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CRXL » Topics » Remuneration of Management Board members

This excerpt taken from the CRXL 20-F filed Apr 22, 2009.

Remuneration of Management Board members

 

Under the Code, the maximum severance pay for a Management Board member should be no more than one year’s salary, unless this is manifestly unreasonable. We do not apply this principle in the event of a dismissal arising from an unwanted change of control for Management Board members. The employment contracts of those members of the Management Board that were already in place as at 1 January 2004 (the date on which the Code took effect) remain unchanged. In other cases agreed severance payments can be higher if otherwise this would obstruct the recruitment of the right person for a Management Board position.

 

This excerpt taken from the CRXL 20-F filed May 7, 2008.

Remuneration of Management Board members

 

Under the Code, the maximum severance pay for a Management Board member should be no more than one year’s salary, unless this is manifestly unreasonable. We do not apply this principle in the event of a dismissal arising from an unwanted change of control for Management Board members that were appointed before 2005.

 

EXCERPTS ON THIS PAGE:

20-F
Apr 22, 2009
20-F
May 7, 2008

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