2016

Belgium Board Index

Remuneration and committees

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Contents

1 Contents



2 Foreword



3 Highlights



4 Our survey approach



5

16

Board size and composition Board meetings

18 Committees 22 Remuneration 27

in the spotlight: Corporate governance at family-owned companies

33

Family-​owned companies

Comparison tables 36 42 46

belgium board index 2016

International comparison Board composition Remuneration and committees

1

Foreword The Spencer Stuart Board Index is an annual study which analyses aspects of board governance, including composition, committees and remuneration, among major listed companies. First published 30 years ago in the US, there are now Board Indexes covering over 20 countries around the world. The 2016 Belgium Board Index consists of 54 companies that make up the Bel20 and Bel Mid indices. Our purpose is to provide business leaders with a snapshot of composition and other governance practices on Belgian boards. The principal guide to corporate governance best practice in Belgium is the Belgian Code on Corporate Governance which was published in 2009. Since then, the Belgian government has put some of the Code’s recommendations into law, most notably the 2009 and 2010 laws obliging listed and government-owned companies to set up audit and remuneration committees, and the 2011 law on gender quotas that requires boards of listed and government-owned companies to have at least one-third of female directors on the board of directors. In addition to the usual analysis of data on composition, remuneration and board committees, this edition contains an analysis comparing family-owned and non-family-owned companies in the Bel20 and Bel Mid. We are grateful to Sophie Velge for her insights into what the boards of family-owned and publicly-owned companies can learn from each other’s approach to corporate governance. We hope you find this fourth, expanded edition of the Belgium Board Index useful. The latest edition of each Spencer Stuart Board Index can be found on our website, www.spencerstuart.com, alongside a wide range of other publications covering board and corporate governance issues.

 

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Highlights gender diversity improving Even though Belgium has the fifth-highest percentage of women on boards in Europe, only one-third of Bel 20 and Bel Mid companies currently achieve the national quota for women on boards. We expect to see these numbers rise as companies change the composition of their boards in order to reach 33% of female directors by January 2017 (for most of the companies in our sample) and January 2019 (for all listed and government-owned companies).

family ownership common Family-owned companies are a strong force in the Belgian economic landscape. Almost half of the companies listed on major Belgian indices have family shareholders. For a more detailed analysis of family companies featured in this Board index, see page 33.

foreign directors primarily european Belgian boards are not as global or culturally diverse as they may seem. While 32% of board members are foreign, almost all (92%) come from other European countries. Almost two-thirds of foreign directors come from countries that border Belgium.

attendance-based board remuneration 58% of directors’ remuneration now comes from attendance fees, which have increased in importance over the last couple of years. They now make up more than half of the total remuneration for non-executive directors.

belgium board index 2016

33.3 %

Percentage of companies with more than one-third female directors

41 %

Percentage of family owned companies among Bel20 and Bel Mid companies

92 %

Percentage of foreign directors coming from Europe

58 %

Percentage of attendance fee within the total remuneration for nonexecutive directors 3

Our survey approach

Our survey approach The 2016 Belgium Board Index covers all 54 companies in the Bel20 and Bel Mid indices (as of April 2016). The purpose of this survey is to provide a comprehensive review of board practice in the major Belgian listed companies at a fixed point in time. For this Board Index we work with two cut-off points: board composition data is taken from 31 May 2016, whereas other information is based on year-end data (31 December 2015) published in annual reports. We provide the averages for both indices combined, as well as the figures for each index separately. We refer back to historical data published in the Belgium Board Index over the past three years. Where relevant, we have compared Belgian boards with their counterparts in other European countries. We have also included a chart comparing data from the boards of the largest companies in Europe, South Africa and the US on a wide range of measures (see page 36). The tables that appear in the back of this 2016 Belgium Board Index contain detailed information on each company. The source of the data is the companies’ latest published annual reports and corporate websites.

