Remuneration

The remuneration policy of the Executive Board is designed to meet four key objectives:

• Support the business strategy - We align our remuneration programs with business strategies focused on creating long-term growth and shareholder value, while maintaining a tight focus on short-term financial results,
• Pay for performance - We set clear and measurable goals for our short and long-term incentives and pay higher compensation when goals are exceeded and lower compensation when goals are not met,
• Pay competitively - We set target remuneration to be competitive with other multinational corporations of similar size, value and complexity, and
• Pay fairly - We set target remuneration to be internally consistent and fair. We regularly review internal pay relativities between the Executive Board and senior managers and aim to achieve consistency and alignment where possible.

The remuneration policy is described in the Remuneration Report.