52 JOTUN A/S 1 OPERATING REVENUE (NOK THOUSAND) 2016 2015 Sales revenue 1 436 888 1 428 275 Sales revenue from subsidiaries and joint ventures 898 339 907 488 Other revenue 197 411 266 164 Other revenue from subsidiaries 567 183 568 075 Total 3 099 821 3 170 003 Other revenue include rental income, licence revenue, compensations and profit on sale of fixed assets. 2 PAYROLL EXPENSES WAGES AND OTHER SOCIAL COSTS (NOK THOUSAND) 2016 2015 Wages including bonuses 698 750 682 958 Social security tax 110 903 96 907 Pension costs defined benefit plans, ref. note 3 4 377 4 950 Pension costs defined contribution plans 70 286 81 423 Other personell costs –20 574 –11 263 Total 863 742 854 975 Average full time equivalent 913 897 REMUNERATION TO PRESIDENT & CEO (NOK THOUSAND) Ordinary salary Bonus Benefits in kind Pension cost Total Morten Fon 5 101 2 500 260 1 586 9 447 The President & CEO is part of a previous pension scheme that includes a mutual opportunity to discontinue employment in whole or in part up to five years earlier than a stipulated retirement age of 67 years. Further, the CEO is part of an annual profit-dependent bonus system limited upward to 50 per cent of ordinary annual salary. The other members of Jotun Group Management are also part of this bonus arrangement. Jotun A/S has no obligation to give the President & CEO or the Chairman of the Board special remuneration upon discontinuance or change of employment or office. Should the President & CEO’s employment discontinue, his contract has a clause stipulating that a oneyear “competition quarantine” may be imposed with compensation. The President & CEO has a notice period of 6 months. Jotun A/S has not given any loans or guarantees to the President & CEO, the Chairman of the Board, or to any shareholders or members of the Board and Corporate Assembly. REMUNERATION OF THE BOARD OF DIRECTORS (NOK THOUSAND) Ordinary compensation Board of Directors 2 850 Corporate Assembly 180 Total 3 030 Shares owned by members of the Board of Directors and the Group Management are specified in note 14. EXTERNAL AUDITOR REMUNERATION (NOK THOUSAND) 2016 2015 Statutory audit 2 220 1 562 Tax services 536 121 Other services 671 1 250 Total 3 427 2 933
Jotun Annual Report 2016
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