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Board size and composition BOARD SIZE The average board size for Bel20 and Bel Mid companies is 10.4, up from 10.3 last year. The average board size of the Bel20 companies in 2016 is 12.4, slightly lower than last year (12.6). The vast majority of Bel20 boards (70%) have between 8 and 14 mem-bers. The average board size of Bel Mid companies is smaller at 9.2 members (8.9 in 2015). 79% of boards have 11 or fewer members.

Denmark

Finland

France

Germany

Italy

Netherlands

Norway

Russia

Spain

Sweden

Switzerland

UK

USA

Average board size

Belgium

THE BROADER VIEW: Board size

10.4

10

8.2

13.9

14.1

11.6

9.2

8.5

10.1

10.8

9.9

10.5

10.2

10.8

Figure 1: Board sizes for Bel20 and Bel Mid companies 2013

No. of directors 8 or fewer

2014 Bel20

9-11

2015

12-14

2016

15 or more

2013 Bel Mid

2014 2015 2016 20%

belgium board index 2016

40%

60%

80%

100%

5

Board size and composition

There are several interesting changes in the board sizes in 2016 compared to the previous years. Bel20 companies are more polarized in 2016 compared with the previous years in terms of board size, with 40% of companies having either relatively small boards (8 or fewer members) or large boards (15 or more members). The percentage of Bel Mid companies with 8 or fewer members has decreased to 38%, the lowest since 2013. There are almost twice the number of boards among Bel Mid companies with 9–11 members in 2016 compared with the last two years.

Executive directors Executive directors account for 14.5% of all board members (excluding chairmen) across both indices. They account for 11.7% of Bel20 boards and 16.6% of Bel Mid boards (an average of 1.5 per board in each index). The CEO is a member of the board in 85% of companies, while the CFO is a member of the board in 15% of companies. 91% of Bel Mid companies have the CEO on the board compared with 75% of Bel20 companies. It is interesting to point out that 15% of Bel Mid companies are led by co-CEOs or co-managing directors. Among Bel20 companies only GBL uses this model of shared leadership. Some companies include additional executives on their boards depending on the industry they operate in. Companies in the retail, FMCG, transport and real estate sectors often include the chief Operations officer (COO) as a board member. Companies that are active in the insurance and banking industries often have the chief risk officer (CRO) on the board. Figure 2 provides an overview of executive directors who sit on Belgian boards.

Figure 2: Executive directors on boards No. of directors CEO (50%)

CRO (2%)

Co-CEO (15%)

Other (16%)

CFO (10%) COO (7%)

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The roles of chairman and vice chairman The Belgian Code on Corporate Governance recommends that the roles of chairman and CEO should be separated. Most companies follow this rule, with Colruyt being the only exception in the Bel20 and Econocom and the National Bank the only exceptions in the Bel Mid. The role of vice chairman is present in 22% of companies across both indices combined. 25% of Bel20 boards and 21% of Bel Mid boards have a vice chairman. Elsewhere in Europe, the role of vice chairman is sometimes, though not always, equivalent to that of the senior independent director, which is a role that exists in 99.3% of leading UK company boards.

Denmark

Finland

France

Italy

Netherlands

Norway

Russia

Sweden

Switzerland

UK

Companies with a vice chairman

Belgium

THE BROADER VIEW: Vice chairman role

22%

100%

96%

68%

40%

64%

52%

35.5%

36%

30%

0.7%

Independent Directors The number of independent directors as a proportion of the whole board has increased slightly compared with last year: excluding chairmen, 46% of all Bel20 directors and 47% of all Bel Mid directors are considered independent (44% and 46% last year for Bel20 and Bel Mid).

belgium board index 2016

Germany

Italy

Netherlands

Norway

Russia

Spain

Sweden

Switzerland

UK

Finland

44.8% 66.3% 83.1%

France

Proportion of directors considered independent

Denmark

Belgium

THE BROADER VIEW: Independent directors

69%

0.6

50.1%

60%

79.6%

32%

43%

63.7%

88%

61.1%

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Board size and composition

Figure 3: Percentage of independent chairmen 40%

37%

40% 35% 31%

30%

24%

Bel20 Bel Mid

2013

2014

2015

2016

The proportion of independent chairmen has increased for Bel20 companies: 40% of the chairmen are independent, up from 35% last year, while for Bel Mid companies the proportion decreased to 24%, down from 31% last year. Over the past three years the proportion of independent chairmen has been relatively stable among Bel Mid companies. However, it has been declining among Bel Mid companies during the same period, falling from 37% in 2014 to 24% in 2016 (see Figure 3).

