HARBOES BRYGGERI A/S REMUNERATION REPORT
2022/23
Harboes Bryggeri A/S | Remuneration report 2022/23 | S 2 |
REMUNERATION REPORT FOR THE BOARD OF DIRECTORS AND EXECUTIVE BOARD
This remuneration report provides an overview of the total remuneration received by each member of the Board of Directors and the Executive Board of Harboes Bryggeri A/S during the 2022/23 financial year compared with last year. The Executive Board includes the members who are registered with the Danish Business Authority.
The remuneration of the Board of Directors and the Executive Board in the completed financial year has been awarded in accordance with the company's remuneration policy approved by the Annual General Meeting on 19 August 2022, which is available onHarboe's website:
Remuneration policy 2022/23
The overall purpose of the remuneration policy is to attract, motivate and retain qualified members of the Board of Directors and the Executive Board, and to ensure an alignment of interests between the management and the company's shareholders. The remuneration policy must help to support Harboe's business strategy, long-term interests, sustainability and value creation by supporting Harboe's long-term and short-term goals.
Results for the year
Harboe's results in 2022/2023 were in line with the announced expectations. The results were once again impacted by extremely challenging market conditions with significant price increases for raw materials, packaging, transport and energy. Exports were particularly challenged which resulted in lost volumes. However, in the second half of the year, we saw a positive effect from implemented price increases, and combined with increased volumes, this helped secure positive results in the last two quarters of the year - although it was not quite enough to cover the losses in the first half of the year. However, an expected decline in the Group's underlying activities and earnings was taken into account.
Net revenue in 2022/23 totalled DKK 1,621 million, corresponding to an increase of 14%, primarily due to price increases and an increased business volume in domestic markets. EBITDA totalled DKK 85 million in 2022/2023, representing a 14% decline in earnings, driven primarily by the sharp rise in input prices. However, we are delighted that we succeeded in reversing the trend in the second half of the year, and we expect to deliver profits and value to our shareholders again in the coming year.
Harboes Bryggeri A/S | Remuneration report 2022/23 | S 3 |
REMUNERATION TO
THE BOARD OF DIRECTORS
Fixed annual fee
Members of the Board of Directors receive a fixed annual basic fee, which is approved at the general meeting.
The annual basic fee must be in accordance with market practice for comparable listed companies, taking into account the required competences, efforts and amount of work for Board members.
Members of the Board of Directors who also chair of a Board committee receive a fixed additional fee as remuneration for their committee work.
The following fees for the 2022/2023 financial year were approved at the Annual General Meeting on 19 August 2022:
No members of the Board of Directors receive share-based incentive payments, other variable remuneration or pension contributions
Board of | Chair of the | Chair of the Nomination | ||
Directors | Audit Committee | and Remuneration Committee | ||
Member | 300,000 | |||
60,000 | 60,000 | |||
Chair | 600,000 | |||
Harboes Bryggeri A/S | Remuneration report 2022/23 | S 4 |
FEES TO THE
BOARD OF DIRECTORS
Name | Position | Year | Board fee | Committee fee | Total fee |
Bernhard Griese | Chair | 2022/2023 | 600,000 | 0 | 600,000 |
2021/2022 | 500,000 | 0 | 500,000 | ||
Claus Bayer | Stood down in 2022 | 2022/2023 | 0 | 0 | 0 |
Deputy Chair/Chair of the Remuneration Committee | 2021/2022 | 375,000 | 50,000 | 425,000 | |
Bettina Køhlert | Member | 2022/2023 | 300,000 | 60,000 | 360,000 |
Chair of the Nomination and Remuneration Committee | 2021/2022 | 250,000 | 50,000 | 300,000 | |
Ruth Schade | Member | 2022/2023 | 300,000 | 60,000 | 360,000 |
Chair of the Audit Committee | 2021/2022 | 250,000 | 50,000 | 300,000 | |
Jakob Skovgaard | Member | 2022/2023 | 300,000 | 0 | 300,000 |
2021/2022 | 250,000 | 0 | 250,000 | ||
Sabine Disse | Member | 2022/2023 | 300,000 | 0 | 300,000 |
2021/2022 | 250,000 | 0 | 250,000 | ||
Constantijn Antoine Josef | Joined in 2022 | 2022/2023 | 300,000 | 0 | 300,000 |
Deelen | Member | 2021/2022 | 0 | 0 | 0 |
Jens Bjarne | Member | 2022/2023 | 300,000 | 0 | 300,000 |
Søndergaard Jensen | 2021/2022 | 250,000 | 0 | 250,000 | |
Total fees | 2022/2023 | 2,400,000 | 120,000 | 2,520,000 | |
2021/2022 | 2,125,000 | 150,000 | 2,275,000 | ||
Harboes Bryggeri A/S | Remuneration report 2022/23 | S 5 |
REMUNERATION TO THE
EXECUTIVE BOARD
The remuneration of members of the Executive Board is determined annually. The remuneration and its components are approved by the Board of Directors based on the recommendations given by the Nomination and Remuneration Committee.
Members of the Executive Board are entitled to an annual remuneration in accordance with the remuneration policy.
The total remuneration may consist of the following fixed and variable remuneration components:
- fixed basic salary,
- defined pension contribution,
- short-termincentive programme consisting of an annual cash bonus,
- termination and severance pay, and
- non-monetarystaff benefits.
The composition of the remuneration of each individual member of the Executive Board is determined with a view to attracting and retaining competent key employees, while ensuring that the Executive Board has an incentive to create additional value to the benefit of Harboe's shareholders.
The Executive Board's short-term incentive schemes are directly linked to the financial objectives that support Harboe's strategy and aim to ensure an alignment of interests between the individual directors and Harboe's short-term objectives.
The ordinary notice period on the part of Harboe may not exceed 24 months. In the event that control of the company changes, the notice period can be extended by six months. A member of the Executive Board may resign from their position with an ordinary notice period of at least six months.
The Executive Board also receives the usual work-related benefits in the form of a company car, computer and telephone.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Harboes Bryggeri A/S published this content on 20 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 10:07:56 UTC.
