Remuneration

ATTRACT AND RETAIN EXCELLENT PERSONNEL

The Board of Directors of NOBA has, in accordance with established requirements, adopted a remuneration policy in order to establish a compensation system that promotes NOBA’s long-term interests and prevents excessive risk-taking. In order to attract and retain excellent personnel, NOBA’s remuneration and other benefits shall be market-based and competitive.

NOBA’s employees are entitled to fixed remuneration, variable remuneration, pensions and other benefits. The fixed remuneration is determined on an individual basis considering the employee's performance, experience and responsibilities. Fixed remuneration is reviewed annually.

NOBA conducts a risk analysis annually in order to assess the risks associated with NOBA’s remuneration policy and remuneration system, as well as identify employees whose work has a material impact on NOBA’s risk profile and staff who could affect NOBA’s risk level.

Nordax’s remuneration system is subject to an annual review by a control function, in order to assess whether the remuneration system is compliant with regulatory requirements as well as NOBA’s remuneration policy. The result of the review is reported to the Board no later than when the annual report is adopted. For additional information about remuneration please see reports below.

Remuneration resolutions are prepared by the Remuneration Committee and approved by the Board of Directors. Individual remuneration and benefits to the CEO, members of the management team and employees who are responsible for an independent control function are approved by the Board.