The Group’s remuneration policy is designed to attract, retain and incentivise high-calibre executives to implement its business strategy and enhance shareholder value.
The executive management remuneration packages are a combination of base salary, an annual bonus plan and long-term share based incentives. The base salary of the Chief Executive Officer and the executive management is based on the executive’s position, skills and experience.
Afarak’s Remuneration Committee develops, supervises and reviews the remuneration and incentive schemes of the executive management and the Board. It makes recommendations to the Board regarding executive remuneration and submits proposals to the Annual General Meeting of shareholders regarding the Board’s remuneration.
The AGM resolved the Chairman of the Board shall be paid EUR 4,500 per month, the Chairman of the Audit and Risk Management Committee shall be paid EUR 4,500 and all Board Members are paid EUR 3,500 per month.
Non-executive Board Members who serve on the Board's Committees shall be paid additional EUR 1,500 per month for committee work. Those members of the Board of Directors that are executives of the Company are not entitled to receive any remuneration for Board membership.
During the financial year 2015, the Board members received a total of EUR 287,000 (2014: 216,000) in Board membership fees and fees for committee meetings.