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Remuneration

Solidium complies with the applicable guidelines issued by the Cabinet Committee on Economic Policy regarding the executive management remuneration and pension benefits in state-owned companies.

The General Meeting decides on the remuneration paid to the Board of Directors. The fee paid to the Chairman and members of the Board of Directors consists of a fixed monthly salary and meeting fees, which are paid in cash. The Annual General Meeting confirmed that the Chairman of the Board of Directors shall receive a fee of EUR 5,500 per month, the Vice Chairman of the Board of Directors EUR 3,000 per month and the members of the Board of Directors EUR 2,500 per month. In addition, a fee of EUR 600 was confirmed for each meeting. The Board of Directors received EUR 131,311 (EUR 314,600) in monthly and meeting fees during the financial period 1 July 2015-30 June 2016.

The Board of Directors decides on the remuneration and other terms and conditions of the employment relationship of the Managing Director. The remuneration of the Managing Director consists of a fixed monthly salary and a performance bonus of a maximum of 30 per cent of the fixed salary paid during the year of evaluation. The retirement age of the Managing Director is 63 years. The Managing Director has a supplementary pension equivalent to 30.3 per cent of the Managing Director's annual remuneration. The salaries (including fringe benefits) paid to the Managing Director was EUR 403,370 (EUR 402,577) and the performance bonuses paid were EUR 60,000 (EUR 74,250), in total EUR 463,370 (EUR 476,827) during the financial period 1 July 2015-30 June 2016. The performance bonuses of the Managing Director for the period were EUR 30,000 (60,000), or 7.4 per cent of the fixed salary paid, which will be paid after the financial period-end. The expenses of the supplementary pension amounted to EUR 131,311 (EUR 140,161). The Managing Director has a period of notice of nine months on the company's part and six months on the Managing Director's part and is entitled to a severance payment equal to the total salary for 12 months.

The Board of Directors decides on the remuneration of the Management Team. The remuneration of the Management Team (excluding the Managing Director) consists of a fixed monthly salary and an annual performance bonus of a maximum of 30 per cent of the fixed salary paid during the year of evaluation. The persons belonging to the Management Team (excluding the Managing Director) were paid a total of EUR 560,079 (EUR 635,857) in salaries and EUR 104,702 (EUR 131,000) in performance bonuses. The performance bonuses earned by these persons during the financial period totalled EUR 76,500 (EUR 104,702), or 13.7 per cent of the fixed salary paid. The costs of the group pension insurance amounted to EUR 17,410 (EUR 17,498) for the Management Team (excluding the Managing Director).

The remuneration of the rest of the personnel of Solidium consists of a fixed monthly salary and an annual performance bonus of a maximum of 30 per cent of the fixed salary paid during the year of evaluation.