Vestas is a global Group based in Scandinavia, and this is reflected in our remuneration and reward principles. We have chosen to make Mercer's International Position Evaluation System the backbone of our global remuneration and reward system for Executive Management, Presidents, Vice Presidents, Directors and Managers with Mercer Reward Surveys used as the benchmark. For all other employee groups we use locally based statistics as the basis for the remuneration and reward standards.
Competitive remuneration packages
The purpose of standardising the remuneration and reward system is to ensure competitive remuneration packages for all Vestas' employees worldwide. The remuneration and reward packages consist of up to four elements depending on the job level:
- Basic salary
- Benefits
- Short-term incentive programmes
- Long-term incentive programmes
Guidelines for incentive pay
The overall guidelines for incentive pay were adopted at the Annual General Meeting on 26 March 2009.