Earlier today we saw media headlines about raised remuneration to members of the Swedish Automobile supervisory board. These reports contain a number of factual flaws.
Firstly, the reports claiming that Mr Hugenholtz is the only person remaining on the supervisory board of Swedish Automobile are not correct. The three members (Hugenholtz, La Noce and Roepers) are all in place and continue working to secure the future of Saab Automobile.
Secondly, when Spyker Cars NV (now Swedish Automobile, SWAN) acquired Saab Automobile AB, the company became much larger and the responsibilities of the board members increased significantly. Because of this, and as there was already an imbalance in fees between various members of the board, the issue was on the agenda for the Annual General Meeting on May 19 this year. At that meeting, a decision was taken to regulate the fees to make them more in line with each other and also to adjust them to reflect the extended responsibilities caused by the acquisition of Saab. These kinds of fees are paid retroactively for the work done since Saab was acquired by Spyker (now Swan).
It is important to note that remuneration decisions of this kind can only be taken with the support of a majority of shareholders and timing for the Annual General Meeting for May 2011 was set well in advance of the meeting taking place.