Page 65 - Mantena Annual report 2019

Managing Director. This agreement is limited to two months’ salary and has quantitatively measurable criteria divided equally between sales, operating profit and HSE (absence
and H1 and H2 figures). After the reports for the year were submitted, it was decided to pay 66.6% of the agreed bonus as the criteria for turnover and operating profit had been achieved.
When the new organisation is in place after the restructuring the company is undertaking, a bonus scheme to include more employees than the current scheme.
Pensions
In 2018, Mantena AS had a defined benefit-pension scheme with the Norwegian Public Service Pension Fund. All employees had free contributions to this pension scheme.
A new pension scheme was implemented from 01.01.2019. The new scheme is a defined-contribution scheme in accordance with he Norwegian Act on Defined-Contribution Pensions:
• Contributions, 0 G –7.1 G: 5.5% (without deductible)
• Contributions, 7.1 G –12 G: 15% (without deductible)
• The defined-contribution scheme includes permanent
and temporary employees filling at least 20% of a full- time position in accordance with Section 4-2 of the Act on Defined-Contribution Pensions.
There is also an AFP scheme in the private sector and an occupational pension for employees who were 55 or older on the transition date of 01.01.2019 and do not fall within the scheme for private AFP.
The retirement age for the Managing Director and senior executives is 67 years. All employees of Mantena AS can choose to retire at the age of 62 with AFP.
Mantena AB has a defined-contribution pension scheme for all employees.
The contributions are:
a. Less than SEK 41,750 per month in salary: 4.5% b. More than SEK 41,750 per month in salary: 30%
No pension costs are incurred for senior executives when they are no longer employed by the company.
Severance, directors’ fees and loans
Mantena does not have any agreements on severance pay to senior executives except with the Managing Director. Senior executives are paid during their notice period, which is 3 months.
In the Managing Director’s contract of employment, a mutual notice period of 6 months has been agreed, from the first day of the month after notice was given. The Managing Director has waived his employment protection p under Chapter 15 of the Working Environment Act; cf. Section 15-16, second paragraph, of the Act.
If the Board of Directors serves notice of termination, the Managing Director is entitled to 6 months’ severance pay based on the base salary in addition to fixed pay and other benefits during the notice period. Departure before the end of the notice period does not limit the right to salary and additional benefits during the notice period. If the Managing Director has other income in the period covered by severance pay, the salary will be reduced accordingly. The salary will be reduced in proportion to the share of income from other positions, but not below
50% of the severance payment. Only salary after the end
of the notice period (the severance period) is subject to any reduction, and this is limited to 50% as an incentive to take up a new position before the severance period expires. The right to severance pay will not apply if the Managing Director himself resigns his position. The right to severance pay will also lapse
if the Managing Director has committed acts that meet the substantive conditions for dismissal pursuant to the provisions of the Working Environment Act.
Senior executives in Mantena do not receive any remuneration for Board positions in the Group. Employee-elected board representatives are excepted from this rule.
No senior executives have loans, options or share option programmes in Mantena.
Annual report 2019 65