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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 Earnings Before Interest, Taxes and Amortization (Adjusted EBITA)
  • 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.

For more information on the remuneration of senior executives adopted by the Annual General Meeting 2020, please see:

Guidelines for the Remuneration of Senior Executives

For detailed information regarding the Remuneration for Senior Executives during 2022, see note 31 in the Annual Report 2023.


Long-Term Incentive Program:

The Annual General Meeting 2020 decided in accordance with the Board’s proposal of a long-term incentive program 2020 (“LTIP 2020”), consisting of Employee Stock Option Programme.

The Board of Directors is of the opinion that share-related long-term incentive programmes for members of the group management and certain other key employees are of essential importance for the company’s development. The overall purpose of the Programme is to attract and retain talent over time, to drive increased engagement and performance among the participants of the Programme, and to align the interests of the participants of the Programme with those of the shareholders in the company.

We are also proud to announce have introduced a compensation scheme linked to our sustainability goals. Through the Long-Term Incentive Program (LTIP), we will evaluate how well we as a company increase the share of renewable energy in our factories, female leaders in our workforce and suppliers who sign our code of conduct.

Long-Term Incentive Program (“LTIP 2020”)

For more information regarding renumeration see

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