Remuneration Policy
The Annual General Meeting of 25 March 2024 approved the remuneration policy for governing bodies that was presented to the Meeting. This policy describes the key principles, order of precedence for decision-making and main terms and conditions of the remuneration paid to the Board of Directors, the President & CEO, and the Deputy CEO.
SRV Group Plc’s remuneration policy for governing bodies
Remuneration report 2023
The remuneration report describes the remuneration of SRV’s governing bodies (that is, the Board of Directors, the President & CEO, and the Deputy CEO) during the 2023 financial year.
Remuneration report 2023
Key principles of remuneration at SRV
The principles of remuneration at SRV are based on promoting the financial success and profitability of the company and the implementation of its strategy. The purpose of remuneration is to promote the long-term financial success of the company and to provide direction and incentives for the achievement of strategic, operational and financial objectives. Remuneration also seeks to motivate and commit personnel to keep improving their performance.
Order of precedence for remuneration decision-making
The General Meeting shall annually decide on the remuneration paid to the Board of Directors. The Shareholders’ Nomination Board prepares a proposal for the remuneration of the Board of Directors on the basis of the Company’s remuneration policy. This proposal is then presented to the Annual General Meeting.
The Board of Directors decides on the remuneration paid to the President & CEO and other members of the Corporate Executive Team (including the Deputy CEO when applicable). The Board of Directors’ Personnel and Remuneration Committee prepares a proposal on the remuneration to be paid to the President & CEO and other members of the Corporate Executive Team, including any short- and long-term incentives. The Board decides on this remuneration within the limits specified in the remuneration policy presented to the General Meeting. In order to avoid conflicts of interest, most of the Committee members must be independent from the company. Neither the President & CEO nor Deputy CEO may participate in the decision-making process concerning their remuneration.
If the remuneration paid to the President & CEO or members of the Corporate Executive Team includes shares, option rights or other special rights entitling to shares, the General Meeting must grant the necessary authorisation to the Board. The Board shall decide on whether to issue or grant shares, option rights or special rights entitling the bearer to shares within the limits of the Company’s remuneration policy and the authorisation granted to the Board by the General Meeting.