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STAFF COSTS (Tables) | 12 Months Ended
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Dec. 31, 2017
Disclosure Of Staff Cost [Abstract] |
Schedule of staff costs and average number of employees |
USDm | 2017 | 2016 | 2015
Total staff costs |  |  |
Staff costs included in operating expenses | 9.2 | 9.9 | 9.7
Staff costs included in administrative expenses | 34.6 | 31.0 | 14.2
Total | 43.8 | 40.9 | 23.9
Staff costs comprise the following |  |  |
Wages and salaries | 36.4 | 32.3 | 22.4
Share-based compensation | 1.9 | 2.0 | -
Pension costs | 3.1 | 3.6 | 1.4
Other social security costs | 0.3 | 0.4 | 0.1
Other staff costs | 2.1 | 2.6 | -
Total | 43.8 | 40.9 | 23.9
Average number of permanent employees |  |  |
Seafarers | 130.6 | 137.0 | 65.0
Land-based | 286.6 | 269.1 | 133.0
Total | 417.2 | 406.1 | 198.0
Schedule of termination benefits by title of individual |
USD '000 | 2017 | 2016 | 2015 ⁵⁾
Non-Executive Board and Committee Remuneration, Short term
Cheam Directors Limited ¹⁾ | - | - | 3
Christopher H. Boehringer | 290 | 237 | 88
Kari Millum Gardarnar ²⁾³⁾⁴⁾ | - | - | 31
Rasmus Johannes Hoffmann ²⁾³⁾ | - | - | 29
Flemming Ipsen ²⁾ | - | - | 38
Olivier Dubois ²⁾ | - | - | 17
Alexander Green ²⁾ | - | - | 19
Jon Syvertsen ²⁾ | - | - | 19
David Weinstein | 174 | 131 | 48
Torben Janholt | 174 | 131 | 48
Göran Trapp | 174 | 158 | 58
Jeffery Stein ²⁾³⁾ | - | - | 7
Total | 812 | 657 | 405
¹⁾ Former member of the Board of Directors of Njord. Left the Board of Directors due to the reverse acquisition on 13 July 2015.
²⁾ Former member of the Board of Directors of Former TORM A/S. Resigned on 25 August 2015.
³⁾ Took up position as Board Observer of TORM plc.
4) Resigned as Board Observer as of 31 July 2017. |  |  |
⁵⁾ The 2015 figures represent amounts earned subsequent to the Restructuring on 13 July 2015.
Schedule of key management personnel compensation |
USD '000 | Salary | Taxable benefits | Annual performance bonus | Transaction bonus | Total
Executive Management Remuneration |  |  |  |  |
Jacob Meldgaard |  |  |  |  |
2015, TORM A/S¹⁾ | 362 | 19 | 144 | 345 | 870
2016, TORM A/S - restated ¹⁾ ²⁾ | 834 | 41 | 559 | - | 1,434
2016, TORM plc¹⁾ | 39 | - | - | - | 39
2017, TORM A/S¹⁾ | 923 | 42 | 580 | - | 1,545
2017, TORM plc¹⁾ | 81 | - | - | - | 81
¹⁾ Paid by legal entity as noted. |  |  |  |  |
²⁾ The 2016 figures have been restated in order to include the figure for the annual bonus for 2016 as this was finalised and subsequently paid in 2017. No value was shown in the 2016 annual report. The total annual performance bonus of the Executive Director of TORM plc for 2016. arising in the period 1 January 2016 to 31 December 2016 was DKK 3.758.700 (USD 559t).
Schedule of staff costs |
| RSU LTIP grant | Exercise price per share ¹⁾ | RSU grant value assuming 100% vesting
LTIP element of Jacob Meldgaard's remuneration package 2017: |  |  |
Jacob Meldgaard ²⁾ | 1,276,273 | DKK 96.3 | USD 3.4m
¹⁾ Exercise price originally DKK 96.3. Subsequently adjusted 13 December 2016 to DKK 93.6 due to dividend payment in September 2016. Further adjusted in December 2017 to DKK 93.5 due to dividend payment in September 2017.
²⁾ LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 2 of 18
Schedule of reconciliation number of other equity instruments |
Number of shares (1,000) | 2017 | 2016 | 2015
Outstanding 1 January | 1,999.8 | - | -
Granted during the period | 866.6 | 2,127.4 | -
Exercised during the period | - | - | -
Expired during the period | -233.9 | - | -
Forfeited during the period | -21.3 | -127.6 | -
Outstanding 31 December | 2,611.2 | 1,999.8 | -
Exercisable 31 December | 255.3 | 538.9 | -

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