Directors' fees and fees for committee work are set by the Annual General Meeting, based on the state's ownership policy.
The Annual General Meeting 2018 decided that, for the period until the end of the next Annual General Meeting, the Chairman of the Board receives a fee of SEK 740 000 and other Directors elected at the Annual General Meeting receive a fee of SEK 350 000 per Director.
For the work in the Audit Committee, the Chairman receives a fee of SEK 90 000 and the Directors receive a fee of SEK 70 000 per Director.
For the work in the Remuneration Committee, the Chairman receives a fee of SEK 60 000 and the Directors receive a fee of SEK 45 000 per Director.
No fee is received by Directors employed at the government offices or to employee representatives.
For information on Directors' fees in 2017, see Note 46 to the consolidated accounts in the Annual and Sustainability Report (PDF 6 MB).
Compensation of senior executives
Vattenfall AB applies the Swedish Government Offices' guidelines for remuneration and other terms of employment for senior executives in state-owned companies. These guidelines form part of the Swedish State's ownership policy.
The 2018 AGM approved Vattenfall's deviation from application of the guidelines with respect to executives of subsidiaries, in such way that instead of the definition of senior executive in the Swedish Companies Act, senior executives shall be defined on the basis of whether they have a significant impact on the Group's earnings, through use of the International Position Evaluation (IPE) model. Managers with positions of IPE 68 and higher are to be considered to be senior executives.
Ahead of the AGM's resolution, the Board issued a reasoned statement regarding the deviation from the government's guidelines. This reasoned statement is provided in the 2017 Annual and Sustainability Report, on page 84.
Vattenfall does not pay any variable compensation to senior executives.
Remuneration for the CEO and other senior executives, and compliance with the guidelines set by the 2016 and 2017 Annual General Meetings are described in more detail in the Annual and Sustainability Report, Note 46 to the consolidated accounts.