Votes on compensation at the 2018 AGM
As illustrated in Exhibit 18, the Board’s proposals to shareholders at the 2018 AGM will relate to Board compensation for the 2018–2019 term of office and EC compensation for the calendar year 2019. There will also be a non-binding vote on the 2017 Compensation report.
In determining the proposed maximum aggregate EC compensation, the Board takes into consideration the criteria illustrated in Exhibit 19. Given the variable nature of a major portion of the compensation components, the proposed maximum aggregate EC compensation will almost always be higher than the actual payout, as it must cover the potential maximum value of each component of compensation.
The Board’s proposal for maximum aggregate EC compensation for 2019 will incorporate assumptions for a normal increase in compensation.