{"id":12679,"date":"2022-06-15T10:59:23","date_gmt":"2022-06-15T07:59:23","guid":{"rendered":"https:\/\/2023.sustainabilityreport2018.helpe.gr\/indicators\/2-19\/"},"modified":"2024-07-21T18:07:43","modified_gmt":"2024-07-21T15:07:43","slug":"2-19","status":"publish","type":"post","link":"https:\/\/sustainabilityreport2023.helleniqenergy.gr\/en\/indicators\/2-19\/","title":{"rendered":"2-19"},"content":{"rendered":"

The parent Company, HELLENiQ ENERGY, has established, maintains and applies basic principles and rules regarding the remuneration of the members of the Board of Directors (\u201cRemuneration Policy\u201d) that contribute to its business strategy, long-term interests and sustainability.<\/p>\n

The Policy covers all types of remuneration, i.e. fixed or variable remuneration and benefits that may be paid to persons falling within its scope. The key factors for the determination of remuneration of the members of the BoD (compensation and benefits) are transparency and objectivity, which contribute to the company\u2019s successful path, while promoting and maintaining its long-term value. The Remuneration & Succession Planning Committee is assigned with the determination and supervision of the proper adherence to this process.<\/p>\n

The Policy applies to members of the BoD according to the provisions of article 110 par. 1 and article 111 of L. 4548\/2018.<\/p>\n

The Remuneration Policy has a four-year term of validity unless revised or amended by a subsequent resolution of the General Meeting due to a material change in the circumstances on the basis of which it was drawn up, and is available via the Company’s website https:\/\/www.helleniqenergy.gr\/en\/investor-relations\/policies-regulations\u00a0<\/a><\/p>\n

No provision is made for, nor do the following apply to non-executive directors: a) remuneration due to termination of their membership of the Board of Directors, b) clawbacks c) retirement benefits. Executive Directors of the Company are subject to the termination indemnities for termination of their contract with the Company, as well as retirement benefits provided by law, their individual contracts, group insurance policies and the Company’s Policies.<\/p>\n

Company\u2019s employee remuneration policy for executives holding managerial position<\/h3>\n

The Company has adopted a Remuneration policy for its Management-Level Executives (irrespective of their capacity as members of the BoD) which is approved by the Remuneration & Succession Planning Committee. This Policy provides, inter alia, for the definition of the framework of the overall annual remuneration and the way it is structured between fixed and variable remuneration. The basic principles of the abovementioned policy are as follows:<\/p>\n

Overall level of remuneration of the Company\u2019s executives<\/h3>\n

The overall level of remuneration depends, inter alia, on the following factors for each executive:<\/p>\n

    \n
  • The hierarchical and management level as well as the seniority of the position.<\/li>\n
  • The subject and the level of specialization.<\/li>\n
  • The experience and expertise of each executive.<\/li>\n
  • The level of the executives\u2019 remuneration based on research data of the Greek and international market.<\/li>\n<\/ul>\n

    Allocation of the total annual remuneration<\/h3>\n

    Aiming at aligning personal and corporate goals, the total remuneration is allocated to fixed monthly and variable annual remuneration calculated as a percentage of fixed remuneration. The following factors are considered in the calculation of the above allocation:<\/p>\n

      \n
    • The management level of the executive.<\/li>\n
    • Company\u2019s financial results and Group consolidated results.<\/li>\n
    • Company and Group performance in other areas such as safety and environment.<\/li>\n
    • Individual performance of each executive.<\/li>\n<\/ul>\n

      Medium- and Long-term variable remuneration plans<\/h3>\n

      The Company\u2019s employee remuneration policy may provide for medium-and long-term plans and associated variable remuneration. Such plans had been designed in the past and implemented by the Company either through cash variable remuneration or a stock option plan. Given that these plans constitute a significant lever for the accomplishment of long-term strategic goals, they are likely to be designed and implemented by the Company in the future after acquiring all necessary approvals depending on the type of the plan.<\/p>\n

      In addition, the executives can participate in benefit programs. Indicative benefits include, among others, company car and fuel card, participation in group life and health insurance plans, as well as pension plans.<\/p>\n

      Management-level executives as well as the rest of the employees receive upon retirement compensation based on employment years and monthly salaries in accordance with the relevant decisions of the Management, the company collective labor agreement and the Internal Labor Regulation.<\/p>\n

      For executives and senior management, the evaluation is done annually based on KPIs, while targets and the company’s performance are linked to the executives\u2019 objectives in sustainable development issues (the gravity percentage varies depending on the employment sector).<\/p>\n

      The above are applicable for all Group subsidiaries in Greece and the remuneration of the members of the Board of Directors is determined by the General Meeting of Shareholders.<\/strong><\/p>\n

      EKO Cyprus<\/h3>\n

      A policy is in place covering the remuneration of the senior executives concerning both fixed and variable pay. Variable pay is based on yearly objectives. \u03a4he executives\u2019 individual goals include financial and operational objectives as well as goals regarding health, safety and improvement\/training of personnel.<\/p>\n

      EKO Bulgaria<\/h3>\n

      Senior Executives:\u00a0The remuneration policy includes both fixed and variable remuneration which is performance-based.<\/p>\n

      Board of Directors members:\u00a0Some of the members of the Board of Directors receive remuneration as a fixed fee on a monthly basis.<\/p>\n

      EKO Serbia<\/h3>\n

      BoD members receive the compensation stipulated by the General Assembly. Senior executives are evaluated through the performance management system.<\/p>\n

      Jugopetrol<\/h3>\n

      Performance-based remuneration. Members of the Board of Directors are remunerated on a monthly basis.<\/p>\n

      OKTA<\/h3>\n

      Members of the BoD are remunerated on a monthly fixed fee determined by the General Meeting. Senior executives: remuneration include fixed pay and variable pay which is based on performance (KPIs).<\/p>\n","protected":false},"excerpt":{"rendered":"

      The parent Company, HELLENiQ ENERGY, has established, maintains and applies basic principles and rules regarding the remuneration of the members of the Board of Directors (\u201cRemuneration Policy\u201d) that contribute to its business strategy, long-term interests and sustainability. The Policy covers all types of remuneration, i.e. fixed or variable remuneration and benefits that may be paid […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"acf":[],"yoast_head":"\n2-19 | 2023 Sustainability Report<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2-19 | 2023 Sustainability Report\" \/>\n<meta property=\"og:description\" content=\"The parent Company, HELLENiQ ENERGY, has established, maintains and applies basic principles and rules regarding the remuneration of the members of the Board of Directors (\u201cRemuneration Policy\u201d) that contribute to its business strategy, long-term interests and sustainability. 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