Gross remuneration of our CEO for financial year 2017

Corporate governance
  1. Base salary (fixed): €484,074.00 (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 2017), a bonus equal to 100% of the 2017 base salary was awarded over 2017, of which 50% was paid early January 2018, and the other 50% was deferred for 3 years. The value of the 50% deferred part of the bonus awarded over 2014 was established at the end of 2017 and resulted in a payment in early January 2018 of an amount of €696,769.00 (a multiple of 5.2 of the deferred bonus, as a result of the share price performance over the period 2014‑2017 as per the provisions of the Senior Management Bonus Scheme).

  3. Pension: €61,630.74 (of which €18,859.44 is part of the base salary).

  4. Other components of the remuneration: company car, tax advisory services, and payments for invalidity and healthcare cover, totaling €37,955.94.

In its meeting of 5 December 2017 (in application of article 523 of the Belgian Companies Code and without the CEO taking part in the deliberation and vote) the board of directors resolved, upon recommendation of the nomination and remuneration committee, to increase the CEO’s salary by 3% as from 2018. The principles applied for such increase were in line with the remuneration policy described above.