Gross remuneration of CEO
Gross remuneration of Galapagos’ CEO for financial year 2014
- Base salary (fixed): €428,491.
- Variable remuneration (bonus): 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), a bonus of €268,000 (i.e. 60% of the 2014 base salary) was awarded over 2014 of which 50% was paid early January 2015, and the other 50% was deferred for 3 years. 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.
- Pension: €65,244.
- Other components of the remuneration: company car and payments for invalidity and healthcare cover, totaling €19,900.
In its meeting of 17 December 2014 (in application of Article 523 of the Belgian Companies Code without the CEO being present) the Board of Directors resolved, upon recommendation of the Nomination and Remuneration Committee, to increase the CEO’s salary by 2% as from 2015. The principles applied for such increase were in line with the Remuneration Policy described above.