Aggregate gross remuneration of the other Galapagos NV Executive Committee members for financial year 2014
- Base salaries (fixed): €723,107.
- Variable remunerations (bonuses): given the level of achievement of the criteria from the Senior Management Bonus Scheme to be entitled to a bonus (i.e. the corporate objectives for 2014), an aggregate bonus of €200,000 (i.e. 60% of the aggregate bonus pot for the incumbents in function on 31 December 2014) was awarded over 2014 of which 50% was paid early January 2015, and the other 50% was deferred for 3 years. In addition, an aggregate amount of €34,686 was paid to Mr. Smith as an exceptional special bonus in connection with his instrumental role in the divestment of the Group’s services division. No performance bonus was awarded for the year 2011, as three out of five of the corporate objectives for 2011 were not achieved. Therefore, no deferred part of the bonus for the year 2011 was paid out in 2014.
- Pensions: €118,610.
- Other components of the remunerations: company cars, payments for invalidity and healthcare cover, and other fringe benefits, totaling €31,078.
The amounts in this section include normal payments for compensation and benefits made to Mr. David Smith and Mr. Guillaume Jetten, who both ceased to be a member of the Executive Committee, until the date of cessation of their mandate as Executive Committee member, i.e. until 1 April 2014 and 1 May 2014 respectively.
In its meeting of 17 December 2014 the Board of Directors resolved, upon recommendation of the Nomination and Remuneration Committee, to implement salary increases as from 2015 for the members of the Executive Committee generally in line with the increases awarded in previous years, based on individual performance and taking into account relevant benchmarks. The principles applied for such increases were in line with the Remuneration Policy described above.