The CEO is responsible for day-to-day management of the company. In Yara, the division of functions and responsibilities has been defined in greater detail in the Rules of Procedures established by the board, which sets the corporate governance direction. Yara has written a set of directives that help regulate the performance of management and business processes.
The President and CEO appoints management to assist in his or her stewardship duties delegated by the board and in day-to-day management, including the organization and operation of the company. The President and CEO determines the instructions for management after prior discussion with the board. The instructions for management and the function descriptions and authorizations issued to each member of management reflect a joint obligation for these members to safeguard the overall interests of Yara and to protect Yara's financial position.
According to Norwegian rules, the Board of Directors prepares guidelines for the remuneration of executive personnel. The guidelines are shared at the Annual General Meeting.
In accordance with § 6-16a - §5-6, section 3 of the Norwegian Public Limited Companies Act, the Annual General Meeting shall consider the report of the Board concerning the setting of salary and other remuneration of senior management for the next accounting year.
An advisory vote takes place regarding the Board’s guidelines for setting the remuneration of senior management. The Board’s proposal for guidelines is given in the “Related parties” note in Yara’s consolidated financial statements.
Yara's Board determines the pay and benefits for the President and CEO based on a proposal from the HR Committee. The Board also decides on the terms of the company's incentive plans for officers and certain key employees in the company.
The President and CEO decides on the compensation to other members of Yara’s executive management. Performance-related remunerations are subject to limits.
The Annual Meeting determines remuneration of the Board and the Nomination Committee.
The remuneration of Yara’s Board of Directors and Executive management is described in detail in the “Related parties” note in Yara’s consolidated financial statements.
Yara's management biographies are available in the Management and Board page.