Women directors The law of 28 July 2011 requires board to ensure that one-third of their directors are women by 2017. Note that for small publicly traded companies1 the deadline has been extended until 2019. 25% of Bel20 companies fall into this category while among Bel Mid approximately 26% of companies have a prolonged deadline. Nevertheless, there has been a strong increase in women directors on the Belgian boards across both indices (see Figure 4). The average for the two indices combined was 27% of companies with one-third female directors in 2016, up from 24.6% in 2015.

1  Small publicly traded companies are defined as follows: having < 50% shares available for trading or meeting at least two of the following criteria: less than 250 employees; less than or equal to €43 million in assets; or less than or equal to €50 million in annual net turnover

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Figure 4: Percentage of women directors in Bel20 and Bel Mid companies 30.4%

28.9%

24.3% 18.9% 17.2%

16.4%

14.7%

2012

19.3%

Bel 20 BelMid

2013

2014

2015

2016

For Bel20 companies, the proportion of women on boards has risen from 28.9% to 30.4%, coming very close to the quota requirement of 33% (see Figure 4). Bel Mid companies are still lagging behind with 24.3% female directors on boards, up from 21.2% in 2014 (see Figure 4). In 2016, all Bel20 companies had at least one woman on the board. Among Bel Mid companies, only Wereldhave did not have a single woman on the board. The number of companies with one-third or more female directors has increased to seven (35%) in the Bel20 (Bpost, Confinimmo, Engie, Galapagos, KBC, Solvay, and Telenet). In the Bel Mid, 11 companies (32.4%) have one-third or more female directors (Agfa-Gevaert, EVS, IBA, Intervest, Kinepolis, Leasinvest, Melexis, Orange Belgium, Recticel, Van De Velde, and WDP). Two companies, Engie and Orange Belgium, exceed the target by a long way, each with 50% or more women on the board.

belgium board index 2016

7%

16%

36%

USA

Sweden

44.1%

UK

Spain

20%

Switzerland

Russia

Italy

Germany

France

25.7% 29.9% 38.8% 26.4% 26.4%

Norway

27%

Netherlands

Proportion of women on boards

Finland

Belgium

Denmark

THE BROADER VIEW: Women on boards

20.5% 24.4% 21.3%

9

Board size and composition

The proportion of women who are independent directors is significantly higher than their male counterparts: 66% of all female directors in the Bel20 and Bel Mid boards are considered independent compared with 35% of male directors. Across the two indices, only 12.3% of executive directors are women. Only two new executive directors were appointed to any of the 54 company boards and both were men.

added perspective Gender diversity on the executive committee We examined the gender diversity of Bel20 and Bel Mid executive committees. The executive committee (ExCo) is the senior executive team of a company and therefore among the most common sources of potential new non-executive directors for quoted companies. On 31 May 2016 there were 52 female ExCo members, or 15% of the total. Eleven of those (21%) were appointed in the previous 12 months. The CEOs of Bel20 and Bel Mid companies are still largely male, with women occupying only 8.5% of CEO positions (including co-CEO and deputy-CEO). Women are better represented in the finance and HR functions on ExCos: 20% and 35% respectively. Female ExCo members are almost as internationally diverse as their male counterparts. 31% of women on ExCos are foreign compared with 36% of men. Female ExCo members are on average 49.6 years old, slightly younger than male ExCo members (52.9). The proportion of current ExCo members serving on at least one external public board is about the same for male and female ExCo members at 33.5% and 35% respectively.

