Addnode Group Annual Report 2015 | Page 54

ANNUAL REPORT Notes
REMUNERATION AND BENEFITS FOR THE BOARD OF DIRECTORS AND SENIOR EXECUTIVES IN 2015
Parent Company Board of Directors For the time between the 2015 and 2016 Annual General Meetings , a fixed fee of SEK 350 thousand is payable to the Chairman of the Board and SEK 175 thousand to each of the other board members . A fee of SEK 55 thousand is payable to the Audit Committee chair , and a fee of SEK 35 thousand is payable to each of the two other members of the Audit Committee . A fee of SEK 15 thousand is payable to each of the two members of the Board ’ s Remuneration Committee . No other fees were paid in 2015 for work in addition to board assignments or work on the Audit or Remuneration Committees . No agreements exist regarding pensions , severance pay or other benefits for board members .
Subsidiary boards of directors No special fee is generally paid to board members of the Group ’ s subsidiaries , nor any pension benefits or other benefits .
President of the Parent Company The President , Staffan Hanstorp , is employed in the Parent Company . Under his employment contract , remuneration is paid in the form of base salary of SEK 163 thousand per month , variable remuneration , other benefits and occupational pension premiums . Variable remuneration for the 2015 financial year pertains to an expensed bonus that will be paid out in 2016 . Variable remuneration is based on the Group ’ s earnings after amortisation of intangible assets . Variable salary is capped at 12 months ’ fixed salary . Other benefits consist primarily of mileage allowance . Pension costs pertain to the cost that affected net profit for the year . Occupational pension premiums are paid in an amount corresponding to 30 per cent of fixed salary . The level of share-based payment for 2014 in the table above pertains to the cost of the share-savings programme that affected net profit for the year according to IFRS 2 .
The President ’ s employment contract has a mutual notice period of six months with a continued obligation to work . In the event the company serves notice , severance pay equivalent to six months ’ fixed salary and other benefits will be payable for the same period .
Remuneration of the President of the Parent Company is addressed and set by the Board ’ s Remuneration Committee .
Other senior executives The category “ other senior executives ” in the table above for 2015 includes Group Management , in addition to the President of the Parent Company , as well as other senior executives according to the description in the Corporate Governance Report on page 81 . Remuneration of other senior executives consists of a base salary , variable remuneration , other benefits and occupational pension premiums . Variable remuneration for the 2015 financial year pertains to expensed bonuses that will be paid out in 2016 . Variable remuneration is largely based on operating profit for the year for the executive ’ s area of responsibility before , or for certain executives after , amortisation of intangible assets . Variable salary is capped in an amount that normally corresponds to six months ’ fixed salary . The level of other benefits in the table above mainly pertains to company cars or mileage allowance . Pension costs pertain to the costs that affected net profit for the year . Occupational pension premiums are paid in an amount corresponding to a maximum of approximately 30 per cent of fixed salary . The level of share-based remuneration in the table above refers to the cost of the share-savings programme that affected net profit for the year according to IFRS 2 .
The employment contracts have a mutual notice period of six months with a continued obligation to work .
Remuneration of other senior executives in the Group is addressed and set by the President of the Parent Company following consultation with the Board ’ s Remuneration Committee .
NOTE 6 AUDITORS ’ FEES
Group Parent Company 2015 2014 2015 2014
AUDIT ASSIGNMENT
PricewaterhouseCoopers
1,885
1,588
436
397
Other auditors
846
790
AUDITING ACTIVITIES IN ADDITION TO THE AUDIT ASSIGNMENT
PricewaterhouseCoopers
418
173
320
100
Other auditors
17
13
TAX CONSULTING
PricewaterhouseCoopers
41
282
4
144
Other auditors
29
65
OTHER SERVICES PricewaterhouseCoopers
10
34
10
34
Other auditors
188
107
Total
3,434
3,052
770
675
Fees for auditing activities in addition to the audit assignment include reviews of the interim reports for both 2015 and 2014 . For 2015 the figure also includes fees for reviewing opening balance sheets of acquired companies and fees for statements in connection with non-cash issues .
Of the total amounts in the table for the Parent Company in 2015 above , SEK 194 thousand has been capitalised as a cost for acquired subsidiaries . There is no corresponding amount for 2014 .
NOTE 7 EXCHANGE RATE DIFFERENCES
Consolidated operating profit includes exchange rate differences attributable to operating receivables and operating liabilities in a net amount of SEK – 695 thousand (– 7 thousand ). Forward exchange contracts are used to a certain extent to secure amounts for future payment flows in foreign currencies . Outstanding forward exchange contracts are measured at fair value . Forward exchange contracts pertain to hedges of a particular risk associated with a reported asset or liability or a highly probable forecast transaction ( cash flow hedges ). Hedge accounting according to IAS 39 is applied for certain forward exchange contracts . This means that unrealised changes in value are recognised in the consolidated statement of comprehensive income until the hedged item is to be recognised in the consolidated income statement , at which point the gain or loss for the corresponding forward exchange contract is recognised in the consolidated income statement ( see also Note 24 ). The purpose of hedge accounting is thus for the gain / loss for the hedged item and the corresponding forward exchange contract to be recognised through profit or loss during the same period . Both realised and unrealised changes in value of forward exchange contracts , for which the formal conditions for hedge accounting are not met , are recognised in operating profit .
No forward exchange contracts were outstanding as at 31 December 2015 or 31 December 2014 .
Further information on the company ’ s currency hedging policy is provided in Note 37 , Financial risks and risk management .
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