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## Staff costs and remuneration 

## 7.1 Staff costs and remuneration of executive directors 

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The Company had an average of 94 (2012: 94) full-time employees during the year. 

Remuneration of executive directors is based on a fixed salary, cash bonus pay- ments and non-monetary benefits such as company car, telephone etc. Furthermore, share option programmes and incentive schemes have been established for the executive directors. These programmes and schemes cover a number of years. The remuneration is specified in section 7.2. 

Employment contracts for the executive direc- tors contain terms and conditions that are 

considered common to executive board mem- bers in Danish listed companies, including terms of notice and non-competition clauses. 

Remuneration of the executive directors and Supervisory Board as well as their holdings of shares in the Company are specified in the Management review or section 7 in the consolidated financial statements. 

## 7.2 Share-based payment 

In 2013, a total of 91,000 (2012: 131,500) share options were granted to 2 employees (2012: 2). The grant date fair value of these options totalled DKK 15m (2012: DKK 19m). The total cost of share-based payment was 

## SHARE OPTION PROGRAMME 

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The average share price at the exercise date for share options was DKK 579 (2012: DKK 484). 

At 31 December 2013 the exercise price for outstanding share options was in the range DKK 203.50 to DKK 573.50 (2012: DKK 203.50 to DKK 566.78). The average remaining contractual life was 4.0 years (2012: 4.4 years). 

DKK 14m (2012: DKK 11m), which is recog- nised in the income statement under staff costs. Refunds etc. between Carlsberg A/S and its subsidiaries are recognised directly in equity. 

