Schibsted has decided to introduce an incentive programme for the top executives at Schibsted and the management of Aftenposten and Verdens Gang. Schibsted aims to limit the growth in the fixed salaries of the management and key personnel, simultaneously making the total remuneration to a greater extent result oriented.
Schibsted has gone through significant changes in the past few years, involving activities also outside Norway and Scandinavia. At the same time a great deal of the growth within the Schibsted Group has been in the multimedia area. The internationalisation of the company is likely to continue in the coming years. The incentive programme will in the time to come be used to attract, motivate and retain key personnel. Different incentive programmes already exist in some of the foreign subsidiaries.
The programme that is being introduced now is divided in two, a bonus programme related to achieving financial goals and an option programme. The bonus programme is more important for the management in Verdens Gang and Aftenposten than for the top executives at Schibsted and vice versa for the option programme.
The annual cash bonus for the management for Aftenposten and VG is maximum 4 monthly salaries depending on to what degree the goals have been reached. The corresponding maximum limit for the top executives at the Schibsted Group is 2 monthly salaries.
At the same time it will be possible to obtain options of the Schibsted share over a period of three years (2000, 2001, 2002) at a price of NOK 185. This corresponds with the average price of the shares in the first whole week of trading after the presentation of the 2nd quarter this year. The options must be executed within the end of 2003.
At the introduction of the incentive programme the option programme comprises the following persons;
Schibsted ASA Top management – No. of options:
President and CEO Kjell Aamot – 30.000 (10.000 p.a.)
CFO Trond Berger – 15.000 (5.000 p.a.)
Executive Vice President Sverre Munck – 15.000 (5.000 p.a.)
Executive Vice President Jan Erik Knarbakk – 15.000 (5.000 p.a.)
Executive Vice President Birger Magnus – 15.000 (5.000 p.a.)
Managing Director Olav Mugaas – 7.500 (2.500 p.a.)
Editor-in-Chief Einar Hanseid – 7.500 (2.500 p.a.)
Verdens Gang AS:
Managing Director Aslak Ona – 7.500 (2.500 p.a.)
Editor-in-Chief Bernt Olufsen – 7.500 (2.500 p.a.)
Oslo, 1st September 2000
Head of Investor Relations