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.