ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
ANNUAL REPORT INTRUM JUSTITIA A N N U A L R EP O R T 2 0 ...
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70<br />
Notes<br />
NOTE 28<br />
AVERAGE NUMBER Of EMPLOYEES<br />
GROUP OF WHICH PARENT COMPANY<br />
2010 2009 2010 2009<br />
MEN WOMEN MEN WOMEN MEN WOMEN MEN WOMEN<br />
Austria 11 25 6 37<br />
Belgium 35 73 39 56<br />
Czech<br />
Republic<br />
21 21 21 29<br />
Denmark 20 41 21 40<br />
Estonia 8 27 8 31<br />
Finland 104 270 88 253<br />
France 109 281 117 272<br />
Germany 56 104 60 117<br />
Hungary 26 57 30 81<br />
Ireland 21 34 12 26<br />
Italy 20 58 27 85<br />
Latvia 15 14 6 10<br />
Lithuania 2 12 1 12<br />
Netherlands 189 141 204 146<br />
Norway 27 35 33 37<br />
Poland 111 129 98 127<br />
Portugal 17 61 17 55<br />
Slovakia 19 35 21 34<br />
Spain 62 202 82 240<br />
Switzerland 120 76 121 88<br />
Sweden 147 229 122 238 13 12 12 13<br />
UK 19 15 129 95<br />
Total 1,159 1,940 1,263 2,109 13 12 12 13<br />
3,099 3,372 25 25<br />
Of the Group’s employees 37 percent are younger than 30 years old, 32 percent<br />
are 30-39 years, 21 percent are 40-49 years and 10 percent are 50 years or older.<br />
2010 2009<br />
GROUP MEN WOMEN MEN WOMEN<br />
Gender distribution of senior executives<br />
Board of Directors 5 2 5 2<br />
Group Management Team 8 – 10 1<br />
Country MDs 13 4 15 3<br />
Board members in<br />
subsidiaries (percent)<br />
97 3 73 27<br />
Four members of the Group Management Team are employees of the Parent<br />
Company. There is no management team for the Parent Company.<br />
NOTE 29<br />
SICK LEAVE<br />
Sick leave among employees of the Group’s Swedish companies, expressed as<br />
a percentage of the employees’ aggregate normal working hours.<br />
GROUP PARENT COMPANY<br />
2010 2009 2010 2009<br />
Men 2.5 3.0 0.5 4.7<br />
Women 4.9 5.8 8.8 7.4<br />
Employees aged 29 or younger 6.3 7.5 * *<br />
Employees aged 30–49 3.0 3.5 3.9 6.7<br />
Employees aged 50 or older 4.6 6.2 * *<br />
Total 3.9 4.8 3.9 6.2<br />
Of which long-term<br />
sick leave (60 days or more)<br />
32 31 75 82<br />
* Not reported since the number of employees in the category is less than ten.<br />
During the year sick leave in the Group as a whole, including foreign subsidiaries,<br />
corresponded to 3.9 percent (4.8) of the employees’ aggregate normal working<br />
hours.<br />
NOTE 30<br />
SALARIES AND OTHER REMUNERATION<br />
GROUP PARENT COMPANY<br />
2010 2009 2010 2009<br />
Salaries and other remuneration<br />
to senior executives, i.e., Board,<br />
Presidents and Executive Vice<br />
Presidents<br />
Salaries and other remuneration<br />
to other employees<br />
53.7 84.6 9.6 7.9<br />
Northern Europe 410.0 401.3 – –<br />
Central Europe 225.8 243.3 – –<br />
Western Europe 410.0 477.3 – –<br />
Head offices and central<br />
operations<br />
53.7 52.6 33.3 24.4<br />
Total salaries and other<br />
remuneration, Group<br />
1,153.2 1,259.1 42.9 32.3<br />
Social security costs 305.3 304.5 22.5 17.3<br />
Of which pension costs<br />
Costs for employee stock<br />
81.0 74.2 9.2 7.4<br />
option program, including<br />
social security costs<br />
–2.6 –1.2 –2.6 –1.8<br />
Total 1,455.9 1,562.4 62.8 47.8<br />
Salaries and other remuneration in the Group also include remuneration in<br />
forms other than cash payments, such as a free or subsidized car, housing and<br />
meals. Parent Company figures strictly refer to cash payments, however.<br />
For information on compensation to the Group’s senior executives, see<br />
Note 31.<br />
NOTE 31<br />
TERMS AND CONDITIONS Of EMPLOYMENT fOR SENIOR EXECUTIVES<br />
Remuneration principles for senior executives<br />
The Chairman of the Board and other Board members receive fees determined<br />
by the Annual General Meeting, including additional fees for committee<br />
work. The company also compensates Board members for travel expenses in<br />
connection with their Board work.<br />
The Annual General Meeting in 2010 adopted the following principles of<br />
remuneration for senior executives.<br />
According to these principles, Intrum Justitia will offer market terms enabling<br />
the Group to recruit and retain highly qualified executives with the ability<br />
to achieve established goals. As far as possible, remuneration structures will<br />
be predictable in terms of the cost for the company and the benefits for the<br />
employee, and will be based on factors such as position, competence, experience<br />
and performance. The principles of remuneration may vary within the<br />
Group depending on local conditions.<br />
Relationship between fixed and variable remuneration<br />
as well as the connection between performance and compensation<br />
Remuneration consists of a fixed base salary and variable compensation,<br />
the latter of which is paid to reward the achievement of certain targets in<br />
a simple, transparent manner. According to the principle for management’s<br />
variable compensation, such compensation generally will not exceed the annual<br />
base salary. Management’s variable compensation will depend on the<br />
extent to which predetermined targets are met. In 2010 an incentive program<br />
was established whereby senior executives and other key persons can receive<br />
part of their annual salary in the form of cash compensation. Performance<br />
is measured during a three-year period, and to receive a distribution these<br />
individuals must remain employees.<br />
Non-monetary benefits, pension, termination and severance<br />
Management’s non-monetary benefits shall facilitate performance and<br />
conform to what is considered reasonable according to market practice.<br />
Management’s pension terms will correspond to what generally applies for<br />
similar executives in the market in terms of defined contribution solutions.<br />
Termination and severance pay for members of the Group Management<br />
Team may not exceed 24 months’ salary.