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STAFF COSTS (Tables) | 12 Months Ended
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Dec. 31, 2019
STAFF COSTS |
Schedule of staff costs and average number of employees |
USDm |  | 2019 |  | 2018 |  | 2017
Total staff costs |  |  |  |  |  |
Staff costs included in operating expenses |  | 8.1 |  | 9.3 |  | 9.2
Staff costs included in administrative expenses |  | 37.7 |  | 36.9 |  | 34.6
Total |  | 45.8 |  | 46.2 |  | 43.8
Staff costs comprise the following |  |  |  |  |  |
Wages and salaries |  | 37.2 |  | 38.1 |  | 36.4
Share-based compensation |  | 1.9 |  | 2.1 |  | 1.9
Pension costs |  | 3.5 |  | 3.3 |  | 3.1
Other social security costs |  | 0.9 |  | 0.6 |  | 0.3
Other staff costs |  | 2.3 |  | 2.1 |  | 2.1
Total |  | 45.8 |  | 46.2 |  | 43.8
Average number of permanent employees |  |  |  |  |  |
Seafarers |  | 107.6 |  | 111.7 |  | 130.6
Land-based |  | 313.5 |  | 302.2 |  | 286.6
Total |  | 421.1 |  | 413.9 |  | 417.2
Schedule of termination benefits by title of individual |
USD ‘000 |  | 2019 |  | 2018 |  | 2016
Non-Executive Board and Committee Remuneration, short term |  |  |  |  |  |
Christopher H. Boehringer |  | 252 |  | 276 |  | 290
David Weinstein |  | 198 |  | 182 |  | 174
Torben Janholt |  | 170 |  | 171 |  | 174
Göran Trapp |  | 170 |  | 171 |  | 174
Total |  | 790 |  | 800 |  | 812
Schedule of key management personnel compensation |
USD ‘000 |  | Salary |  | Taxable benefits |  | Annual perfor-mance bonus |  | Total
Executive Management Remuneration |  |  |  |  |  |  |  |
Jacob Meldgaard |  |  |  |  |  |  |  |
2017, TORM A/S 1) |  | 923 |  | 42 |  | 580 |  | 1,545
2017, TORM plc 1) |  | 81 |  | — |  | — |  | 81
2018, TORM A/S 1) |  | 983 |  | 44 |  | 425 |  | 1,452
2018, TORM plc 1) |  | 80 |  | — |  | — |  | 80
2019, TORM A/S 1) |  | 962 |  | 41 |  | 1,126 |  | 2,129
2019, TORM plc 1) |  | 79 |  | — |  | — |  | 79
1) Paid by legal entity as noted.
Schedule of staff costs |
|  |  |  | Exercise price |  | RSU grant value assuming 100%
|  | RSU LTIP grant 1) |  | per share |  | vesting
LTIP element of Jacob Meldgaard’s remuneration package 2018: |  |  |  |  |  |
Jacob Meldgaard |  | 766,035 |  | DKK 53.7 |  | USD 0.9m
1) The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.
Schedule of reconciliation number of other equity instruments |
Number of shares (1,000) |  | 2019 |  | 2018 |  | 2017
Outstanding as of 1 January |  | 2,719.1 |  | 2,611.2 |  | 1,999.8
Granted during the period |  | 1,001.1 |  | 907.3 |  | 866.6
Exercised during the period |  | (529.4) |  | — |  | —
Expired during the period |  | (785.3) |  | (764.0) |  | (233.9)
Forfeited during the period |  | (177.2) |  | (35.4) |  | (21.3)
Outstanding as of 31 December |  | 2,228.3 |  | 2,719.1 |  | 2,611.2
Exercisable as of 31 December |  | — |  | 255.3 |  | 255.3

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