Bekaert has reviewed the remuneration policy of its executive management in light of the relevant provisions of the Belgian Corporate Governance Act, and will report in accordance with the requirements of the Act in the Corporate Governance Statement of its 2011 annual report. For the present Statement covering 2010, Bekaert has elected to continue the reporting format used in previous years, even though this implies the non-compliance with certain reporting provisions under Principle 7 of the Belgian Corporate Governance Code: Bekaert prefers to introduce the reporting format required by the Act simultaneously with the reporting on its revised remuneration policy.
Remuneration policy for non-executive Directors
The remuneration policy for non-executive Directors is described in paragraph II.7.1 of the Bekaert Charter.
Remuneration policy for Executive Management
The remuneration policy for executive management is described in paragraph IV.7 of the Bekaert Charter.
Remuneration of Directors
The remuneration of the members of the Board of Directors is reflected in the table below.
Remuneration of the Chief Executive Officer
The remuneration of the CEO is reflected in the table below.
Remuneration of Executive Management
The remuneration of the members of the Bekaert Group Executive and of senior management is reflected in the table below.
A number of stock options is offered each year to each member of the Bekaert Group Executive. The decision to accept an offer of options, and consequently the number of options to be granted, reflects a personal choice that may be influenced by multiple considerations, and the disclosure on an individual basis of the number of options granted would therefore intrude on the privacy of the persons concerned: for that reason Bekaert has elected to deviate from provision 7.16 of the Belgian Corporate Governance Code and only to disclose, on an individual basis, the number of options granted to the Chief Executive Officer.
Other than the stock options referred to above, no shares or rights to acquire shares are granted to the CEO or to any other member of the Bekaert Group Executive.