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Compensation Committee

The Board has appointed a compensation committee from among its members to deal with compensation matters more in-depth.

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

The Compensation Committee is responsible for monitoring and evaluating application of the guidelines for compensation of senior executives adopted by the Annual General Meeting. The Compensation Committee is also responsible for drafting recommendations for any share-based incentive programmes, deciding who shall be invited to participate in these and making recommendations to the Board on decisions to grant shares in such incentive programmes.

At the start of every year the Compensation Committee sets the targets that are to apply for variable compensation for members of the Executive Committee. The committee is also tasked with monitoring and evaluating variable compensation programmes for senior executives.

During 2020 the members of the Compensation Committee were Mia Brunell Livfors (committee chair), Caroline Berg and Lars Olofsson. Axfood’s President and CEO, Klas Balkow, is a co-opted member of the Compensation Committee, and Axfood’s Head of Human Resources, Monica Längbo, is committee secretary. During the year the committee dealt with proposed guidelines for compensation of senior executives as well as terms and the outcome of variable compensation programmes for senior executives in the Group. The Compensation Committee also drafted a recommendation for the Board to introduce an additional long-term share-based incentive programme for key persons in Axfood. The Compensation Committee held five meetings in 2020, of which two were held per capsulam. No fees have been paid to committee members for their work on the committee.