ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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emuneration of Board of Directors, Executive Board and other senior executives in <strong>2011</strong><br />
DKK ‘000 Salaries Bonus Pension total<br />
parent company Board of Directors:<br />
Chairman (500) - - (500)<br />
Deputy Chairman (300) - - (300)<br />
Other members1 (1,838) - - (1,838)<br />
audit and risk Committee:<br />
Chairman (100) - - (100)<br />
Other members2 (138) - - (138)<br />
remuneration Committee:<br />
Chairman (50) - - (50)<br />
Other member (44) - - (44)<br />
Executive Board and other senior<br />
executives in the Group:<br />
CEO (5,006) (1,084) (2) (6,092)<br />
CFO (4,565) (1,141) (2) (5,708)<br />
Other senior executives in the Group (12,956) (3,014) (1,931) (17,901)<br />
remuneration (25,497) (5,239) (1,935) (32,671)<br />
1 Annual remuneration was DKK 175 thousand per member in <strong>2011</strong>.<br />
2 Annual remuneration was DKK 50 thousand per member in <strong>2011</strong>.<br />
At 31 December <strong>2011</strong>, the Executive Board and other senior executives<br />
consisted of six persons in total (2010: six persons).<br />
<strong>DONG</strong> <strong>Energy</strong> has prepared a remuneration policy for the<br />
remuneration of the Board of Directors and for the Executive<br />
Board registered with the Danish Business Authority, and<br />
overall guidelines for incentive pay for these offi cers were<br />
adopted at <strong>DONG</strong> <strong>Energy</strong>’s Annual General Meeting in January<br />
2008. Both the remuneration policy and the overall guidelines<br />
for incentive pay can be viewed on <strong>DONG</strong> <strong>Energy</strong>’s website.<br />
Remuneration of the Board of Directors and of the Executive<br />
Board registered with the Danish Business Authority complied<br />
with the remuneration policy and the overall guidelines for<br />
incentive pay in <strong>2011</strong>.<br />
The service contract of the CEO includes a termination package<br />
under which he will be entitled to salary equivalent to<br />
33½ months’ salary, including pension, if his service contract<br />
is terminated by the company (2010: 33½ months) consisting<br />
of salary during the notice period (12 months) and termination<br />
benefi t (21½ months).<br />
The CFO and the Group’s other senior executives will be entitled<br />
to 24 months’ salary, including pension, if their contracts<br />
of service are terminated by the company (2010: 24 months)<br />
consisting of salary during the notice period (12 months) and<br />
termination benefi t (12 months).<br />
Further details of the Group Executive Management are provided<br />
in the Corporate governance sections on pages 52-53<br />
and the section on the Board of Directors and the Group Executive<br />
Management on pages 56-60 of Management’s review.<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
83 79<br />
notes