Remuneration principles
The remuneration principles relate to the size (level of remuneration)
and structure of the remuneration package provided for the Management Board of
Corio N.V.
In order to fulfil the objectives of the remuneration policy, levels of
compensation (in both the short term and the long term) have to be in line with
levels at comparable Dutch and European companies. With respect to the
package’s composition and structure, the Supervisory Board takes into
consideration remuneration practices at similar companies as well as the
provisions of the Dutch corporate governance code.
The composition of the remuneration package is also based on the principle that
trends in results and the company’s share price and other trends of relevance
to the company should be taken into consideration when determining the level of
compensation. This principle is reflected in trends in annual salary as well as
in the structure of the variable remuneration elements and the amounts
calculated on the basis of them.
The structure of the remuneration package is based on the principle that
remuneration should be based on an equal split between fixed and variable
elements (with respect to the long term bonus, this is measured at the time of
the conditional award). As far as the variable part is concerned, under normal
circumstances the long-term bonus will constitute a greater proportion of total
remuneration than the short-term bonus.
The Supervisory Board regularly reviews the composition of the remuneration
package and the level of compensation to ensure they are in compliance with
these remuneration principles. The Supervisory Board monitors the results of
the remuneration policy by carrying out periodical scenario analyses.
The remuneration policy applies in all respects to the members of the
Management Board with full responsibility for the holding company. The policy
has been adjusted for members of the Management Board with responsibility for a
country. The annual salary, annual bonus and pension for these members are also
based on the local remuneration market. To the extent that It’s applicable the
method used to establish the long-term bonus plan is identical to that used for
members with full responsibility for the holding company.
Source: Annual Report 2008, Chapter Overview & Strategy, page 33 (PDF, 476 kB)
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