EXECUTIVE REMUNERATION IN 2016 EXECUTIVE REMUNERATION RESEARCH CENTRE
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2 EXECUTIVE REMUNERATION IN 2016 EXECUTIVE REMUNERATION RESEARCH CENTRE
3 EXECUTIVE REMUNERATION STUDY 2017 WHAT IS NEW? Scope FTSE 250 added Industry/sector added Share ownership concentration added Short-term incentives Target and maximum added Weight per KPI added Pay ratio (CEO average employee) 3
4 1SAMPLE
5 SAMPLE NUMBER OF OBSERVATIONS Number of observations (CEO remuneration) CEOs 484 CFOs Belgium Netherlands Germany France UK Sweden 2015 CEO 2016 CEO 2016 CFO 5
6 SAMPLE SHARE OWNERSHIP DISPERSION % of firms in which no shareholder has more than 25% of shares 82% 61% 54% 41% 46% 41% BELGIUM NETHERLANDS GERMANY FRANCE UK SWEDEN 6
7 SAMPLE HOW LONG ARE CEOS IN THEIR CURRENT ROLE? BELGIUM NETHERLANDS GERMANY FRANCE UK SWEDEN 7
8 SAMPLE CEO PERSONAL CHARACTERISTICS Gender Male: 95% Nationality: Local CEO: 74% Age Median: 55 (Q25: 51; Q75: 59) Tenure in current role in current firm Median: 5 (Q25: 2; Q75: 9) 8
9 2REMUNERATION LEVELS & STRUCTURE
10 TOTAL CEO REMUNERATION BELGIUM - MEDIAN BEL 20 BEL MID BEL SMALL 10
11 TOTAL CEO REMUNERATION NETHERLANDS - MEDIAN AEX AMX ASCX 11
12 TOTAL CEO REMUNERATION GERMANY - MEDIAN DAX MDAX SDAX 12
13 TOTAL CEO REMUNERATION FRANCE - MEDIAN CAC 40 CAC NEXT 20 CAC MID CAC SMALL 13
14 TOTAL CEO REMUNERATION UK - MEDIAN pre-brexit FTSE 100 FTSE
15 TOTAL CEO REMUNERATION SWEDEN - MEDIAN OMXS60 15
16 CEO FIXED REMUNERATION MEDIAN 16
17 CEO FIXED REMUNERATION MEDIAN 17
18 CEO SHORT-TERM INCENTIVES MEDIAN 18
19 CEO SHORT-TERM INCENTIVES MEDIAN 19
20 CEO LONG-TERM INCENTIVES MEDIAN 20
21 CEO LONG-TERM INCENTIVES MEDIAN 21
22 TOTAL CEO REMUNERATION IN TERMS OF FIRM SIZE MARKET CAP 22
23 CEO REMUNERATION STRUCTURE 70% 60% 62% 53% 53% 63% 50% 40% 30% 20% 25% 25% 22% 13% 36% 34% 30% 39% 34% 25% 26% 23% 21% 16% 10% 0% Belgium Netherlands Germany France UK Sweden Fixed STI LTI 23
24 CEO REMUNERATION STRUCTURE 24
25 CEO REMUNERATION STRUCTURE 25
26 EVOLUTION CEO TOTAL REMUNERATION MATCHED SAMPLE 26% 15% 59% DECREASE STABLE INCREASE 26
27 EVOLUTION CEO TOTAL REMUNERATION MATCHED SAMPLE Bel 20 Bel Mid Bel Small AEX AMX AScX DAX MDAX SDAX CAC 40 CAC Next 20 CAC Mid CAC Small FTSE 100 1,03 1 1,01 1,05 1,15 1,11 1,14 1,13 1,11 1,13 1,2 1,28 1,27 1,3 0,8 0,9 1 1,1 1,2 1,3 27
28 3SHORT-TERM INCENTIVES
29 DISCLOSURE ON KEY PERFORMANCE INDICATORS UNDERLYING SHORT-TERM INCENTIVES Bel 20 Bel Mid Bel Small Target bonus disclosed 47% 18% 11% Maximum bonus disclosed 53% 57% 26% Key performance indicators disclosed Weighting of key performance indicators disclosed 75% 82% 74% 27% 17% 29%
30 SHORT-TERM INCENTIVES OCCURRENCE - TARGET (% FIXED) No 9% Yes 91% 30
31 SHORT-TERM INCENTIVES SPREAD TARGET-MAX BONUS 31
32 SHORT-TERM INCENTIVES PAY-OUT: BONUS DEFERRAL Deferral in cash; 4% Deferral in cash and shares; 2% Deferral in shares; 26% No deferral; 68% Typical design: 50% deferred, over 3 yearsl 90% no additional performance conditions 32
33 SHORT-TERM INCENTIVES PAY OUT: BONUS DEFERRAL 33
34 SHORT-TERM INCENTIVES KEY PERFORMANCE INDICATORS KPI used for STI 80% 60% 40% 20% 34
35 Weight of non-financial KPIs SHORT-TERM INCENTIVES KEY PERFORMANCE INDICATORS >50% 6% 41-50% 26-40% 16-25% 16% 28% 26% 5-15% 7% No non-financial KPIs 17% 0% 5% 10% 15% 20% 25% 30% % of firms 35
