Gross remuneration of CEO

Gross remuneration of our CEO for financial year 2016

  1. Base salary (fixed): €472,267 (including €18,859.44 in the form of pension contributions).

  2. 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 2016), a bonus equal to 100% of the 2016 base salary 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 €652,974.18 (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).

  3. Pension: €62,843 (of which €18,859.44 is part of the fixed base salary).

  4. Other components of the remuneration: company car, tax advisory services, and payments for invalidity and healthcare cover, totaling €39,384.25.

In its meeting of 7 December 2016 (in application of article 523 of the Belgian Companies Code and 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 2.5% as from 2017. The principles applied for such increase were in line with the Remuneration Policy described above.