Determination of remuneration of Directors and Executive Committee members of Galapagos NV
The procedure for establishing the remuneration policy and setting remuneration for members of the Board of Directors and of the Executive Committee is determined by the Board of Directors on the basis of proposals from the Nomination and Remuneration Committee, taking into account relevant benchmarks with appropriate peer companies and, for the members of the Executive Committee, also the Group’s performance rating system.
The remuneration of the members of the Board and the grant of warrants to members of the Board are submitted by the Board for approval to the Shareholders’ Meeting, and are only implemented after such approval.
The fixed and variable remuneration of the CEO (who is a member of the Board) is established by the Board of Directors based upon an authorization from the Shareholders’ Meeting. The fixed and variable remuneration of, and grant of warrants to, the other members of the Executive Committee is established by the Board of Directors, upon recommendation of the Nomination and Remuneration Committee.