Annual and Sustainability Report 2011 - Teracom
Annual and Sustainability Report 2011 - Teracom
Annual and Sustainability Report 2011 - Teracom
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Note 6. Employees <strong>and</strong> remuneration<br />
Group Parent Company<br />
Salaries, other remuneration<br />
<strong>and</strong> social security expenses,<br />
SEK thous<strong>and</strong> <strong>2011</strong> 2010 <strong>2011</strong> 2010<br />
Board members, President/CEO,<br />
Executive Vice President/CFO <strong>and</strong> 19 119 14 502 10 705 -<br />
senior executives<br />
Other employees 388 427 349 698 17 836 -<br />
Total salaries <strong>and</strong> remuneration 407 546 364 200 28 541 -<br />
Social security expenses 113 220 112 852 11 696 -<br />
Pension expenses, defined benefit<br />
plans<br />
21 137 25 915 1 990 -<br />
Pension expenses, defined contribution<br />
pensionplans<br />
52 785 49 523 13 043 -<br />
Other personnel expenses 19 519 18 155 1 906 -<br />
Total personnel expenses 614 207 570 645 57 176 -<br />
Of the Group's pension expenses, SEK 3,745 (1,468) thous<strong>and</strong> was for the<br />
Boards of Directors or persons with the title of president, managing director<br />
or executive vice president within the Group. Outst<strong>and</strong>ing pension obligations<br />
to these individuals are SEK 0 (0) thous<strong>and</strong>.<br />
Of the Parent Company's pension expenses, SEK 1,666 (0) thous<strong>and</strong> was<br />
for the Boards of Directors or persons with the title of president, managing<br />
director or executive vice president within the Group.<br />
No bonuses or comparable remuneration have been paid to the Group<br />
management team, Board members or persons with the title of president,<br />
managing director or executive vice president within the Group.<br />
Remuneration to senior executives<br />
Principles<br />
<strong>Teracom</strong> Group AB's Board of Directors is responsible for appointing the<br />
President/CEO <strong>and</strong> establishing the terms of employment. The Board of Directors<br />
complies with Government guidelines regarding remuneration to senior<br />
executives.<br />
Senior executives include persons that belong to, or have belonged to, the<br />
Group management team. The Group management team consists of 36 (30)<br />
percent women.<br />
The company's President/CEO <strong>and</strong> Executive Vice President each receive<br />
a market-competitive salary, premium-based pension benefits in addition to<br />
what is stipulated in the Swedish National Insurance Act, health insurance, a<br />
company car, individually negotiated terms for termination of employment<br />
<strong>and</strong> severance pay. Senior executives refers to the 11 (9) persons in the Group<br />
who, at some point during <strong>2011</strong> belonged to the Group management team,<br />
excluding the President/CEO <strong>and</strong> Executive Vice President. All pension plans<br />
for senior executives are vesting. Senior executives in the subsidiaries are the<br />
Presidents of each company.<br />
President/CEO Crister Fritzson <strong>and</strong> Executive Vice President Gunilla Berg<br />
have also been assured of pension benefits corresponding to monthly pension<br />
premium payments amounting to 30 percent of their base salary. The retirement<br />
age for the President/CEO <strong>and</strong> Executive Vice President is 65.<br />
Remuneration <strong>and</strong> benefits paid in <strong>2011</strong> to senior executives, SEK thous<strong>and</strong><br />
Other<br />
Position Name Basic salary<br />
remuneration<br />
<strong>and</strong> benefits Total<br />
Pension<br />
expense Notice period Severance pay<br />
Group CEO <strong>and</strong> President of <strong>Teracom</strong> Group AB Crister Fritzson 2 844 291 3 135 896 6 months 18 months<br />
Executive Vice President of <strong>Teracom</strong> Group AB Gunilla Berg 2 400 144 2 544 770 6 months 12 months<br />
Senior executives 11 persons 11 668 855 12 523 3 581<br />
Total 16 912 1 290 18 202 5 247<br />
Remuneration <strong>and</strong> benefits paid in 2010 to senior executives, SEK thous<strong>and</strong><br />
Other<br />
Position Name Basic salary<br />
remuneration<br />
<strong>and</strong> benefits Total<br />
Pension<br />
expense Notice period Severance pay<br />
Group CEO <strong>and</strong> President of <strong>Teracom</strong> AB Crister Fritzson 2 760 313 3 073 896 6 months 18 months<br />
Executive Vice President of <strong>Teracom</strong> AB<br />
Gunilla Berg<br />
Started on 2010-11-01<br />
400 5 405 0 6 months 12 months<br />
Senior executives 9 persons 9 365 779 10 144 3 210<br />
Total 12 525 1 097 13 622 4 106<br />
Comments about the table<br />
- Remuneration to the President/CEO, Executive Vice President <strong>and</strong> other<br />
senior executives consists of a base salary, other benefits <strong>and</strong> a pension.<br />
- All amounts are excluding social security contributions <strong>and</strong> payroll tax.<br />
- Base salary refers to the fixed monthly salary.<br />
- Other remuneration <strong>and</strong> benefits refers to vacation pay, deductions/benefits<br />
for absence due to illness, parental leave deductions/benefits, subsidized<br />
lunch coupons, company cars, increased salary in lieu of a company car,<br />
fuel <strong>and</strong> parking benefits (only for senior executives that have opted out of<br />
having a company car).<br />
- Pension expenses also include health insurance for the President/CEO <strong>and</strong><br />
other senior executives.<br />
- The stated notice period is for termination initiated by the company.<br />
- The Group's auditors have conducted a special review of remuneration to<br />
senior executives.<br />
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