Aa jan edvard thygesen until 13 november 2011 bjrn

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Unformatted text preview: contribution plus annual return on the accrual. The annual accrual is 4% of the annual Base Salary up to 6 G (G = base amount of Norwegian Social Security), 8% from 6 – 12 G and 30% of Base Salary above 12 G. Three members of the Group Executive Management are currently covered by this arrangement. In addition, these three are entitled to an annual accrual of 10% of Base Salary for service in the Group Executive Management. This accrual is limited to ten years of service and is meant to ensure the pension entitlements up to the general retirement age of 67. There were some changes in the composition of the Group Executive Management in Telenor Group during 2011. New Group Executive Management members are Oddvar Hesjedal, Hilde Tonne, Berit Svendsen and Bjørn Magnus Kopperud (constituted). All members of the current Group Executive Management in Telenor Group have agreed pension terms and conditions prior to the Government’s remuneration guidelines of 2011. The Group CEO and members of the Group Executive Management, except three executives, are covered by the previously applied defined benefit arrangement. The Group CEO is entitled to retire at age 60 and the other Executives retire at age 62 or 65, based on individual agreements. The pension entitlement is 60% of the annual Base Salary the first ten years after the retirement and thereafter 58%. The Group CEO has a defined pension-qualifying income equal to NOK 4.9 million as of 1 January 2012. The pension-qualifying income is adjusted for CPI-ATE annually. The Group CEO is entitled to a defined contribution of 30% of salary above the cap in the defined benefit scheme. The current defined contribution plan for salaries above 12 G is an unfunded plan which has been viewed as the most practical, common and efficient way of organising a pension scheme. However, a new pension scheme for salaries above 12 G in Telenor’s Norwegian operations is being evaluated during 2012 and is planned implemented during 2012/2013 to apply for new hires. The aim with a future pension scheme is to have an effective and lasting pension scheme that continues to offer competitive total remuneration to key personnel and top Executives within the remuneration guidelines from the Government. Furthermore, any new terms and conditions should allow for necessary rotation and mobility to/from the Group Executive Management, also assessing the need for an early retirement plan. The Group CEO and Executive Management are covered by the general insurance arrangements applicable within Telenor ASA. The Group CEO and Executive Management are entitled to Severance Pay in case of notice based on Company circumstances. The Group CEO has Severance Pay of 24 months Base Salary, while the rest of the Group Executive Management has 6 months Base Salary calculated as from the expiry of the notice period. The notice period is 6 months. The current terms and conditions for Severance Pay are in accordance with the remuneration guidelines from the Government. Furthermore, the Group CEO and Executive Management are entitled to other benefits such as company car or car allowance, electronic communication and newspapers. /page 80/ telenor annual report 2011 notes to the financial statements / telenor group 4. Remuneration Principles and implementation previous Fiscal year The remuneration principles applied in 2011 for the Group CEO and Executive Management was basically the same as explained above for 2012. The annual review of the Base Salary for the Group CEO and Executive Management is effective as of 1 January. Last year’s review was conducted during first quarter. Actual remuneration to the Group CEO and Executive Management During 2011 the Group Executive Management has consisted of Jon Fredrik Baksaas (CEO), Richard O. Aa, Jan Edvard Thygesen (until 13 November 2011), Bjørn Magnus Kopperud (from 14 November 2011), Morten Karlsen Sørby, Sigve Brekke, Kristin Skogen Lund, Ingvald Fergestad (until 7 April 2011), Oddvar Hesjedal (from 8 April 2011), Berit Svendsen (from 14 September 2011) and Hilde Tonne (from 14 September 2011). Aggregate remuneration including pension cost for the Group Executive Management was NOK 52 million in 2011 and NOK 46 million in 2010. The pension costs included in these figures were NOK 11.1 million in 2011 and NOK 9.3 million in 2010. The remuneration includes the Long Term Incentive granted in 2011 and 2010. See description in the Statement above. For details see tables below. None of the members of the Group Executive Management have loans in the company. Remuneration to Group Executive Management 2011 Total Annual salary and base long term bonus Group Executive Management 2011 salary incentive paid 2011 Jon Fredrik baksaas Richard O. Aa sigve brekke 3a) Morten Karlsen sørby Jan Edvard Thygesen (until 13 November 2011) 4) 5b) Kristin s. lund bjørn Magnus Kopperud (from 14 November 2011) 4) berit svendsen (from 14 september 2011) 4) ingvald Fergestad (until 7 April 2011) 4) Oddvar Hesjedal (from 8 April 2011) 4) Hilde M. Tonne (from 14 september 2011) 3b) 4) 5 000 2 750 2 900 3 070 2 500 2 650 375 705 438 1 677 667 NOK in thousands 1 432 647 643 734 709 622 - - 378 - - 1 995 891 1 423 1 156 1 224 619 - - - - - Ot...
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This document was uploaded on 03/21/2014.

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