pay police

Anchored in our integrated vision for the management of People in the Group, and embodying the structuring project started in 2021, the year 2022 saw the conclusion of this journey, with the definition and approval of renewed guiding principles for the remuneration policy, as well as a phased implementation and investment plan.

Thus, and as a response to the growing demands of the contexts, the main insights of the analysis carried out and the concerns of the main stakeholders, the new Nors Remuneration Policy was defined around 6 guiding principles, segmented into three vectors, which govern Nors' actions and vision in this area:

The measures arising from this new Pay Policy were various and represented a significant investment by the Group - with impacts both in terms of Fixed and Variable Remuneration, but also in terms of Benefits - and were defined and implemented in a customised manner by geography, as a result of the different needs identified.

This path outlined does not end in 2022, defining itself as a new paradigm applied to the management of the Remuneration Policy, with the objective of transforming it into a process in constant evolution and benchmarking against current market data, as well as business and individual performance indicators, materialising the meritocracy philosophy on which the new policy designed is based.

Inspiration, leadership, change and future were the watchwords at Nors' 2022 Annual Meeting. Under the motto "Thinking mobility, building tomorrow", it was thinking about mobility and defining the Group's strategic guidelines for the future that made it a morning of sharing, convergence of ideas and a lot of ambition to the mix. The highlight of the event was the panel "Morning Coffee with Volvo Executive Leadership", which included Martin Lundstedt, President and CEO of the Volvo Group, Roger Alm, Executive Vice President of the Volvo Group and President of Volvo Trucks and Melker Jernberg, Executive Vice President of the Volvo Group and President of Volvo Construction Equipment.

In a discussion moderated by Nors Group CEO Tomás Jervell on the megatrends that are transforming the mobility and construction equipment industry and how we can make a difference in the future as global organisations, it was with an informal and enlightening tone that Nors' top management listened attentively to the approach of our longest and largest business partner.

For the People and Communication direction, 2022 was, to a large extent, a year very much dedicated to the construction, definition and planning of projects and initiatives whose implementation was planned for the following year(s). A clear example of this same premise is the celebration of Nors 90th anniversary, which will be marked in 2023. The definition of the Communication strategy that supports the commemoration of this historic milestone anticipates an outstanding year: under the motto "A legacy for the future", in 2023 we promise to join a path of stories, heritage and legacy to a future of ambition, growth and optimism. Above all, we want to share and celebrate this journey with all those who contribute daily to affirm the importance of this path.