Selection and remuneration committee
The selection and remuneration committee supports the Supervisory Board in the execution of its supervisory tasks and the preparation of decision-making in the field of selection and appointment procedures for members of the Supervisory Board and Board of Directors, the remuneration policy and the level of remuneration and employment contract terms for members of the Board of Directors.
The selection and remuneration committee consists of Mr. Pasman (member) and Mr. Ernsting (chairman). The committee met eight times in 2018 (2017: eight times) and was also in frequent contact by telephone. All the members of the committee were present at the meetings.
The resignation of the CFO and recruitment of his successor were key focal points for the committee last year and were discussed during the meetings, as were the addition of two new members to the Supervisory Board and the initiation of the search for a new chairman.
Other matters the selection and remuneration committee focused on in 2018 were:
- Review of the document which details the remuneration scheme for members of the Board of Directors;
- Arriving at arrangements and agreements in connection with the departure of the CFO, Mr. Sybesma;
- Preparing and initiating the assessment of the functioning of the Board of Directors in 2017;
- Putting forward proposals regarding the fixed and variable remuneration of the members of the Board of Directors for 2017;
- Preparing the evaluation and remuneration of the members of the Board of Directors for 2017
- Preparations for the 2018 remuneration report;
- Preparing and initiating the assessment of the functioning of the Supervisory Board (members) and its committees with the aid of an independent third party.
The Supervisory Board discussed and adopted the remuneration package for the Board of Directors for 2018 on 8 March 2018. At the same time, the Supervisory Board also determined the bonuses for the 2017 financial year, which were included in the financial statements for 2017.
Based on the preparatory work of the committee, the Supervisory Board discussed and adopted the 2018 remuneration report. The remuneration of the Board of Directors is in line with the policy adopted by the General Meeting of Shareholders on 24 April 2008 and amended most recently on 22 April 2010.