Votes on compensation at the 2017 AGM
As illustrated in Exhibit 17, the Board’s proposals to shareholders at the 2017 AGM will relate to maximum aggregate Board compensation for the 2017-2018 term of office and maximum aggregate EC compensation for the calendar year 2018. There will also be a non-binding vote on the 2016 Compensation report.
In determining the proposed maximum aggregate EC compensation, the Board takes into consideration the criteria mentioned in Exhibit 18. Given the variable nature of some of the compensation components, the proposed maximum aggregate EC compensation will almost always be higher than the actual payout, as it must cover the potential maximum value of each component of compensation.