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Thursday 24 October 2019

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Senior executive pay poised to rise sharply as new salary season nears

Despite calls for moderation in pay rises for senior executives, there are signs that this season’s salary rise round will show ‘, the Volkskrant said on Friday.

So far two pay deals for listed company chief executives have been made public, and both include remuneration rises of over 30%, the paper said.

Euronext, which runs the Amsterdam stock exchange, is proposing to pay its CEO Stephane Boujnah at least 34.5% more next year to bring his remuneration package up to date.

And GrandVision, which runs the Eyewish and Pearle high street chains, wants to pay its CEO Stephan Borchert 37% more, the paper said.

A spokesman for the FNV trade union said that GrandVision have not had a formal pay deal for staff for years. ‘The gap between pay at the top and on the shop flooor is only getting bigger,’ the spokesman said.

Rients Abma, director of institutional investor lobby group Eumedion, told the Volkskrant that no proper explanation of why the two bosses’ salaries should rise so much had been provided.

‘I hope that this is not going to set the tone,’ Abma said.

Shareholders do have to vote on whether or not to accept the proposals. A plan to introduce 75% majority voting does not come into effect until next year.

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