Principles of remuneration
The Lauritzen's remuneration principles help us to attract and motivate management and employees. The Principles of Remuneration reflect personal performance and achievements as well as market conditions in comparable companies, and cover the Board of Directors, Executive Management and all employees ashore and at sea.
Members of the Board of Directors receive fixed compensation at a level which reflects the scope and character of duties as a Director and is on par with fees in comparable companies. Members of the Audit Committee and the Nomination and Remuneration Committee receive additional fees. No pension contributions are payable on Board member fees and neither are board members covered by incentive programmes. Fees are disclosed in our annual report.
In J. Lauritzen, we consider diversity as an important and natural prerequisite for innovation and development of the Group. We want to remain an attractive workplace which can attract, recruit and retain the best qualified employees and continuously develop them in order to utilize their potential in an optimal way.
We aim to create a culture where all employees consistently experience diversity at all levels, including management. In J. Lauritzen, all employees have equal opportunities to make a career, be it as manager or specialist. A key focus is creating a framework which over time allows an approximately gender balance at all management levels to reflect the segregated composition of the group's workforce. Due to the group's relatively small land-based organization worldwide, even minor organizational changes impact significantly on the gender balance at senior management level.
Our recruitment policy focuses on competence and diversity, which long-term is expected to increase diversity in relation to gender and nationality.
Our ambition is that the overall gender distribution of the employees will be matched at management level. Based on a review of the organisation’s composition, including expected retirements etc., J. Lauritzen will endeavour to slightly increase the number of female managers across the Group from approximately 27% at year-end 2013 to approximately 31% at year-end 2016. The Board composition was unchanged in 2013 and thus the diversity profile of the Board members elected by the annual general meeting remained with 20% female and 40% being citizens from elsewhere than Denmark. It is the objective to increase diversity of the board in terms of gender and that the board will have two female board members in 2017.