Page 89 - Mantena Annual Report 2021

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. 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. Only salary paid after the end of the notice period (the severance period) will be subject to any reduction. 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.
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