The Group’s remuneration policy is designed to attract, retain and incentivise high-calibre executives to implement its business strategy and enhance shareholder value.
The executive management remuneration packages are a combination of base salary, an annual bonus plan and long-term share based incentives. The base salary of the Chief Executive Officer and the executive management is based on the executive’s position, skills and experience.
Afarak’s Remuneration Committee develops, supervises and reviews the remuneration and incentive schemes of the executive management and the Board. It makes recommendations to the Board regarding executive remuneration and submits proposals to the Annual General Meeting of shareholders regarding the Board’s remuneration.
The AGM resolved that all Board members will receive EUR 3,500 a month and will receive additional EUR 1,500 for the committee work. Chairman of the audit committee will receive in addition EUR 500 a month while Chairman of the Board will receive additional EUR 2,000 a month.
Those members of the Board of Directors that are executives of the Company are not entitled to receive any remuneration for Board membership.
During the financial year 2019, the Board members received a total of EUR 227,000 and Committee membership fees.