The remuneration report for 2021 is included in the Risk and Capital Adequacy Report 2021 – (Pillar III)
ATTRACT AND RETAIN EXCELLENT PERSONNEL
In order to attract and retain excellent personnel, NOBAs remuneration and other benefits shall be market-based and competitive. All forms of remuneration and benefits must promote NOBAs long-term interests and discourage excessive risk-taking.
The Board of Directors of NOBA have, in accordance with established requirements, adopted a remuneration policy in order to establish a compensation system that promotes NOBAs long-term interests and prevents excessive risk taking. In order to attract and retain excellent personnel, NOBAs remuneration and other benefits shall be market-based and competitive.
NOBAs employees are entitled to fixed remuneration, variable remuneration, pension 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 is annually conducting a risk analysis in order to assess the risks associated with NOBAs remuneration policy and remuneration system as well as identify employees whose work has a material impact on NOBAs risk profile and staff that could affect NOBAs 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 NOBAs remuneration policy. The result of the review is reported to the Board no later than at the time 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.