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