KBC Group explains remuneration of CEO and Executive Committee following publication of 2015 annual report
KBC always pays the members of its Executive Committee based on prevailing legislation, the Corporate Governance Code and market data. A Remuneration Committee monitors the amounts paid and the way they are allocated, and duly advises the Board of Directors, which takes the final decisions. In addition, the basic principle is that members of the Executive Committee are entitled to a fair remuneration that is commensurate with the contribution they have made to the policy and growth of the group.
The remuneration of individual Executive Committee members is made up of a fixed monthly emolument and an annual, performance-related variable emolument.
Non-executive directors receive solely an annual fixed component (non-performance-related and non-results-based) plus the fee received for each meeting attended. Attendance fees constitute the main element of this remuneration package. If meetings coincide with Board meetings of KBC Bank and/or KBC Insurance, the attendance fee will be paid just once to directors sitting on more than one of these Boards. In light of the considerable time he devotes to the ongoing supervision of KBC group affairs, the Chairman of the Board receives a different remuneration package that comprises solely a fixed component, which is set separately by the Remuneration Committee and approved by the Board.
For additional details and background information on the remuneration policy for the CEO, the members of the Executive Committee and the Board of Directors of KBC Group NV, please see the 'Remuneration report for financial year 2015' section of the KBC Group 2015 Annual Report, which is available at our website (www.kbc.com).
(you'll find more information in the attached pdf)