Chapters
Annual Report 2020

Remuneration for the Management Board in 2020

The remuneration of the GrandVision Management Board in 2020 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 2020 was EUR 2,534,413. In 2020 the members of the Management Board received an increase in base salary of 2.7% linked to the performance of GrandVision in 2019. 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. The Company received its first advisory vote on its Remuneration Report 2019 in the Annual General Meeting on 30 June, 2020. The shareholders agreed to our Remuneration Report with a voting percentage of 95.81%, based on this result we did not make any changes.

No malus or clawback provision were used in 2020 to recover any bonus granted.

Management Board

in EUR

Stephan Borchert (CEO)

Willem Eelman (CFO)

2020

2019

2020

2019

Fixed remuneration :

Base salary

838,032

816,000

513,500

333,333

Fringe benefits in natura

11,242

2,316

53,354

105,8481

Fringe benefits in cash allowance

18,000

18,000

18,000

12,000

Variable remuneration:

Annual Bonus / STIP

449,185

587,520

223,629

216,667

Share-based payments (LTIP)

197,003

180,483

181,766

33,690

Other remuneration:

Extraordinary items

Pension expense

15,351

15,009

15,351

10,006

Total remuneration

1,528,813

1,619,328

1,005,600

711,545

  1. 1 Net amount was included in remuneration report 2019, it is now grossed-up.