Remuneration
Executive Board
The remuneration paid to the Executive Board reflects a wish to secure a balanced earnings performance for the Group in the short term as well as in the long term.
Remuneration paid to the Executive Board
The Supervisory Board decides the terms
The Exuctive Board are employed under service contracts, and all terms of the remuneration are fixed by the Supervisory Board.
The Supervisory Board reviews the remuneration of the Executive Board annually based on the requirements for attracting and retaining the best qualified executive mananagement members.
Remuneration including incentive plan
The Executive Board's remuneration consists of a fixed salary, pension and a variable salary. The variable salary constitutes only a limited part of the overall remuneration.
The Supervisory Board can decide that the fixed salary be supplemented with a variable salary of up to 50% of the fixed basic salary including pension at the time of allocation at a corresponding current value.
Matching shares programme
The Supervisory Board has decided that the variable salary consists of a matching shares programme. Four years after a Director's purchase of a subsequently defined number of shares, the Director is allocated a corresponding number of free shares in Tryg.
The allocation of matching shares at the time of allocation is not dependent on results.
The purpose of the matching shares programme is partly to ensure that the Director is retained, and partly to secure a joint financial interest between the Director and the company's shareholders.
Pension and notice
The Executive Board is entitled to 12 months' notice of termination and to 12 months' severance pay.
However, the Group CEO is entitled to 12 months' notice and to 18 months' severance pay plus pension contributions during such period.
The Executive Board is entitled to a pension scheme (contribution equal to 25% of the basic salary).
Remuneration paid to the Executive Board in 2020
| (DKK) | Morten Hübbe | Lars Bonde | Johan Kirstein Brammer | Barbara Plucnar Jensen |
|---|---|---|---|---|
| Fixed basic salary | 11,783,200 | 5,600,458 | 5,692,500 | 5,200,000 |
| Pension | 2,945,800 | 1,400,115 | 1,423,125 | 1,300,000 |
| TCO (car) | 255,000 | 255,000 | 255,00 | 255,000 |
| Staff benefits* | 27,000 | 27,000 | 27,000 | 27,000 |
| Fixed basic salary, total | 15,011,000 | 7,282,573 | 7,397,625 | 6,782,000 |
| Special allowance (conditional shares)** | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 |
| Share-based remuneration*** | 4,603,373 | 2,233,322 | 2,367,240 | 2,079,813 |
| Total | 20,814,373 | 10,715,895 | 10,964,865 | 10,061,813 |
*The calculation of "Staff benefits" has been based on the estimated capitalised value of other such as insurance, mobile phones etc.
**One-off remuneration for work onthe RSA transaction in 2020. Awarded in the form of conditional shares deferred for 4 years. This is the value of the conditional shares on the allotment date.
***The value of Matching Shares (investment shares) at the time of allotment of the right to participate in the Matching Shares programme for the Executive Board for the 2020 performance year.