As a result of this program, 451,883 stock options were granted to the Executive Leadership Team in 2016, 463,749 in 2015 and 641,735 in 2014.
Furthermore, 215,974 shares will be released in January 2017.
The Board of Directors assesses the fees paid to the Board annually, based on recommendations from the Chairmanship.
In making its recommendations, the Chairmanship is guided by relevant benchmarks, including Novozymes’ peers in Denmark and the rest of Europe.
The general purpose of the program was to ensure that the members of the Executive Leadership Team were incentivized in such a way that there was a focus on long-term growth and earnings at Novozymes, in order to ensure that shareholders’ interests were best met.Furthermore, they will have 7,199 and 7,102 shares respectively released in January 2017.The members of the Executive Leadership Team have contracts of employment containing standard conditions for executive officers of Danish listed companies, including the periods of notice that both parties are required to give and noncompetition clauses.Members of the Board of Directors are not granted stock options or stock awards.However, employee-elected members hold a limited number of stock options in Novozymes A/S due to Group-wide employee stock option programs.
50 dating Fanø
The stock options have been granted annually, while the stock will be allocated in January 2017.The amount of the incentive program was based on achievement of cumulative targets for economic profit over the three-year period.The new members of the Executive Leadership Team have been included in the program as of their appointment. The incentive program offered a combination of stock and stock options, with half of the incentive program allocated in stock and half in stock options.In 2016, a 2.5% salary increase was awarded to the members of the Executive Leadership Team with the exception of Thomas Videbæk, who received a 15% salary increase to reflect his increased organizational responsibilities due to his appointment as COO following the reorganization in February 2016.
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The Executive Leadership Team has a defined pension contribution scheme, with the pension contribution representing between 25% and 30% of the base salary and the cash bonus.
At Novozymes, our executives work to promote the long-term interests of our shareholders, and the remuneration of the Board of Directors and Executive Leadership Team supports this objective. Novozymes’ remuneration policy for managers and other employees is designed to encourage strong performance and support value creation.
Remuneration consists of a base salary, pension contributions, bonus and stock-based incentive programs.
The number of shares does not include shares that will be released to Per Falholt and Thomas Nagy.
The fair value of the program on the grant date was DKK 134 million, which is expensed over a six-year period, starting in 2014. In 2016, Tina Sejersgård Fanø and Anders Lund had also participated in the Senior Leadership Program prior to their promotion and as a consequence have been granted 7,632 and 8,412 stock options respectively.