2 DSV Remuneration Report 2021 Remuneration 2021 Remuneration 2021 Introduction This Report provides a summary of the remuneration of the Board of Directors and Executive Board of DSV A/S for 2021. Remuneration to the Board of Directors and Executive Board for the year has been awarded in accordance with the DSV Remuneration Policy. Remuneration objectives The overall intentions of the Remuneration Policy are twofold, focusing partly on attracting and retaining qualified members of the Board of Directors and Executive Board and partly on aligning the interests of the Executive Board with those of the shareholders, with the end goal of creating long-term shareholder value. To achieve these objectives, competitive remuneration packages are of- fered to the Board of Directors and Executive Board taking into account the strategic development and positioning of the Company compared to our peers as well as the actual financial and share price performance realized. Performance of the company In 2021, DSV delivered an all-time high financial performance, ending the year with an EBIT result of DKK 16,223 million (2020: DKK 9,520 million) and a share price of DKK 1,527.5 (2020: 1,020). This achievement was a result of successful change management, com- pleting the integration and fully utilizing on the synergies of the 2019 Panalpina acquisition. The year however also brought challenges, mainly in the form of a distorted global logistics markets brought by the Covid-19 pandemic. However, a strong managerial focus on cost, adaption to the changing market conditions and engaging in the business opportunities materialising as a result of the pandemic, contributed significantly to the positive results achieved. Adding to these achievements, in August 2021 DSV acquired the Global Integrated Logistics business of Agility Public Warehousing Company in a DKK 29 billion business acquisition repositioning DSV as the world’s third largest logistics provider. Overall development in management remuneration Total remuneration of the Board of Directors and Executive Board in- creased by 3.7% and 16.5% respectively in 2021 in line with the DSV Remuneration Policy. The development was a direct result of the expansion of both Boards with additional members, and for the Execu- tive Board the technical valuation of share options granted which had a moderately higher Black-Scholes value in 2021 compared to last year. No adjustment of fixed fee or salary was made for the Boards in 2021 in line with COVID-19 cost saving initiatives initiated for the Group. Value creation Share price (DKK) 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2017 2018 2019 EBIT Share price 2020 2021 EBIT (DKKm) 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Remuneration policy The latest Remuneration Policy as adopted at the Extraordinary General Meeting held on 8 September 2021 is available on the DSV corporate website at: https://www.dsv.com/en/remuneration-policy. Since adoption, the Policy has been applied consistently throughout the year. No amendments to the Policy have been suggested for the Annual General Meeting 2022. Basis of preparation This Remuneration Report has been prepared in accordance with the Danish Companies Act and the latest Recommendations on Corporate Governance of 2 December 2020 by the Danish Committee on Corporate Governance. Lasy year’s 2020 Remuneration Report was presented and approved without any reservations at the DSV Annual General Meeting on 15 March 2021. Growing the business Employees number 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2017 2018 Total assets 2019 2020 Employees number Assets (DKKm) 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2021
Download PDF file
Cookie policy