Aggregate gross remuneration of the other executive committee members for financial year 2016
- Base salaries (fixed): €898,435 (including €60,000 in the form of pension contributions).
- 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 2016), an aggregate bonus of €673,826 (i.e. 100% of the aggregate bonus pool) was awarded over 2016 of which 50% was paid early January 2017, and the other 50% was deferred for 3 years. The value of the 50% deferred part of the bonus awarded over 2013 was established at the end of 2016 and resulted in a payment in early January 2017 of an amount of €521,192.64 (a multiple of 4.01 of the deferred bonus, as a result of the share price performance over the period 2013-2016 as per the provisions of the Senior Management Bonus Scheme).
- Pensions: €164,711.91 (of which €60,000 are part of the fixed base salary).
- Other components of the remunerations: company cars, tax advisory services, and payments for invalidity and healthcare cover, and other fringe benefits, totaling €45,695.
In its meeting of 7 December 2016 the board of directors resolved, upon recommendation of the nomination and remuneration committee, to implement salary increases as from 2017 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.