ANNUAL REPORT 2021
LUNDBECK
ANNUAL REPORT 2021
E CONTENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3
3 EMPLOYEE COSTS - CONTINUED
Remuneration of the registered Executive Management
Equity-
and
59/111
year to year. The CEO has a target of up to 100% and a maximum of up to 117% of the fixed annual base
salary. The other registered Executive Management members have a target of up to 33.33% and a maximum
of up to 50% of the fixed annual base salary. All registered Executive Management members may receive
payment below target and potentially no payment in case of performance below target.
cash-
Total
settled
Salary
DKKm
Cash
bonus Pension
DKKm
DKKm
Other incentive
benefits programs
DKKm DKKm
Total
DKKm
Tax
indemni-
fication¹
DKKm
after tax
indemni-
Remuneration of key management personnel
fication
DKKm
2021
Short-term employee benefits
Deborah Dunsire', President and CEO
Lars Bang, Executive Vice President,
9.9
8.0
0.2
4.2
22.3
34.3
56.6
Retirement benefits
Other social security costs
Product Development & Supply
4.1
1.3
1.1
0.2
2.3
9.0
9.0
Equity- and cash-settled incentive programs
Anders Götzsche, Executive Vice
President, CFO
Total
2021
DKKm
2020
DKKM
104
96
10
11
1
1
12
11
127
119
5.1
1.6
1.3
0.2
0.5
8.7
8.7
Per Johan Luthman, Executive Vice
President, Research & Development
4.0
1.3
1.1
0.2
1.8
8.4
8.4
Jacob Tolstrup, Executive Vice
President, Commercial Operations
Total
Key management personnel are defined as persons who report directly to the registered Executive
Management.
4.0
1.3
1.0
0.2
2.2
8.7
8.7
27.1
13.5
4.5
1.0
11.0
57.1
34.3
91.4
Remuneration of the Board of Directors
2020
Deborah Dunsire¹, President and CEO
Lars Bang, Executive Vice President,
9.6
9.1
0.4
3.9
23.0
2.7
25.7
Product Development & Supply
4.0
1.8
1.1
0.2
2.2
9.3
9.3
Anders Götzsche, Executive Vice
President, CFO
5.0
24
2.4
1.3
0.2
2.3
11.2
11.2
Per Johan Luthman, Executive Vice
President, Research & Development
3.8
1.7
1.0
0.2
1.1
7.8
7.8
Jacob Tolstrup, Executive Vice
President, Commercial Operations
Total
3.9
1.7
1.0
0.2
1.9
8.7
8.7
26.3
16.7
4.4
1.2
11.4
60.0
2.7
62.7
1) According to the employment agreement with Deborah Dunsire, Lundbeck is entitled to pay the difference in taxation on investment return
from personal assets between the U.S. and Denmark.
Each of the registered Executive Management members participates in a short-term incentive program that
provides an annual cash bonus based on the achievement of predetermined targets for the preceding
financial year. The short-term incentive payment levels will be determined by the Board of Directors from
The total remuneration of the Board of Directors for 2021 amounted to DKK 8.5 million (DKK 7.5 million in
2020). The amount includes fees for participation in the Audit Committee of DKK 0.7 million (DKK 0.7 million
in 2020), the Remuneration Committee of DKK 0.7 million (DKK 0.7 million in 2020), the Scientific Committee
of DKK 0.9 million (DKK 0.7 million in 2020) and travel allowances of DKK 1.1 million (DKK 0.8 million in
2020) for board members with permanent residence outside of Europe. The remuneration for 2021 is
consistent with the remuneration approved at the Annual General Meeting held on 23 March 2021.
The members of the Board of Directors held a total of 44,113 Lundbeck shares at 31 December 2021
(47,313 shares in 2020).
The total remuneration of the chairman of the Board of Directors amounted to DKK 1.7 million (DKK 1.7
million in 2020). The total remuneration of the deputy chairman of the Board of Directors amounted to DKK
1.2 million (DKK 1.2 million in 2020). These amounts include fees for participation in Board committees.View entire presentation