Remuneration of the Board of Management and the Supervisory Board
Board of Management
The company’s remuneration policy is reflected in the remuneration report that has been presented to the General Meeting of Shareholders for approval. The bonuses reflected in the financial statements relate to the financial year and depend on the targets set by the Supervisory Board. For 2019 a bonus varying between 20% and 45% of the salary will be paid.
The remuneration of the individual members of the Board of Management is as follows:
The stock option entitlements that have been granted comprise the following:
|Award date||Number at 01-01-19||Issued in 2019||Exercised 2019||Forfeited in 2019||Number at 31-12-19||Exercise price||Expiration date||Liability at 31-12-19|
After awarding the options, the options vest immediately but remain in lock-up for three years. After the lock-up period there is an exercise period of five years. At 31 December 2019 the intrinsic value of the options is € 109,421 as the share price of Accell Group N.V. was € 25.80, which is higher than the exercise prices of the options.
The conditional shares that have been granted comprise the following:
|Award date||Number at 01-01-19||Granted in 2019||Vested 2019||Forfeited in 2019||Number at 31-12-19||Vesting date||Fair value at award date||Liability at 31-12-19|
After vesting there is a lock-up period for the shares of two years for the shares.
At the end of 2019 Mr. Anbeek held 7,000 shares in Accell Group N.V. and Mr. Both held 7,399 shares.
Internal pay ratio
The pay ratio from continuing operations of the Board of Management compared to the average employee compensation during 2019 is 15:1 (2018 adjusted: 15:1). The pay ratios can vary over time as a result of the Accell Group’s annual performance. This performance impacts the remuneration of the Board of Management more than that of all other employees.
The ratio consists of the average remuneration of the Board of Management compared to the average cost of all other employees of Accell Group. The average remuneration of the Board of Management is calculated from the sum of the fixed salary, short-term incentives, share based payments, pensions and other benefits of the three members (3 FTEs) of the Board of Management. The average cost of all other employees is calculated from the personnel costs (see note 6.7.4) and the average number of employees during the year (3,410 FTEs) minus 3.
The remuneration of the individual members of the Supervisory Board is as follows: