The AGM last year approved an FMO proposal to discontinue variable remuneration for members of the Management Board. The variable pay of members of the Management Board was previously linked to financial and non-financial targets and could not exceed 25% of the fixed salary. This was a factor in the decision to propose to the AGM the abolition of the Management Board’s variable remuneration, as was the fact that Dutch Central Bank requirements made the cost of the system relatively high compared to the maximum remuneration.
REMUNERATION OF THE MANAGEMENT BOARD (€X1,000)
|Personal information||Fixed remuneration||Performance related pay||Pension||Other 1||Total 2012||Total 2011|
|Nanno Kleiterp||Dutch, 1953, male||297||abolished||121||59||477||429|
|Nico Pijl||Dutch, 1951, male||227||abolished||106||36||369||355|
|Jurgen Rigterink||German, 1964, male||227||abolished||50||40||317||321|
- Includes contributions to company car, fixed expense allowance, general profit-sharing, life-course savings scheme, compensation of interest on mortgages, compensation for the return of leave allowances and anniversary benefits. This is in line with the general fringe benefits within FMO.
On 18 July 2012, the Budget Agreement 2013 Tax Measures Implementation Act came into effect. This Act will amend a number of tax laws as of 1 January 2013. One of the amendments concerns a one-off 'crisis levy' over 16% of the wages from current employment (including any bonuses) that employers paid their employees during 2012, as far as such wages exceeded €150,000. The crisis charges are not included in the remuneration of the Management Board.
The Supervisory Board remuneration system also changed in 2012. It was harmonized to ensure that members of the Audit & Risk Committee and the Selection, Appointment & Remuneration Committee were equally compensated. However, the total remuneration of the Supervisory Board remained the same.
REMUNERATION OF THE SUPERVISORY BOARD (€X1,000)
|Remuneration 2012||Committees 2012||Total 2012||Total 2011|
|Jean Frijns, Chairman 1||22.5||5.0||27.5||24.8|
|Dolf Collee 2||5.4||1.0||6.4||18.0|
|Alexandra Schaapveld 4||9.6||1.6||11.2||-|
|Willy Angenent 3||-||-||-||10.0|
- Jean Frijns was appointed to the Supervisory Board in 2010, and appointed as Chairman of the Supervisory Board in May 2011.
- Dolf Collee resigned his position in May 2012.
- Willy Angenent resigned his position in May 2011.
- Alexandra Schaapveld was appointed to the Supervisory Board in May 2012.