On Friday 2 January 2009 three members of the Supervisory Board of RTX Telecom
A/S elected by the general meeting announced their retirement from the board,
cf. Announcement no. 1/2009.
This decision was made following an extraordinary board meeting at which the
remaining Supervisory Board decided not to approve certain elements of a
proposed incentive programme for the Executive Board at RTX Telecom.
The reason for this was that the proposed incentive programme comprised, among
other things, a retrospective allocation and approval of a bonus of DKK 2.5
million to the Executive Board due to the sale of RTX Healthcare earlier in the
year.
The details of the incentive programme had been prepared by the then
chairmanship, but had not been presented to or decided by the entire
Supervisory Board. The other board members were not informed of these details
until shortly before the publication of the Annual Report 2007/08, and they
therefore only gained a complete overview of the consequences during the
subsequent weeks.
In the opinion of the Supervisory Board, an incentive programme should be
forward-looking and, as such, create an incentive for future earnings. It has
therefore been a matter of principle not to accept the request of the former
chairmanship for the allocation of a bonus with retrospective effect as part of
a new incentive programme.
As a consequence of this change the provision of DKK 2.5 million described in
Note 6 in the Annual Report 2007/08 no longer constitutes a company liability
and will be reversed in the profit and loss account for the financial year
2008/09.
The Supervisory Board is currently working on a new proposal for an incentive
programme for the Executive Board which will be presented at the Annual General
Meeting on 28 January 2009.
It is important to note that this change has nothing to do with the work
performed by the Executive Board. The Supervisory Board is completely satisfied
with the work of the Executive Board and is fully prepared to remunerate the
Executive Board accordingly.
This event is not expected to have any impact on the future operations of RTX
Telecom, nor on the outlook for the current financial year as announced on 9
December 2008.
Questions and further information
Tage Rasmussen, CEO, tel. +45 96 32 23 00
Yours sincerely,
Jens Hansen Tage Rasmussen
Chairman of the Board CEO
