Remuneration report


Annual remuneration of executive and non-executive directors

The starting point of the compensation and benefits policy for (executive and non-executive) management is the attraction and retention of qualified managers with the required background and experience in terms of the various elements of corporate policy. To achieve this starting point, the compensation and benefits policy is market competitive and takes into account the company’s size and complexity using reference data where possible.

Non-executive directors and executive directors in their capacity as directors receive only a fixed remuneration as compensation for their membership of the board of directors and their attendance at the board meetings and the meetings of the committees of which they are members.

The level of directors’ remuneration is determined taking into account their role as a normal director, their specific roles as chairman of the board, chair or member of a committee, as well as the resulting responsibilities and time demands.

Non-executive directors receive no performance-related remuneration such as bonuses, long-term incentive programmes, benefits in kind or pension plans. Nor are options or warrants allotted to non-executive directors. There are no contributions to pensions or similar benefits for directors. The provisions concerning the remuneration of the non-executive directors apply equally to executive directors in their capacity as directors.

The chairman of the board of directors and the managing director were granted a fixed remuneration of EUR 100,000. The vice-chairman of the board receives a fixed remuneration of EUR 50,000. Each other board member receives a fixed remuneration of EUR 10,000, plus a fee per board meeting of EUR 2,500; members of board committees (the audit committee and the appointments and remuneration committee) receive an additional fee per meeting of EUR 2,500, the chairman of the audit committee an additional EUR 5,000 fee per meeting of this com-mittee. No remuneration is granted for board meetings by telephone. The directors’ remuneration policy will not be changed in the coming two financial years.

Directors’ remuneration 2017


Attendance fees

Rik De Nolf
Chairman of the board of directors
Executive € 100,000.00
Xavier Bouckaert
permanent representative of Comm.VA Koinon - Managing Director
Executive € 100,000.00
Marc Verhamme
permanent representative of SPRL Mandatum – Vice-Chairman of the board of directors – member audit committee – Chairman appointments and remuneration committee
Non-executive & independent € 50,000.00
Carel Bikkers
permanent representative of BV Carolus 
Panifex Holding - Chairman Audit Committee 
- Member appointments and remuneration committee  
Non-executive & independent

€ 10,000.00

€ 42,500.00
Joris Claeys
permanent representative of NV Cennini Holding

€ 10,000.00

€ 15,000.00
Lieve Claeys Non-executive € 10,000.00 € 15,000.00
Coralie Claeys (1)
permanent representative of NV Verana
Non-executive € 10,000.00 € 15,000.00
Francis De Nolf 
permanent representative of NV Alauda
Executive € 10,000.00 € 12,500.00
Koen Dejonckheere 
permanent representative of NV Invest at Value
Non-executive & independent € 10,000.00 € 15,000.00

(1) Change of the permanent representative of NV Verana on 15/05/2017.