Annual bonus Executive directors’ service contracts Reclaiming variable pay Remuneration of the Supervisory Board REMUNERATION FOR 2013 Long-term incentive awards  Share ownership guidelines Fixed salary SUPERVISORY BOARD REMUNERATION  PRINCIPLES SHARE OWNERSHIP GUIDELINES REMUNERATION OF EXECUTIVE DIRECTORS 46 Management review REMUNERATION REPORT Carlsberg Group Annual Report 2013 For the financial year 2013, the bonus tar- gets were met and, as a result, 43% of the  maximum bonus, being 43% of fixed salary,  is payable for performance in 2013. The  actual amounts of bonus payable equate  to DKK 4.7m and DKK 4.1m for Jørgen Buhl  Rasmussen and Jørn P. Jensen respectively.  No agreements have been entered into concerning termination benefits, and no such payments were made in 2013. This section sets out how Carlsberg’s Remuneration Policy was implemented during the 2013 financial year.  Service contracts for executive directors contain terms and conditions that are considered common to executive board  members in Danish listed companies.  In the event of serious misconduct, or if an  annual bonus or long-term incentive award is  made on the basis of accounts that prove to  be materially misstated, the Company may  reclaim, in full or in part, any overpayment  from annual bonus, or cancel or withdraw  unexercised or unvested long-term incentive  awards in respect of the executive directors. The remuneration of the Supervisory Board  for 2013 was approved by the Annual Gen- eral Meeting in March 2013. Specific detail is provided regarding the dif- ferent elements of pay that the Supervisory  Board and executive directors received and  how those amounts were calculated.  Granted in 2013. In the financial year 2013,  the CEO and CFO were awarded long-term  incentive awards that, at the time of award,  had a fair value of 150% and 120% of fixed  salary respectively. These awards were com- prised as follows: The members of the Supervisory Board of  Carlsberg A/S are remunerated for duties  performed in the Company. In order to strengthen the alignment between  the executive directors and shareholders, the  Committee has introduced shareholding guide- lines for the executives. These are required to  retain shares on the vesting of long-term incen- tive awards (subject to disposals required to  meet any tax and other associated obligations).  The CEO is expected to build up a holding  of shares equivalent to 150% of fixed salary,  and the Deputy CEO/CFO a holding equiv- alent to 120% of fixed salary. The fees are reviewed, but not necessarily  increased, annually after taking into account  market practice with reference to an interna- tional comparator group as well as the need  to attract and retain high-calibre individuals.  Members of the Supervisory Board are not  included in share incentive programmes,  retirement benefit plans or other schemes. The actual fixed salaries paid in 2013 were  DKK 11.0m to Jørgen Buhl Rasmussen and  DKK 9.5m to Jørn P. Jensen. In 2014, the Committee and the Supervisory  Board decided to increase the executive direct- ors’ fixed salaries by 2% with effect from 2014. Remuneration of executive directors  Vested in 2013. In February 2013, the op- tions granted to the CEO and CFO in 2010  vested and became exercisable with 15,000  shares each.  Performance  shares Share options CEO (150% of  total salary) 75% 75% CFO (120% of  total salary) 45% 75% LONG-TERM INCENTIVE AWARDS GRANTED IN 2013 Jørgen Buhl  Rasmussen Jørn P. Jensen DKK million 2013 2012 2013 2012 Fixed salary 11.0 10.5 9.5 9.1 Cash bonus 4.7 6.3 4.1 5.5 Non-monetary  benefits 0.3 0.3 0.3 0.3 Share-based  payment 8.6 5.7 7.3 5.4 Total 24.6 22.8 21.2 20.3 Base fee (DKK thousand) Additional  fee (as % of  base fee) All Supervisory Board members 400 Chairman of Supervisory Board 100% Deputy Chairman of Supervisory Board 50% Chairman of Audit Committee 75% Chairman of Remuneration  Committee/Chairman of  Nomination Committee 50% Member of Board Committee (per Committee) 38% Share  owner- ship  guideline  as %  of fixed  salary Actual  % held  at 31  Dec.  2013 Unvested options and per- formance shares  as % of fixed  salary (prior to deductions for tax and inci- dental costs) Jørgen Buhl Rasmussen 150% 56% 418% Jørn P. Jensen 120% 45% 484%