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Foreign directors Across both Bel20 and Bel Mid indices, 31.8% of directors are foreigners. We label as foreign any directors with a nationality different from that of the company’s primary listing. The primary listing for all companies is in Belgium except ING (the Netherlands), Engie (France), and RTL (Luxembourg). In 2016, the number of foreign directors for Bel20 companies has increased substantially to 38% compared with 30% last year. 20% of the companies (Anheuser-Busch Inbev, Telenet, Solvay, and Umicore) have more than 50% foreign directors. In 2016, 27% of directors in the Bel Mid companies were foreign, slightly less than in 2015 (28.2%). 27% of the companies (Ablynx, BHF Kleinwort, Econocom, Euronav, Galapagos, Intervest, Orange Belgium, Nyrstar, and RTL) have more than 50% foreign directors.

USA

29%

UK

36%

Switzerland

Norway

9.4%

Sweden

Netherlands

23%

Spain

Italy

35%

Russia

Germany

Finland

31.8% 38.9% 41.0%

France

Proportion of foreign directors

Denmark

Belgium

THE BROADER VIEW: Foreign directors

43.8% 15.3% 25.2% 60.0% 33.1% 8.1%

Figure 5: Foreign directors’ nationalities French (27%)

German (10%)

Dutch (12%)

Other (28%)

British (15%) American (10%)

belgium board index 2016

11

Board size and composition

Most of the foreign directors come from France (27%), the United Kingdom (15%), the Netherlands (12%), the US (10%), and Germany (10%) (see Figure 5). Belgian listed companies have on average 3.2 different nationalities sitting on the board (including Belgians) with 29 unique nationalities represented on the boards of companies in both indices. Bel Mid companies are less diverse, with an average of 2.5 different nationalities represented, compared with 4.6 on the boards of Bel20 companies. Among Bel20 companies, four boards stand out: Ageas, AB InBev, and ING have seven different nationalities represented on their boards and Solvay has eight. In the Bel Mid, the board of Umicore has seven different nationalities represented. Although Belgian boards have a relatively high proportion of foreigners on boards the vast majority of international directors come from Europe (92%) with little representation from other parts of the world: North America (5%), South America (1%), Asia/Pacific (2%), and Africa/Middle East (1%) The international orientation of Belgian companies is borne out by the consistently high level of foreign representation among chairmen and CEO. 25% of the Bel20 companies have a non-Belgian chairman and 43% have a non-Belgian CEO. Bel Mid companies also show a high proportion of internationals among their chairmen (20.6%) and CEOs (25.6%). Across the two indices, 34.6% of executive directors are foreign (38% in the Bel20 and 33% in the Bel Mid). Of the two new executive directors appointed, both were foreign.

New directors 12.5% of directors on the boards of Bel20 and Bel Mid companies were appointed in the 12 months prior to 31 May 2016. Belgian boards appointed a total of 70 new directors during the period of our survey. Of these new directors, 44.3% are female and 45.7% are foreign. The vast majority of the newly appointed directors are non-executives; only two executive directors were appointed during the last year. More than half of the new directors (58%) among Bel20 companies are independent. This is significantly higher than Bel Mid companies, where only 21% of newly appointed directors can be considered as independent.

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Around 20% of new directors have prior experience in the same industry as the company whose board they have joined. A quarter of the new directors have worked in financial services. The other industries from which new directors are drawn include industrial (18%), technology, media & telecommunications (15%), education, nonprofit & government (15%), and professional services (13%).

USA

UK

Switzerland

13%

Sweden

17%

Spain

Netherlands

16.9%

Russia

Italy

14%

Norway

Germany

12.5% 10.9% 14.4%

France

Proportion of directors considered “new”

Finland

Belgium

Denmark

THE BROADER VIEW: New board members

17.2% 17.7% 14.9% 19.1% 10.5% 14.9% 6.6%

The majority of the new directors have held, or currently hold, senior executive positions (See Figure 6). Over a third of new directors have general management responsibility, as a current or former CEO or divisional CEO. Financial officers (CFOs and divisional CFOs) constitute 9% of the new directors. Other C-suite executives make up a further 10% of new directors. Other newly appointed members of the board come from academia or government.

