1 014 770 3 546 Even Aas, EVP, Corporate Communications 2007 1 178 393 177 1 748 10 885 528 2 778 2006 1 099 175 173 1 447 6 800 440 2 693 Ellen Christine Orvin Raaholt, EVP, Human Resources 2007 1 299 318 164 1 781 13 968 848 3 292 2006 1 227 197 135 1 559 12 866 843 3 280 Total salaries, bonuses and remuneration to executive managment, parent company 2007 8 313 2 261 834 11 408 62 6 233 3 242 18 684 Total salaries, bonuses and remuneration to executive managment, parent company 2006 7 852 1 202 730 9 784 54 5 623 2 966 18 427 Torfinn Kildal, president, Kongsberg Maritime 2007 2 128 516 175 2 819 13 1 547 442 4 305 2006 1 958 294 159 2 411 12 1 409 1 038 4 870 Tom Birck Gerhardsen, president, Kongsberg Defence & Aerospace 2007 1 968 491 139 2 598 13 1 470 331 3 921 2006 1 852 261 129 2 242 12 1 341 335 3 930 Total salaries, bonuses and remuneration to corporate executive managment 2007 12 409 3 268 1 148 16 825 88 9 250 4 015 26 910 Total salaries, bonuses and remuneration to corporate executive managment 2006 11 662 1 757 1 018 14 437 78 8 373 4 339 27 227 1) The bonus paid for 2007 comprises 1/3 of the bonus earned for 2006, which was expensed in 2006. The bonus paid for 2006 was calculated on the basis of the profit from 2005, and expensed in 2006. As from 2006, bonuses have been expensed in the year of accrual. Recognised benefits for 2006 therefore include the bonus accrued in 2006 and the bonus paid out in 2006 based on accrual in 2005. 2) Benefits other than cash refer to expensed discounts on shares in connection with the employee share programme, the taxable portion of accident and industrial injury insurance, the interest rate advantage on car loans, and the advantage of having a free car for those who do not have a car loan. 3) Accrued bonuses are related to the bonus system. Of the accrued bonus amount will 1/3 be paid out in the following year, while the remaining 2/3 is transferred to an individual's bonus bank, and future disbursements will be conditional upon future goal achievement, cf. the description of bonuses for executive management. Terms for Debt Out- Options current instru- Re- standing Number Options Options Strike out- share Car loans ments payment amount Interest Year of shares granted exercised price standing options in NOK from plans in NOK rate Corporate management Jan Erik Korssjøen, CEO 2007 6 930 0 198 106 125 see note 10 547 000 31 Dec 04 10 years 382 876 1% 2006 6 553 125 196 93 323 see note 10 547 000 31 Dec 04 10 years 437 584 1% Arne Solberg, CFO 2007 7 284 0 198 106 125 see note 10 572 000 20 Jan 06 10 years 457 592 1% 2006 6 907 125 196 93 323 see note 10 572 000 20 Jan 06 10 years 514 796 1% Stig Trondvold, EVP, Business Development 2007 3 109 0 198 106 125 see note 10 539 000 20 April 04 10 years 323 384 1% 2006 2 732 125 196 93 323 see note 10 539 000 20 April 04 10 years 377 288 1% Even Aas, EVP, Corporate Communications 2007 2 186 0 75 106 100 see note 10 2006 1 932 100 150 93 175 see note 10 Ellen Christine Orvin Raaholt, EVP, Human Resources 2007 1 022 0 198 106 125 see note 10 558 000 20 April 05 10 years 404 550 1% 2006 645 125 0 323 see note 10 558 000 20 April 05 10 years 460 350 1% Kongsberg – Annual Report and Sustainability Report 2007
THE GROUP VISION, OBJECTIVES AND DIRECTORS' REPORT & ACCOUNTS BUSINESS ACTIVITIES CORPORATE GOVERNANCE AND SUSTAINABILITY REPORT 1–11 STRATEGY 12–19 20–75 76–101 FINANCIAL STATEMENTS 102–125 126–160 67 Terms for Debt Out- Options current instru- Re- standing Number Options Options Strike out- share Car loans ments payment amount Interest Year of shares granted exercised price standing options in NOK from plans in NOK rate Corporate management, cont. Torfinn Kildal, president, Kongsberg Maritime 2007 8 144 0 198 106 125 see note 10 2006 7 767 125 196 93 323 see note 10 Tom Birck Gerhardsen, president, Kongsberg Defence & Aerospace 2007 6 592 0 198 106 125 see note 10 2006 6 215 125 196 93 323 see note 10 Remuneration to the members of the Board of Directors Board Year Number of shares remuneration Board of Directors Finn Jebsen, Chair 2007 5 000 (through the companyt Fateburet AS) 313 333 2006 5 000 (through the company Fateburet AS) 300 000 Benedicte Berg Schilbred, Deputy Chair 2007 17 500 (through the company Odd Berg AS) 166 667 2006 17 500 (through the company Odd Berg AS) 160 000 Erik Must 1) , Director 2007 100 000 (through the company Must Invest AS) 146 667 2006 100 000 (through the company Fondsavanse AS) 136 667 Erik Must 1) , Director 2007 31 150 2006 31 150 Siri Beate Hatlen, Director 2007 - 146 667 2006 - 136 667 Roar Marthiniussen, Director 2007 3 279 146 667 2006 3 100 136 667 Jan Erik Hagen, Director 2007 506 46 667 2006 477 136 667 Kai Johansen, Director from 8 May 2007 2007 - 100 000 Audun Solås, Director 2007 1 146 667 2006 1 136 667 John Giverholt 2) , Director 2007 - 146 667 2006 - 136 667 Total remuneration to the Board 2007 1 360 002 Total remuneration to the Board 2006 1 280 002 1) Erik Must is chair of the Board of Arendals Fossekompani ASA, which owns 2 388 199 shares in Kongsberg. 2) John Giverholt is CFO at Ferd AS, which owns 500 000 shares in Kongsberg. Expensed benefits, executive management Amounts in NOK 1 000 2007 2006 2005 Short-term benefits 16 640 17 228 12 268 Pension benefits 4 015 4 339 3 895 Other non-current benefits 6 167 5 582 - Share-based payment 88 78 47 26 910 27 227 16 210 Transactions between related parties The Norwegian Government as the largest owner The State as repr. by the Ministry of Trade and Industry is Kongsberg's largest owner (50.001 per cent of the shares in Kongsberg Gruppen ASA). The State as repr. by the Ministry of Defence is an important customer for the Group. Sales to the Armed Forces are regulated by the EEA agreement and the Procurement Regulations for the Armed Forces, which guarantee equal treatment for all vendors. At 31 Dec. 2007, Kongsberg has a balance outstanding from Stateowned customers of MNOK 60. Other non-current benefits are 2/3 of the accrued bonus. Kongsberg – Annual Report and Sustainability Report 2007
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ANNUAL REPORT AND SUSTAINABILITY RE
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THE GROUP VISION, OBJECTIVES AND DI
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13 VISJON, OBJECTIVES AND STRATEGY
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127 SUSTAINABILITY REPORT Corporate
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161 ADDRESSES The Group is headquar
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