Remuneration
A prerequisite for the successful implementation of Munters business strategy and safeguarding of the company’s long-term interests as well as delivery on our ambitions, is that the company is able to recruit and retain qualified personnel. In order to do so, Munters must be able to offer a competitive total remuneration based on market terms.
Munters Remuneration guidelines for Group Management are resolved upon by the AGM, based on the proposal from the Board of Directors (BoD).
Remuneration to the CEO is prepared by the Remuneration Committee and decided by the BoD.
Remuneration to other members of the group management is prepared by the CEO and decided by the Remuneration Committee.
Remuneration may comprise of:
- Fixed compensation
- Variable short-term and long-term compensation
- Other benefits such as pension and insurance
Short-Term Incentive (STI) for Senior Executives:
The variable compensation is linked to predetermined and measurable financial criteria, such as operating results and working capital. By linking the remuneration of our senior executives to the earnings and financing of operating activities, the criteria promote the implementation of Munters business strategy and long-term interests.
For Munters STI, it has been decided that the CEO and Group Function heads shall be measured on Group level KPIs and the Business Area Presidents shall be measured on both Group level and Business Area level KPIs. The KPIs are as follows:
- Adjusted Operating Earnings (Adjusted OE)
- Operating Working Capital as a percentage of Net Sales (OWC/NS%)
The satisfaction of criteria for awarding STI shall be measured over a period of one year.
Long-Term Incentive Program:
On behalf of the Board, the Company has introduced long-term cash-based incentive programs for senior executives and key personnel within the Group in 2023, 2024 and 2025. The programs link the participants’ compensation to the company’s earnings, financing of current operations and sustainability ambitions. In this way, they promote the implementation of the company’s business strategy and long-term interests, including sustainability.
The Board of Directors is of the opinion that share-related long-term incentive programs for members of Group Management and certain other key employees are of essential importance for the company’s development. The overall purpose of the programs is to attract and retain talent over time, drive increased engagement and performance among participants, and align the interests of participants with those of the shareholders.
The performance criteria in the programs are linked to predetermined and measurable financial and non-financial criteria. The financial criteria may include, for example, Adjusted OE and Operating Working Capital, while the non-financial criteria may include sustainability-related targets such as reduction of carbon dioxide emissions, increased share of women leaders within the Group and service growth.
For more information regarding remuneration see:
For more information on the remuneration of senior executives adopted by the Annual General Meeting 2026, please see Guidelines for Remuneration of Senior Executives(pdf)
For detailed information regarding the Remuneration for Senior Executives during 2025, see note 33 in the Annual Report 2025(pdf)