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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) 2017 2016
Wages including bonuses 2 166 731 2 069 964
Social costs 272 874 255 750
Pension costs defined contribution plans 181 494 168 449
Pension costs defined benefit plans, ref. note 4 12 883 13 250
Other personnel costs 85 222 94 305
Total 2 719 204 2 601 717
Average full-time equivalent 6 976 6 909
BONUS SYSTEMS
Jotun Group has a system of annual bonuses that rewards improvement. The annual bonus system applies to senior management and is
limited to a maximum of 20 per cent of annual basic salary.
Further, all members of Jotun Group Management are part of an annual profit-dependent bonus system limited upward to 50 per cent
of annual basic salary.
REMUNERATION TO PRESIDENT & CEO
(NOK THOUSAND) Ordinary salary Bonus Benefits in kind Pension cost Total
Morten Fon 4 769 1 652 283 2 068 8 772
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.
Jotun Group 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.
The Group has not given any loans or guarantees to the President & CEO, the Chairman of the Board, or to any shareholders or members
of Group Management, the Board or Corporate Assembly.
REMUNERATION OF THE BOARD OF DIRECTORS
(NOK THOUSAND) Ordinary compensation
Board of Directors 2 820
Corporate
Assembly 165
Total 2 985
Shares owned by members of the Board of Directors and the Group Management are specified in note 17.
EXTERNAL AUDITOR REMUNERATION
(NOK THOUSAND) 2017 2016
Statutory audit 12 721 12 116
Other attestation services 165 146
Tax services 3 329 2 784
Other services 1 113 695
Total 17 329 15 740