The Compensation Committee presents proposals to the Board of Directors regarding the President’s salary and other employment terms, establishes salaries and employment terms for other members of the Group Executive Committee, and establishes limits regarding salary and employment terms for other senior executives.
The Compensation Committee’s duties otherwise include preparing resolutions for adoption by the Board on issues concerning compensation principles, preparing the Board´s proposal for guidelines for determination of salary and other compensation to the President and other members of the Company´s senior management, as well as monitoring and evaluating the application thereof. The Compensation Committee shall also monitor and evaluate programs regarding variable compensation to members of the Company´s senior management.
In 2013, the Compensation Committee held four meetings at which minutes were taken.
The Compensation Committee comprised Sverker Martin-Löf (Chairman), John Tulloch and Lars Westerberg. The President is co-opted to the Committee but does not participate in discussions concerning his own salary and employment terms.
Commencing 2011, a long-term incentive program for the entire Group has been introduced covering a maximum of 100 key employees, including the President and other senior executives. The program runs for rolling three-year periods, is cash-based, and linked to the total return on the SSAB share compared with a comparison group of the Company’s competitors. The program has been introduced with the aim of promoting the Company’s ability to recruit and retain particularly important employees. For more detailed information regarding current compensation, reference is made to Note 2 in the Annual Report 2013. The Company currently has no share-related incentive programs.