36 4LONG-TERM INCENTIVES
37 LONG-TERM INCENTIVES GRANTED?
38 LONG-TERM INCENTIVES GRANTED? EVOLUTION - BELGIUM 80% 70% 64% 70% 65% 60% 50% 52% 47% 40% 37% 33% 30% 20% 22% 25% 10% 0% Bel 20 Bel Mid Bel Small
39 LONG-TERM INCENTIVES NUMBER OF GRANTS ( ) Country No grant 1 grant 2 grants 3 grants Belgium 31% 20% 16% 33% Netherlands 5% 15% 18% 62% Germany 3% 9% 24% 64% France 36% 22% 15% 27% UK 2% 0% 13% 85% 39
40 NUMBER OF FIRMS LONG-TERM INCENTIVES NUMBER OF GRANTS ( ) - BELGIUM No grant 1 grant 2 grants 3 grants 40
41 LONG-TERM INCENTIVES WHAT DETERMINES THE NUMBER OF GRANTS? 41
42 LONG-TERM INCENTIVES TYPOLOGY LTI type B NL D F UK SE Time-based options 28% 9% 2% 6% 1% 0% Performance-based options 8% 10% 4% 4% 6% 8% Nil cost options 0% 0% 0% 0% 38% 0% Time-based shares 4% 1% 1% 1% 1% 0% Performance-based shares 7% 49% 14% 37% 45% 36% Free shares 0% 0% 1% 8% 0% 3% Phantom time-based 1% 0% 5% 0% 0% 0% Phantom performance-based 3% 1% 27% 3% 1% 3% Stock appreciation rights time-based 0% 0% 3% 0% 0% 0% Stock appreciation rights performancebased 0% 1% 3% 0% 0% 0% Cash 4% 3% 42% 3% 0% 14% 42
43 LONG-TERM INCENTIVES KPIS FOR VESTING KPI used for LTI 80% 60% 40% 20% 43
44 1% 2% 7% 18% 14% 94% SHAREHOLDING REQUIREMENT? BELGIUM NETHERLANDS GERMANY FRANCE UK SWEDEN 44
45 5PAY RATIO
46 PAY RATIO CEO-CFO 1,66 1,67 1,55 FIXED REMUNERATION STI LTI 46
47 PAY RATIO CEO-AVERAGE EMPLOYEE 47
48 CEO pay ratio PAY RATIO CEO-AVERAGE EMPLOYEE Continental Europe (excl. Sweden) UK mn. 1-3 bn bn. >10 bn. Market cap (in ) 48
49 WHAT DETERMINES PAY RATIO? 49
50 6WHAT DRIVES CEO REMUNERATION?
51 WHAT DRIVES TOTAL CEO REMUNERATION?
52 WHAT DRIVES THE EVOLUTION IN TOTAL CEO REMUNERATION ( )? 52
53 WHAT DRIVES THE EVOLUTION IN TOTAL CEO REMUNERATION ( )? Standardized beta coefficient 0,6 0,562 0,5 0,498 0,4 0,3 0,2 0,1 0,067 0 Fixed remuneration Short-term incentives Long-term incentives 53
54 7WHAT CHARACTERISES CEO REMUNERATION IN THE BEST PERFORMING FIRMS?
55 SUSTAINED FINANCIAL PERFORMANCE WHAT? HOW? Criterion Return on Assets Timeframe (7y.) Average per sector 41 sectors 55
56 (HOW) IS SUSTAINED FINANCIAL PERFORMANCE RELATED TO CEO REMUNERATION? THE ANSWERS 56
57 8CEO RELATIVE PAYMENT
58 PREDICTED CEO REMUNERATION THE CONCEPT Market capitalisation Profitability Predicted CEO remuneration Industry 58
59 ACTUAL VERSUS PREDICTED CEO REMUNERATION A COUNTRY ANALYSIS 1,4 1,3 1,2 1,1 1,17 1,31 1 0,9 0,8 0,89 0,83 0,88 0,7 0,6 0,64 0,5 0,4 Belgium Netherlands Germany France UK Sweden 59
60 ACTUAL VERSUS PREDICTED CEO REMUNERATION WHAT DRIVES CEO OVERPAYMENT? 60
61 HAPPY TO CONNECT
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