STOCKHOLM, Sweden, Feb. 19, 2002 (PRIMEZONE) -- Investor AB:
In view of the current debate, I the undersigned, a member of Investor's Remuneration Committee, would like to provide the following information about compensation paid to the Board of Directors and executives in Investor.
Percy Barnevik, Chairman of Investor AB from 1997 until February 14, 2002, received an annual board fee of SEK 1.5 m. in 2001. Percy Barnevik receives no retirement pension from Investor AB.
Board members Hakan Mogren, Koichi Nishimura, Peter D. Sutherland, Bjorn Svedberg, Anders Scharp and Michael Treschow have each received a fee of SEK 325,000. In 2001, a total of SEK 3,450,000, including benefits, was paid in fees to board members who are not employed in the Investor Group. In addition, Bjorn Svedberg has received compensation totaling SEK 720,000 for special assignments.
Claes Dahlback, President and CEO from 1978 to 1999, Executive Vice Chairman from 1999 to 2001, and Chairman as of February 14, 2002, received the following compensation from Investor AB in 2001:
Basic salary: SEK 5 m. Bonus for 2001: SEK 3.75 m. Benefits: SEK 0.4 m. Total: SEK 9.15 m. Pension SEK 1.75 m. (premium corresponding provision:* to 35 percent of his basic salary) Employee stock 94,000 options:**
In 2001, Claes Dahlback also received approximately SEK 5 m. in fees from a number of board assignments (EQT, Gambro, Stora Enso, SEB, imGO, Vin & Sprit and other companies). For his chairmanship in EQT, he received SEK 1.9 m. from a profit-sharing system in addition to his board fee.
*Pension: Up to and including 1997, Claes Dahlback had a
pension plan that would give him a life-long
pension corresponding to 60-70 percent of his
last salary, including bonuses, at the
retirement age of 55. The capital value of
this pension plan was estimated at SEK 128 m.
When this benefit-based pension plan was
renegotiated in 1998 and replaced with a
defined-contribution pension plan, his
retirement age was raised from 55 to 58 years.
In the new plan, pension provisions have
totaled approximately SEK 57 m., of which SEK
50 m. was a one-time provision, while the
remaining SEK 7 m. consists of annual
provisions that were made during 1998-2001.
** Employee
stock
options: Since benefits in the new pension
plan are estimated to be lower
than those in the former benefits
plan, the new plan was
supplemented with an employee
stock option plan in which Claes
Dahlback was granted 784,000
employee stock options. The
strike price was set at SEK 103
per share and the options have a
term of seven years, up to and
including 2004.
The strike price is SEK 153 per
share for the 94,000 options that
Claes Dahlback received in 2001.
Jacob Wallenberg, Executive Vice President of Investor AB from 1997 to 1999, and Executive Vice Chairman from 1999 to 2001, received the following compensation from Investor AB in 2001:
Basic salary: SEK 4.4 m.
Bonus for 2001: SEK 3.3 m.
Benefits: SEK 0.07 m.
Total: SEK 7.77 m.
Pension SEK 1.32 m. (premium corresponding
provision:* to 30 percent of his basic salary)
Employee stock 83,000
options:**
In 2001, Jacob Wallenberg received fees of about SEK 3 m. from a number of board assignments (SEB, ABB, Atlas Copco, Electrolux, EQT and WM- data). Regarding EQT, there is a profit-sharing system, in addition to his board fee, that paid no dividend in 2001.
*Pension: Up to and including 1998, Jacob Wallenberg
had a pension plan that would give him a life-
long pension corresponding to 60-70 percent
of his last salary, including bonuses, at the
retirement age of 55. The capital value of
this pension plan was estimated to be SEK 149 m.
When this benefit-based pension plan was
renegotiated in 1998 and replaced with a
defined-contribution pension plan, his
retirement age was raised from 55 to 60
years. In the new plan, provisions for Jacob
Wallenberg's pension have totaled
approximately SEK 39.5 m., of which SEK 35.5
m. was a one-time provision, while the
remaining SEK 4 m. consists of annual
provisions for the years 1999 to 2001.
**Employee
stock
options: Since benefits in the new pension
plan are estimated to be lower
than those in the former benefits
plan, the new plan was
supplemented with an employee
stock option plan in which Jacob
Wallenberg was granted 505,000
employee stock options. The strike
price was set at SEK 103 kronor
per share. The options have a term
of seven years, up to and
including 2005.
The strike price is SEK 153 per
share for the 83,000 options that
Jacob Wallenberg received in 2001.
Marcus Wallenberg, President and CEO since 1999, and employed at Investor since 1993, received the following compensation from Investor AB in 2001:
Basic salary: SEK 5 m.
Bonus for 2001: SEK 4.5 m.
Benefits: SEK 0.26 m.
Total: SEK 9.76 m.
Pension SEK 1.5 m. (premium corresponding
provision:* to 30 percent of his basic salary)
Employee stock 111,000
options:**
In 2001, Marcus Wallenberg received fees of approximately SEK 2.3 m. from a number of board assignments (SAAB AB, Scania AB, AstraZeneca, Stora Enso and Ericsson).
*Pension: Up to and including 1998, Marcus Wallenberg
had a pension plan that would give him a life-
long pension corresponding to 60-70 percent
of his last salary, including bonuses, at the
retirement age of 60. The capital value of
this pension plan was estimated to be SEK 136 m.
This benefit-based pension plan was
renegotiated in 1998 and replaced with a
defined-contribution plan. In the new plan,
provisions for Marcus Wallenberg's pension
have totaled approximately SEK 38.9 m., of
which SEK 34.4 m. was a one-time provision,
while the remaining SEK 4.5 m. consists of
annual provisions for the years 1999 to 2001.
**Employee
stock
options: Since benefits in the new pension
plan are estimated to be lower
than those in the former benefits
plan, the new plan was
supplemented with an employee
stock option plan in which Marcus
Wallenberg was granted 458,936
employee stock options. The strike
price was set at SEK 103 per
share. The options have a term of
seven years, up to and including
2005.
The strike price is SEK 153 per
share for the 111,000 options that
Marcus Wallenberg received in 2001
The President and the Company have a mutual six-month term of notice. If employment is terminated by the Company, the President shall receive severance pay corresponding to one year's basic salary. If no new employment has been obtained after one year, the President is entitled to a maximum of 12 months' additional severance pay.
Peter Wallenberg, Chairman of Investor AB from 1982 to 1997, has been receiving an annual pension of SEK 13.5 m. from Investor AB since 1999. SEK 80 m. has been allocated for this.
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