Remuneration

In accordance with the aforementioned regulations, the Company has a remuneration policy that encompasses all employees of the Company, which allows for competitive remuneration in the markets where the Company competes for competent and experienced staff and which has been prepared in order to promote sound and effective risk management and serve the Company’s long-term interests. Employees who can have material impact on the Company’s risk level are identified following careful analysis of operations and review of the Company’s policies. According to this policy, employees assessed as being in a position to have material impact on the Company's risk level are identified as “specially regulated staff.” These members of staff include senior management, employees responsible for control functions and risk takers. The Company has identified all fund managers and the Company’s Senior Sales Managers as risk takers. Sixty percent of variable remuneration to specially regulated staff must be deferred and paid in equal portions per year over the three subsequent years.

The board of directors has appointed a Remuneration Committee composed of the chairman of the board and two designated directors. The Remuneration Committee has held one meeting concerning variable remuneration for 2020. The Remuneration Committee independently evaluates the remuneration policy and the Company’s remuneration systems and, after proposal from the CEO, prepares the basis for decision by the board of directors concerning remuneration and measures in accordance with the remuneration policy.

In its capacity as an independent control function, the Company’s internal audit function reviews whether the Company's remuneration system is consistent with the remuneration policy. The internal audit function reports to the board as needed but at least once per year before the annual report is adopted by the annual general meeting.

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