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Remuneration Committee

Remuneration Committee

The Board has appointed a Remuneration Committee to deal with remuneration matters more in-depth.

The Remuneration Committee is tasked with, among other things, setting salaries, variable remuneration and other terms of employment for all members of Axfood’s Executive Committee except for the President and CEO, whose terms are decided on by the Board as a whole based on a recommendation by the Remuneration Committee.

The Remuneration Committee is responsible for monitoring and evaluating the application of the guidelines for remuneration to senior executives adopted by the AGM. The Remuneration Committee is also responsible for drafting proposals for any share-based incentive programmes, deciding who shall be invited to participate in these and making proposals to the Board on decisions to allot shares in such incentive programmes. The committee is also tasked with monitoring and evaluating variable remuneration programmes for senior executives.

At the start of every year, the Remuneration Committee sets the targets
that are to apply for variable remuneration for members of the Executive
Committee, excluding the President and CEO.

During 2022, the members of the Remuneration Committee were Mia Brunell
Livfors (Committee Chairman), Caroline Berg and Peter Ruzicka. Axfood’s
President and CEO, Klas Balkow, is a co-opted member of the Remuneration
Committee, and Axfood’s Head of Human Resources, Monica Längbo, is committee secretary. During the year, the committee addressed the proposed new guidelines for remuneration to senior executives as well as terms and the outcome of variable remuneration programmes for senior executives in the
Group. The Remuneration Committee also drafted a proposal for the Board to
introduce an additional long-term share-based incentive programme for key
persons in Axfood. The Remuneration Committee held four meetings in 2022.
The committee’s members were paid a fee in accordance with the AGM’s
resolution for work on the Remuneration Committee.