NORTH ENERGY ASA Remuneration report for the financial year 2023 for North Energy ASA
Introduction
The guidelines for remuneration to senior executives in North Energy ASA was adopted by the Annual General Meeting in 2022. This report contains information on remuneration to the senior executives as well as the Directors of the Board. The report has been prepared in accordance with the Public Limited Liability Companies Act § 6-16 b and the Regulations on guidelines and report on remuneration for senior executives § 6.
Additional information on remuneration to senior executives is provided in Note 5 (Payroll and related expenses / Employees and personnel costs) in North Energy's Annual Report for 2023.
North Energy's performance in 2023
The Company's overall performance is summarized in the CEO statement in the Annual Report. A more detailed account of the Company's performance is presented in the Board of Director's report included in the Annual report.
The company's remuneration guidelines
The purpose of the salary system is to stimulate a strong and sustainable result-oriented culture that contributes to increasing shareholder values. The remuneration scheme shall promote and provide incentives for good management and control of the company's risk and counteract excessive risk-taking. Remuneration for all employees consists of fixed salary, benefits in kind, variable remuneration and pension and insurance schemes.
The board is responsible for the salary of the senior executives and the remuneration is determined on the basis of an overall assessment where the main emphasis in the variable part of the remuneration is based on achieved results and implementation of the strategy plan based on the company's values and ethical guidelines.
In 2023 the company complied with the applicable guidelines adopted by the Annual General Meeting.
Remuneration to the senior executives
Amounts in NOK 1000
Name of director | Year | Director's | Fixed | Variable | Pension | Benefits | Share of | Total | |
fees | remuneration | remuneration | expenses | expenses | remuneration | remuneration | |||
Fixed/Variable | |||||||||
Management | |||||||||
Rachid Bendriss | 2023 | 3 178 | 1 000 | 219 | 31 | 77 % | 23 % | 4 427 | |
(Co-CEO) | 2022 | 3 043 | 0 | 89 | 28 | 100 % | 0 % | 3 160 | |
Didrik Leikvang | 2023 | 3 178 | 1 000 | 219 | 31 | 77 % | 23 % | 4 427 | |
(Co-CEO) | 2022 | 3 043 | 0 | 89 | 28 | 100 % | 0 % | 3 160 | |
Rune Damm | 2023 | 1 586 | 200 | 219 | 31 | 90 % | 10 % | 2 036 | |
(CFO) | 2022 | 1 507 | 0 | 89 | 28 | 100 % | 0 % | 1 624 | |
Board of | |||||||||
Directors | |||||||||
Anders Onarheim | 2023 | 550 | 100 % | 0 % | 550 | ||||
(chair) | 2022 | 500 | 100 % | 0 % | 500 | ||||
Elin Karfjell | 2023 | 275 | 100 % | 0 % | 275 | ||||
(director) | 2022 | 250 | 100 % | 0 % | 250 | ||||
Jogeir | 2023 | 275 | 100 % | 0 % | 275 | ||||
Romestrand | 2022 | 250 | 100 % | 0 % | 250 | ||||
(director) | |||||||||
Total | 2023 | 1100 | 7 942 | 2 200 | 656 | 92 | 82% | 18 % | 11 990 |
2022 | 1000 | 7 592 | 0 | 268 | 84 | 100 % | 0 % | 8 944 |
Share-based incentive programs
The company currently has no active share-based incentive programs.
Comparative information pertaining to changes in remuneration and the company's performance
The table below shows changes in remuneration and the company's performance over the last five reported fiscal years
Figures in NOK 1000 | 2019 vs | 2020 vs | 2021 vs | 2022 vs | 2023 vs | 2023 | |||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||
Change in remuneration to senior executives | |||||||||||||||||
Rachid Bendriss, Co-CEO | 0 | 0 | 0 | 3 160 | 1 267 | 4 427 | |||||||||||
(0%) | (0%) | (0%) | (n.a.) | (40%) | |||||||||||||
Didrik Leikvang, Co CEO | 0 | 0 | 0 | 3 160 | 1 267 | 4 427 | |||||||||||
(0%) | (0%) | (0%) | (n.a.) | (40%) | |||||||||||||
Rune Damm, CFO | 0 | 0 | 0 | 1 624 | 412 | 2 036 | |||||||||||
(0%) | (0%) | (0%) | (n.a.) | (25%) | |||||||||||||
Knut Sæberg, former CEO | -15 | 24 | 4 544 | -6 697 | 0 | 0 | |||||||||||
(-1%) | (1%) | (211%) | (-100%) | (0%) | |||||||||||||
Anders Onarheim (Chair) | 0 | 0 | 275 | 0 | 50 | 550 | |||||||||||
(0%) | (0%) | (122%) | (0%) | (10%) | |||||||||||||
Elin Karfjell (Director | 0 | 0 | 25 | 0 | 25 | 275 | |||||||||||
(0%) | (0%) | (11%) | (0%) | (10%) | |||||||||||||
Jogeir Romestrand (Director) | 0 | 0 | 25 | 0 | 25 | 275 | |||||||||||
(0%) | (0%) | (11%) | (0%) | (10%) | |||||||||||||
Change in the Company's performance | |||||||||||||||||
Change in profit/(loss) for the year | 18 876 | 136 544 | -148 256 | 14 757 | 37 696 | 24 624 | |||||||||||
(54%) | (847%) | (-123%) | (53%) | (288%) | |||||||||||||
Annual change in average remuneration to other employees | |||||||||||||||||
Change in remuneration to other | 113 | 134 | 76 | -1 224 | 0 | 0 | |||||||||||
employees | (13%) | (13%) | (7%) | (-100%) | (0%) | ||||||||||||
Change in average number of other | -1.4 | -0.7 | -0.3 | -1.0 | 0 | 0 | |||||||||||
employees | (-41%) | (-35%) | (-23%) | (-100%) | (0%) |
Oslo, 19 March 2024
Board of Directors
North Energy ASA
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Disclaimer
North Energy ASA published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 March 2024 07:55:00 UTC.
