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Compensation approval

The table below shows the role of the Compensation Committee in approving compensation.

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Decision on

Proposed

Reviewed/Endorsed

Approved

1

Board member concerned abstains from voting

Total amount for API payments

Compensation Committee

Chairman of the Board of Directors

Board of Directors

Total amount for long-term incentive plans

Compensation Committee

 

Board of Directors

Remuneration of the members of the Board of Directors1

Compensation Committee, Chairman of the Board of Directors

 

Board of Directors

Compensation of the Group CEO

Compensation Committee, Chairman of the Board of Directors

 

Board of Directors

Individual compensation of the members of the Group EC (excluding Group CEO)

Group CEO

Chairman of the Board of Directors

Compensation Committee

These authority levels will change with the implementation of the Ordinance, considering that the shareholders will approve the aggregate compensation of the members of the Board of Directors and the Group EC through a binding vote, starting at the Annual General Meeting in 2015.