The shareholders at the AGM decide the remuneration of the Board members (including the remuneration of the members of the Board committees). The proposals for the AGM concerning the number of members of the Board of Directors, the members of the Board, remuneration for the Chairman, Vice Chairman and members of the Board and the remuneration for the Chairman and members of the committees of the Board are prepared by the Company's Shareholders' Nomination Board.
The Board has a Remuneration Committee which is responsible for recommending, evaluating and approving executive nominations and remuneration (including reviewing and recommending the CEO's remuneration), evaluating the performance of the CEO, and making recommendations to the Board relating to management remuneration issues generally, including equity incentive remuneration plans.
The Board appoints the CEO and approves his/her remuneration. The CEO approves the remunerations of other executives after they have been reviewed by the Remuneration Committee.