Remuneration – Executive Management
In May 2015, Kåre Schultz joined as President & CEO and by Q4, Executive Management expanded to include a total of six members. The total remuneration of the CEO amounted to DKK 9.5 million in 2015 (DKK 22 million in 2014). The amount for 2015 is composed of DKK 4.6 million covering the period of employment, a cash bonus of DKK 3.5 million, pension of DKK 1.2 million and other benefits of DKK 0.2 million.
The members of the Executive Management participate in a short-term incentive programme that provides an annual bonus for the achievement of pre-determined targets of the preceding financial year. The CEO may receive up to nine months’ base salary as a bonus on condition of achievement of exceptional results. The other members of the Executive Management may receive up to six months’ base salary as a bonus on condition of achievement of exceptional results.
Executives*, wages and salaries, etc.
|2014 DKKm||2015 DKKm|
|Short-term staff benefits||54||51|
|Other social security costs||-||1|
|Share-based incentive programmes||12||12|
*Executives are individuals who report directly to Executive Management
|2015 DKKm||Kåre Schultz, President & CEO||Anders Götzsche, Executive Vice President, CFO||Anders Gersel Pedersen, Executive Vice President, R&D||Total|
|Share-based incentive programmes||-||4.9||5.3||10.2|
Remuneration – Board of Directors
The total remuneration of the Board of Directors for 2015 amounted to DKK 8.9 million (DKK 5.6 million in 2014). The amount includes fees for participation in the Audit Committee of DKK 0.7 million (DKK 0.7 million in 2014), the Remuneration Committee of DKK 0.7 million (DKK 0.7 million in 2014) and in the Scientific Committee of DKK 0.4 million (DKK 0.6 million in 2014). The total remuneration includes a fee of DKK 3.5 million paid to the chairman of the Board of Directors due to increased operational duties. The remuneration for 2015 is consistent with the remuneration presented at the Annual General Meeting held on 25 March 2015. The members of the Board of Directors held a total of 29,460 Lundbeck shares at 31 December 2015 (4,057 shares in 2014).
The total remuneration of the chairman of the Board of Directors amounted to DKK 4.9 million (DKK 1.4 million in 2014). The remuneration for 2015 included a fee for increased operational duties. The total remuneration of the deputy chairman of the Board of Directors amounted to DKK 1.0 million (DKK 0.9 million in 2014). The amounts include fees for participation in Board committees.