Note 2 – Payroll and personnel expenses
|Amounts in NOK millions||2019||2018|
|Salaries and fees||323||303|
|Employer’s national insurance contributions||51||49|
|Other social expenses||6||9|
|Benefits in kind||7||8|
Remuneration of executive personnel in 2019
|Amounts in NOK thousands||CEO||Board of Directors|
|Salaries and fees||2 744||1 518|
The company’s senior management team consists of six departmental directors plus the CEO. The current annual salaries of the senior management team range from NOK 1.2 million to NOK 1.8 million, with an average of NOK 1.5 million.
The Board determines the salary and other conditions of the CEO, while the Ministry of Culture set the fees for the Board.
No special pension agreements have been entered into with the CEO beyond the general terms and conditions that apply to all other employees.
In the event of involuntary dismissal, a severance payment of up to 6 months’ salary will apply unless otherwise is specifically agreed.
There are no agreements concerning special remuneration in the event of resignation or similar for other employees of Norsk Tipping AS.
The company has entered into retirement pension agreements with a total of five current and four former holders of executive positions with salaries above 12G. These guarantee 66 per cent of salary from the age of 67 and other supplementary benefits. This arrangement has now been discontinued and no similar agreements will be entered into with new employees. Also see unfunded pension plans in note 16.
The company’s funded pension plans satisfy the requirements of the Mandatory Occupational Pensions Act.
Current fee rates paid to Board:
|Board Chair||NOK 258 100|
|Deputy Chair||NOK 165 700
|Board member||NOK 141 200|
|Permanent first deputy member||NOK 92 300|
|Audit Committee Chair||NOK 57 800|
|Audit Committee member||NOK 40 000|
|Remuneration Committee Chair||NOK 15 500|
|Remuneration Committee member||NOK 7 200|
Deputy representatives receive NOK 7,800 for each meeting they attend.
The company has no bonus schemes for either managers or other employees.
The company had total of 430 full-time equivalents in 2019, compared with 426 in 2018.
The company offers mortgages to employees on the same terms and conditions as the Norwegian Public Service Pension Fund (SPK). Employees can also apply for short-term loans of up to four times their monthly salary. See notes 8 and 11. No loans or guarantees have been provided to the CEO, Board Chair, or other close associates.
|Auditor, amounts in NOK thousands||2019||2018|
|Standard auditing services||379||369|
|Other attestation services||7||8|