Our remuneration policy

The objective of our remuneration policy is to attract, motivate and retain the diverse qualified and expert individuals that we need in order to achieve our strategic and operational objectives. Our further goals are to be competitive in the appropriate market by benchmarking against appropriate peer groups, incentivize performance at the highest possible level, allow for differential rewards according to individual performance, not to discriminate on any grounds other than performance and to reinforce an open, fair, consistent and equitable culture. In light of the remuneration policy, the structure of the remuneration package for the executive committee is designed to balance short-term operational performance with the long-term objective of creating sustainable value, while taking into account the interests of all stakeholders.

The nomination and remuneration committee also develops the company’s global remuneration framework, which applies to all employees. The nomination and remuneration committee has taken into account the remuneration of the employees when preparing this policy.

The policy is effective as of 1 January 2020. It has been approved by the board of directors on 24 March 2020, upon recommendation of the nomination and remuneration committee. It will be submitted to the annual shareholders’ meeting on 28 April 2020.

Subject to the approval of our shareholders‘ meeting to be held on 28 April 2020 of the amendments to our articles of association to opt for a dual governance structure under the New Belgian Companies Code, the rules described in this remuneration policy for members of the board of directors will apply to members of the supervisory board and the arrangements described in this remuneration policy for members of the executive committee will apply to members of the management board.