Annual Report 2009 - Husqvarna Group

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86 Husqvarna Annual Report 2009 Notes Amounts in SEKm unless otherwise stated. Cont. Note 24 Terms of employment for other members of Group Management As with the President, other members of Group Management receive a remuneration package comprised of fixed salary, variable salary based on annual targets, long-term incentive programs and pension benefits. Remuneration is revised annually per 1 January. The variable salary is based on value creation for the Group and/or for the appropriate business unit. The variable salary is 40–50% of the fixed salary at target level and is capped at 80–100% at stretch level. For 2009 the members of Group Management are also covered by a variable salary based on cash flow targets and which is 12% of the fixed salary at target level and is capped at 24% at stretch level. This variable salary has been introduced to put focus on improved cash flow but also to compensate for that the long term incentive program for 2009 (LTI 2009) was reduced compared to former long term incentive programs. The additional variable salary does only apply for those participating in the LTI 2009. Members of Group Management participate in the Group’s long-term incentive programs which consist of the programs for 2007, 2008 and 2009 (LTI 2007, LTI 2008 and LTI 2009). For information on these programs, see Note 19. The notice period for termination is 12 months on behalf of the Company and 6 months on the part of the employee. The members of Group Management, employed in Sweden, are entitled to severance pay, corresponding to 12 monthly salaries with deduction for any other income, in the event of notice of termination from the employer. Pension terms for other members of Group Management The members of Group Management employed in Sweden (six out of eight) are covered by the collectively agreed ITP plan. One member of Group Management is covered by the principal rule of the ITP plan and the alternative rule of the plan is applied to the other members of Group management. These individuals are also covered by the Husqvarna Executive Pension Plan, which is a defined contribution plan. The employer contribution to the plan is equivalent to 35% of the pensionable salary which also includes contributions for the ITP plan, alternative ITP and any supplementary disability and sur vivor’s pension. The pensionable salary is calculated on the basis of current fixed salary plus last year’s variable salary. The retirement age is 62 for those members of Group Management who are employed in Sweden. In addition to the pension terms described above, there is a commitment to pay a single premium, at retirement age for pension benefits, corresponding to 22.68 monthly salaries in the event that the member of Group Management remains in service until the retirement age. The members of Group Management that are not employed in Sweden are covered by the Group’s company pension plans in the respective country of employment (Germany and the US). Retirement age is 63 or 65. Terms of employment for the former President The former President and CEO, Bengt Andersson, retired 1 October 2008, but his employment remained until 30 June 2009 when he attained the regular retirement age 65. The cost for the former President’s remuneration during 2009 was taken in 2008. Remuneration to Group Management 2009 SEKt Fixed salary Variable salary Pensioncost Long-term incentive Total President 5,750 1,380 3,453 347 10,930 Other members of Group Management 1 28,461 3,748 11,381 2,392 45,982 Total 34,211 5,128 14,834 2,739 56,912 1) Other members of Group Management comprise eight individuals per 31 December. One individual has been added and two have left Group Management during 2009. The remuneration shown above refers to the part of the year during which the individual in question was part of Group Management.
Notes Husqvarna Annual Report 2009 87 Amounts in SEKm unless otherwise stated. Remuneration to Group Management 2008 SEKt Fixed salary 1 salary Variable Pensioncost Long-term incentive 2 Total President 4,156 0 860 0 5,016 Former President 2 7,880 0 9,109 0 16,989 Other members of Group Management 3) 26,505 0 11,534 441 38,480 Total 38,541 0 21,503 441 60,485 1) Fixed salary includes fixed salary for the period October to December (SEK 1,437,500), fixed amount instead of variable salary (SEK 718,750) and compensation for the loss of right to allocation from long-term incentive programs with the former employer (SEK 2,000,000). 2) The former President Bengt Andersson retired 1 October 2008, but his employment remains until 30 June 2009 when he attains the retirement age 65. The cost for his remuneration during 2009 has been taken in 2008. 3) Other members of Group Management comprise nine individuals. One individual has been added and one has left Group Management during 2008. The remuneration shown above refers to the part of the year during which the individual in question was part of Group Management. NOTE 25 Fees to auditors NOTE 26 Shares and participiations PricewaterhouseCoopers (PwC) has been appointed auditor for the period until the 2010 Annual General Meeting. Fees to PwC Group Parent Company SEKm 2009 2008 2009 2008 PwC Audit fees 1 22 21 4 5 Other fees 2 2 2 0 1 Total fees to PwC 24 23 4 6 Audit fees to other Auditors 1 1 0 0 1) Audit fees consist of fees billed for the annual audit engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the Company audit; statutory audits and comfort letters and consents. 2) Other fees consist of fees billed for assurance and related services, for due diligence in connection with acquisitions as well as fees billed for tax services. Participation in associated companies SEKm 2009 2008 Opening balance 7 12 Operating result 0 –2 Dividend 0 0 Exchange difference –1 1 Consolidation Gardena Turkey — –4 Other 0 — Closing balance 6 7 In participations in associated companies at 31 December 2009, goodwill is included in the amount of SEK 2m (2). The Group’s share of the associated companies, none of which are listed, was as follows: (see page 88).
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History Husqvarna Annual Report 200
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Report by the President Husqvarna A
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Strategy Husqvarna Annual Report 20
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Consumer Products Husqvarna Annual
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Professional Products Husqvarna Ann
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The Husqvarna share Husqvarna Annua
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Annual Report 2009 - Husqvarna Group

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