24 JOTUN GROUP 3 PAYROLL EXPENSES Payroll expenses are the total disbursements relating to remuneration of personnel employed by the Group. These expenses comprise direct salaries and holiday pay, bonuses, pension costs and public taxes/charges relating to the employment of personnel. WAGES AND OTHER SOCIAL COSTS (NOK THOUSAND) 2015 2014 Wages including bonuses 1 995 003 1 770 183 Social costs 234 845 216 739 Pension costs defined contribution plans 180 088 134 766 Pension costs defined benefit plans, ref. note 4 20 451 5 769 Other personnel costs 90 355 64 317 Total 2 520 743 2 191 774 Average full-time equivalent 6 794 6 644 BONUS SYSTEMS Jotun Group has a system of annual bonuses that rewards improvement. The annual bonus is limited to a maximum of 20 per cent of annual base salary. This bonus system applies to approximately 100 executives. REMUNERATION TO PRESIDENT & CEO (NOK THOUSAND) Ordinary salary Bonus Benefits in kind Pension cost Total Morten Fon 4 641 1 662 243 1 115 7 661 The President & CEO is part of a pension scheme that includes employees in the Group’s senior management. The retirement age is 67 years, with mutual opportunity to discontinue employment in whole or in part up to five years earlier. Further, the Group’s senior management is also part of an annual profit-dependent bonus system limited upward to 50 per cent of ordinary salary. Jotun Group has no obligation to give the President & CEO or the Chairman of the Board special remuneration upon discontinuance or change of the employment office. Should the President & CEO employment discontinue, his contract has a clause stipulating that oneyear “competition quarantine” may be imposed with compensation. The President & CEO has a notice period of six months. The Group has given no loans or guarantees to the President & CEO or the Chairman of the Board. Nor has the Group given loans or guarantees to shareholders or members of the Board of Directors and Corporate Assembly. REMUNERATION OF THE BOARD OF DIRECTORS (NOK THOUSAND) Ordinary compensation Bonus Benefits in kind Pension cost Total Board of Directors 2 810 – – – 2 810 Corporate Assembly 165 – – – 165 Total 2 975 – – – 2 975 Shares owned by members of the Board of Directors and the Group Management are specified in note 17. EXTERNAL AUDITOR REMUNERATION (NOK THOUSAND) 2015 2014 Statutory audit 11 506 10 435 Other attestation services 259 102 Tax services 3 178 2 590 Other services 2 187 2 247 Total 17 130 15 374
Jotun - Annual Report 2015
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