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 2016 decided that, for the period until the end of the next Annual General Meeting, the Chairman of the Board receives a fee of SEK 625 000 and other Directors elected at the Annual General Meeting receive a fee of SEK 300 000 per Director.
For the work in the Audit Committee and the Remuneration Committee, the Chairman of the respective Committees receives a fee of SEK 60 000 and the Directors of the respective Committees 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 2015, see Note 53 to the consolidated accounts in the Annual and Sustainability Report.
Compensation of senior executives
Vattenfall AB applies the Swedish Government Offices' "Guidelines for terms of employment for senior executives in state-owned companies".
The 2016 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 2015 Annual and Sustainability Report, on page 69.
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 2015 Annual General Meeting for compensation of senior executives are described in more detail in the Annual and Sustainability Report, Note 53 to the consolidated accounts.