The Board of Directors of Reykjavik Energy Group appoints the CEO, determines his or her responsibilities and compensation. The Board of Directors takes into account the provisions of the ownership strategy of Reykjavik Energy Group, which stipulates that the CEO's compensation should be on par with comparable positions, but also mindful of the fact that the company is owned by public entities. The Compensation Committee reviews the CEO's compensation on an annual basis, based on the company's objectives and standards.
The CEO's compensation ratio is measured as the CEO's total compensation divided by the median compensation of permanent employees within the group. Since 2018, the ratio has decreased but reached the same value in 2021.
The monetary amount of compensation to Boards of Directors within the Group, the CEO of Reykjavik Energy Group, and Managing Directors of its subsidiaries, is published in the notes to the Group's Consolidated Financial Statements.