5 Remuneration Report 2019 REMUNERATION The remuneration of the members of the Executive Board amounted to DKKm 36.7 for the financial year 2019. The split between the remuneration components and the development in the total remuneration during the last three financial years is presented below. The split between fixed and variable remuneration components was at a stable level in 2017 and 2018. In 2019, fixed remuneration increased to 78% compared to 61% in 2018, which reflects the updated Remuneration Policy. Variable remuneration makes up 22% of the total remuneration and consists of share-based payment. The total value of share-based payments accounts for 28% of the fixed remuneration which is below the threshold set out in the Remuneration Policy. EXECUTIVE BOARD (DKKm) JENS BJØRN ANDERSEN Salary Pension Total fixed remuneration Bonus Share-based payment* Total variable remuneration Total 2019 11.9 4.3 16.2 4.6 4.6 20.8 2018 8.4 3.3 11.7 3.5 3.8 7.3 19.0 2017 8.2 2.4 10.6 3.5 2.8 6.3 16.9 JENS H. LUND Salary Pension Total fixed remuneration Bonus Share-based payment* Total variable remuneration Total 2019 8.8 3.7 12.5 - 3.4 3.4 15.9 2018 6.0 2.5 8.5 2.7 2.7 5.4 13.9 2017 6.0 1.8 7.8 2.7 2.0 4.7 12.5 * The value of share-based payments is calculated in line with IFRS 2 using the Black-Scholes method. It represents the annual accounting cost of share options awarded in the current year and prior years on all non-vested equity-settled share option schemes. As a consequence, it does not represent the fair value of share options awarded or exercised in the current financial year. DEVELOPMENT IN REMUNERATION, EXECUTIVE BOARD (DKKm) Total remuneration Executive Board CEO: total remuneration CFO: total remuneration EBIT DSV Panalpina Group (consolidated) CEO: Remuneration ratio DSV Panalpina A/S (parent) CFO: Remuneration ratio DSV Panalpina A/S (parent) 2019 36.7 20.8 15.9 6,654 15.1 %* 2018 12% 32.9 9% 19.0 14% 13.9 22% 5,450 17% 12.9 %* 2017 12% 29.4 12% 16.9 11% 12.5 12% 4,878 2% 12.6 11.5 22% 9.4 1% 9.3 Share price *% = year-on-year development in percentage 767.8 79% 429.2 -12% 488.6 The remuneration of the Executive Board increased by a total of 12% in 2019 reflecting an increase in pensions and share-based payments due to the financial results and high attention on strategic development. In the same period, DSV Panalpina’s share price increased by 79%. Overall, the remuneration package has increased by 25% during the last three years, while EBIT for the Group has increased by 36% and the share price by 144%. The table includes the remuneration ratio which expresses the ratio between CEO/CFO remuneration and the average remuneration per employee in DSV Panalpina A/S. Over the last three years, the CEO and CFO ratio has increased by 20% and 24%, respectively. In the same period, we saw a significant improvement in the Company’s share price. The size and complexity of the Company has yet again increased due to the acquisition and integration of UTI and most recently Panalpina, which is reflected in the development of the company in the last couple of years.
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DSV PANALPINA A/S REMUNERATION REPORT 2019
