content_image/228437.jpg content_image/228438.jpg
<img src='content_image/228437.jpg'>

The remuneration policy which applies to the Supervisory Board, the executive directors and key management personnel is described in detail in the Remuneration section in the Management review. 

Management review, page 43 

<img src='content_image/228438.jpg'>

Remuneration of the executive directors and key management personnel is based on a fixed salary, cash bonus payments and non-monetary benefits such as company car, telephone etc. Furthermore, share op- tion programmes and incentive schemes have been established for the executive directors and other management personnel. These programmes and schemes cover a number of years. 

Employment contracts for the executive direc- tors contain terms and condition that are con- sidered common to executive board members 

in Danish listed companies, including terms of notice and non-competition clauses. 

For 2014, the potential maximum bonus will remain at 100% of fixed salary with bonus equal to 60% of fixed salary payable for on-target performance. A scorecard of per- formance measures is used to assess perfor- mance, cf. Remuneration report, and the meas- ures are the same as those applied for 2013. 

In respect of other benefits and bonus schemes, the remuneration of CEOs in foreign subsidiaries is based on local terms and conditions. 

## KEY MANAGEMENT PERSONNEL 

Key management personnel comprise the Execu- tive Committee, Senior Vice Presidents heading regions and Group functions, and CEOs in the most significant Group entities. Other manage- ment personnel comprise Vice Presidents and other key employees in central functions as well as the management of significant subsidiaries. The key management personnel are, together with the executive directors, responsible for the planning, directing and controlling of the Group’s activities. 

## 7.2 ACCOUNTING POLICIES 

Staff costs comprise wages and salaries, social security contributions, paid leave and sick leave, bonuses and other employee benefits and are recognised in the financial year in which the em- ployee renders the related service. Further, the cost of share-based payment, which is expensed over the vesting period of the programme according to the service conditions, is recognised in staff costs and provisions or equity depending on how the programme is settled with the employees. 

