Votes on compensation at the 2016 AGM

Considerations in shareholder proposal

Exhibit 17 illustrates the considerations in the proposal for the maximum aggregate compensation for the EC for 2017, which will be submitted to shareholders for their approval at the 2016 AGM.

The maximum aggregate compensation amount submitted to shareholders for approval will almost always be higher than the actual payout, as it must cover the potential maximum value of each component of compensation.

Exhibit 17: Overview of considerations in calculation of maximum aggregate EC compensation
Votes on compensation at the 2016 AGM – Overview of considerations in calculation of maximum aggregate EC compensation (graphic)Votes on compensation at the 2016 AGM – Overview of considerations in calculation of maximum aggregate EC compensation (graphic)

(1) Numbers will be provided in the AGM invitation
(2) For full description, see section Short-term variable compensation
(3) For full description, see section Long-term variable compensation as of 2015
The Board’s proposal for maximum aggregate EC compensation for 2017 will reflect normal salary increases and any changes in the size of the EC.