We want our executives to share our shareholders’ long- term interests, and the remuneration of the executive  directors should support this alignment. Carlsberg established the Remuneration  Committee in late 2010. In 2012, we under- took a complete review of the remuneration  policy and structure for executive directors,  which resulted in several changes to the  Remuneration Policy. These changes were  approved by the shareholders at the Annual  General Meeting in March 2013. Our princi- pal aim was to ensure that the Company’s  executives share our shareholders’ long-term  performance and value perspective, and that  their remuneration aligns these interests.  long term and requiring executives to build  up a significant shareholding in the Com- pany by retaining shares that they earn.  In light of the changes made in 2013, the  Committee has continued to monitor the  new arrangements but does not anticipate  further changes in 2014.  During 2013, the Committee oversaw the  implementation of the new policy. Our continuing policy is to provide a good  balance between the drivers of performance  and alignment with shareholders. Our new  policy does this by tilting the balance of executive remuneration towards the Carlsberg Group Annual Report 2013 OUR APPROACH TO REMUNERATION Carlsberg’s remuneration is designed to  enable us to recruit and retain individuals  with the expertise and ability required to  run a growing international company, and  to do so in a way that drives our business  success and rewards executives when  shareholders are rewarded. Levels of fixed remuneration are set based  on individuals’ experience and contribution,  and in the context of the external market.  While we do not seek to adhere rigidly  to market benchmarks, we monitor and  take into account pay levels and incentive  opportunities in the principal markets from  which we recruit: our European brewing  and spirits peers and the global consumer  goods sector as well as companies across  industry sectors in the Nordic region. Many of our investors – including our  main shareholder – are long-term holders  of our shares. We want our executives to  share their perspective and believe that  remuneration should align their interests  accordingly. Recent developments in our  remuneration have sought to strengthen  this link by tilting the balance of the package to long-term share-based pay  and requiring that any shares awarded be retained for longer.  The Company’s full Remuneration Policy  for the Supervisory Board and Executive  Board and guidelines for incentive pro- grammes as approved at the Annual  General Meeting on 21 March 2013 are  available on the Company’s website.  During 2013, the main activities of the  Remuneration Committee were: 43 Management review REMUNERATION REPORT • Monitoring the workings and outcomes  of the changes made in 2013 to the  remuneration structure, which has been  extended to all senior management. • Ensuring that senior executives remain  appropriately compensated and incen- tivised to deliver on our strategy. • Determining levels of long-term incen- tive awards for 2013. • Considering the achievement of per- formance criteria for the annual bonus  plan and approving levels of vesting.  • Considering shareholders’ feedback  from the 2013 Annual General Meeting. • Reviewing fixed salary levels, bonus  targets and levels of long-term incentive  awards for 2014.  • Evaluating the remuneration of the  Supervisory Board.  • Reviewing the Remuneration Com-  mittee’s Terms of Reference and its effectiveness. 2014 OBJECTIVES MAIN ACTIVITIES IN 2013