Chapters
Annual Report 2019

Remuneration for the Management Board in 2019

The remuneration of the Management Board in 2019 is comprised of fixed and variable components and includes a fixed base salary, fringe benefits in natura and cash, a short- and long-term variable remuneration component. Furthermore, it includes extraordinary items and pension expenses. The total aggregate remuneration received by the Management Board in 2019 was €2,277,420. The Supervisory Board has analyzed the possible outcomes of variable remuneration components in different scenarios and how these may affect the remuneration of the Management Board.

Eelman was appointed CFO to the Management Board on 15 May, 2019. He succeeded Paulo de Castro Fernandes, who resigned on the same day after serving seven-and-a-half years with GrandVision. Our former CFO received a total remuneration in 2019 of €267,304.

No malus or clawback provision was used in 2019 to recover any bonus granted.

Management Board

in EUR

Stephan Borchert (CEO)

Willem Eelman (CFO)

Paulo de Castro (former CFO)

2019

2018

2019

2018

2019

2018

Fixed remuneration:

Base salary

816,000

771,015

333,333

-

222,275

523,000

Fringe benefits in natura

2,316

52,395

-

9,966

5,769

Fringe benefits in cash allowance

18,000

17,348

12,000

40,977

120,201

Variable remuneration:

Annual Bonus / STIP

587,520

400,000

216,667

-

-

82,373

Share-based payments (LTIP)

180,483

196,098

33,690

-

-13,341

34,905

Other remuneration:

Extraordinary items

1,507,750

-

-

-

Pension expense

15,009

14,145

10,006

-

7,426

17,429

Total remuneration

1,619,328

2,906,356

658,092

-

267,304

783,677