9. Management remuneration

9. MANAGEMENT REMUNERATION IN 2016
 
Total Management remuneration, EUR 2016 2015
Compensation to the Board of Directors 448 900 515 000
Salaries 3 278 598 3 495 502
Benefits 101 082 133 609
Special payments 0 0
Severance payments 0 0
Bonus 589 314 1 023 359
Share-based payment costs 1 432 798 1 081 267
Statutory pension costs 659 277 455 313
Additional pension costs 974 229 870 436
Total   7 484 198 7 574 486
 
Board of Directors
According to the decision by the AGM executives are compensated in cash and shares. Chairman EUR 83 000/year , Deputy Chairman EUR 52 500/year, member EUR 34 500/year, Committee Chairman EUR 52 500/year and EUR 800 for each board meeting.
Total compensation to the Board of Directors 448 900 515 000
Chairman of the Board 96 600 100 600
Deputy Chairman 66 900 67 700
Members 285 400 346 700
       
President and CEO
Salary EUR 600 000 (2015: EUR 550 000)
Benefits EUR 3 146 (2015: EUR 2 409)
Special payments EUR 0 (2015: EUR 0)
Bonus EUR 179 053 (estimate, not decided yet) (2015: EUR 299 894)
Bonus principles Maximum 100% of base salary based on Group's external revenue, profit, contract value and achievement of strategic goals when achievements exceed the targets.  
Long-Term Incentive
Programme 2012–2014
The reward to be paid at target corresponds to 50% annual gross salary and at maximum 120% annual gross salary.

In spring 2015 a total of 12 742 shares were transferred as a reward from Performance Periods 2014 and 2012–2014 to the President and CEO. The shares are under transfer restriction according to the terms of the programme.
Current value of the shares under lock-up amounts to
EUR 330 273 1).
Share-based reward plan Entitled to a total of 9 200 gross shares if the criteria set for the plan are met. The plan will run until the end of 2016. The current value of these allocations amounts to EUR 238 464 1)
Performance Share Plan
2015–2017
Entitled to 20 000 gross shares if the target levels of the performance metrics are met, 40 000 shares at maximum. The plan will run until spring 2018. The current value of these allocations amounts to EUR 451 008 2)
Performance Share Plan
2016–2018
Entitled to 20 000 gross shares if the target levels of the performance metrics are met, 40 000 shares at maximum. The plan will run until spring 2019. The current value of these allocations amounts to EUR 575 424 2)
Share-based
payment costs
EUR 350 661 (2015: EUR 315 896)
Retirement age 63    
Statutory pension costs EUR 156 686 (2015: EUR 96 580)
Additional pension costs EUR 127 054 (2015: EUR 124 420)
Pension level Annual fee (in addition to statutory pension provision): 23% of the annual base salary (defined contribution plan)    
Period of notice 12 months    
Severance payment Equivalent to 12–18 months' salary.    
       
Leadership Team
Excluding President and CEO
Salaries EUR 2 678 598 (2015: EUR 2 945 502)
Benefits EUR 97 936 (2015: EUR 131 200)
Special payments EUR 0 (2015: EUR 0)
Total bonuses EUR 410 261 (estimate, not decided yet) (2015: EUR 723 465)
Bonus principles The basis of bonus as well as target and maximum amounts for bonuses vary between the Leadership Team members.    
Long Term Incentive
programme 2012–2014
The reward to be paid to other members of the Leadership Team on the basis of the Long-Term Incentive Programme 2012–2014 at target corresponds to 30–40% of the annual gross salary and at maximum 60–80% of the annual gross salary.

A total 2 744 shares were delivered in 2016 to LT members (excl. CEO) for Performance Periods 2014 and 2012-2014.

A total of 20 776 shares are under transfer restriction according to the terms of the programme.
The value of the total rewards paid in 2016 was EUR 159 179.

The current value of the shares under lock-up EUR 538 514 1)
Share-based reward plan Current Leadership Team members are entitled to a total of
23 900 shares if the criteria set for the plan is met. The plan will run until the end of 2016.
The current value of these allocations amounts to
EUR 619 488 1)
Performance Share Plan
2015–2017
Current Leadership Team members are entitled to a total of
97 600 gross shares if the maximum levels of the performance metrics are met. The plan will run until spring 2018.
The current value of these allocations amounts to
EUR 1 100 460 2)
Restricted Share Plan
2015–2017
Current Leadership Team members are entitled to a total of
12 000 gross shares if the criteria set for the plan is met. The plan will run until spring 2018.
The current value of these allocations amounts to
EUR 311 040 1)
Performance Share Plan
2016–2018
Current Leadership Team members are entitled to a total of
94 000 gross shares if the maximum levels of the performance metrics are met. The plan will run until spring 2019.
The current value of these allocations amounts to
EUR 1 352 246 2)
Restricted Share Plan
2016–2018
Current Leadership Team members are entitled to a total of
10 000 gross shares if the criteria set for the plan is met. The plan will run until spring 2019.
The current value of these allocations amounts to
EUR 259 200 1)
Share-based
payment costs
EUR 1 082 137 (2015: EUR 765 371)
Retirement age According to national standards    
Statutory pension costs EUR 502 590 (2015: EUR 358 733)  
Additional pension costs EUR 847 175 (2015: EUR 743 382) 3)  
Pension level Annual fee (in addition to statutory pension provision): 15% and 23% (for one executive member) of annual base salary (Defined contribution and defined benefit arrangements)    
Period of notice Varies between 6 and 12 months    
Severance payment Various terms, amounts corresponding to the periods of notice    
       
There were no loans to executive management on 31 December 2015 nor on 31 December 2016.
There are no guarantees on behalf of key management