Figure 6: New directors’ industries of expertise and roles

Industry of Expertise

Financial Services (25%) Industrial (18%)

Role

Professional Services (13%)

CEO/Partner (25%)

Government Official (6%) Other (34%)

Education, Nonprofit & Government (15%)

Consumer (9%)

Other Senior Executives (10%)

Life Sciences (4%)

Division CEO (9%)

Technology, Media & Telecommunications (15%)

Energy (1%)

CFO/Divison CFO (9%)

belgium board index 2016

Academics (7%)

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Board size and composition

Figure 7: Average age of directors 58.4

63.1 62.3 54.7

55.4

56.4 51.1

50.8

Men Women

Non-executives

Executives

CEO

Chair

Age of board members Executive and non-executive directors have an average age of 54.8 and 57.6 respectively (53.8 and 57.9 in the Bel20 companies and 55.5 and 58 in Bel Mid companies). The average age of chairmen is 62.5 years (62.8 for Bel20 companies and 63.1 for Bel Mid companies). The average age of CEOs is 55 (54.5 for Bel20 companies and 55.4 for Bel Mid companies). Overall, the average age of directors has not changed significantly compared with the previous year. It is interesting to point out that female directors are younger than their male counterparts with an average age of 54.6 compared with 58.5 for male directors. The difference is particularly high for the CEOs: female CEOs have an average age of 50.8 compared with 56.4 for male CEOs. 44% of companies have a mandatory retirement age for non-executive directors. Of these companies, 75% set the mandatory retirement age at 70.

Length of service The average length of service of non-executive directors is 5.3 years. The tenure of chairmen in their role stands at 5.3 years. 46.3% of chairmen have been in their posts for three years or less. The average tenure for chief executives is the same as last year at 6.4 years. Among finance directors, where they are a member of the board, the average tenure is 3.3 years. 14

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The independence criteria for Belgian board members stipulate that in order to qualify as independent, a director cannot have served for more than three consecutive terms or 12 years on the same board. Four companies also impose a limit of 12 years for non-independent non-executive directors.

Denmark

Finland

France

Germany

Italy

Netherlands

Norway

Russia

Spain

Sweden

Switzerland

UK

USA

Average tenure (years)

Belgium

THE BROADER VIEW: Average tenure

6.0

5.1

4.9

6.3

5.7

5.5

3.8

3.9

3.4

6.4

5.8

6.6

4.9

4.0

Director commitments The average number of outside boards held by each director is 0.8 (across all industries). This value varies between 0.5 and 1.3. Directors from consumer and energy companies have the highest number of outside boards on average at 1 and 1.3 respectively. Directors of TMT companies have the lowest number of outside boards at 0.5 on average (see Figure 8). 63% of chairmen hold directorships of other quoted companies: 44% of them have one other directorship and 23.5% have two. 32.4% of chairmen hold three or more other quoted company directorships. 40.3% of CEOs who are board members have one or more quoted company directorships.

Figure 8: Average number of additional quoted boards for directors by industry 1.3 1 0.8

Average

0.9 0.7

0.5

TMT

Consumer

belgium board index 2016

Financial Services

Life Sciences

Industrial

Energy

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Board meetings During the period of this survey, Belgian boards held on average 9.7 meetings. If only scheduled meetings are included, this figure falls to 8.6 meetings per year.

Table 1: Scheduled board meetings per year

Percentage of companies

4–5

6–7

8–9

10–11

12 or more

Not disclosed

22.2%

18.5%

20.4%

18.5%

14.8%

5.6%

Denmark

Finland

France

Germany

Italy

Netherlands

Norway

Russia

Spain

Sweden

Switzerland

UK

USA

Average number of scheduled board meetings per year

Belgium

THE BROADER VIEW: Scheduled board meetings

8.6

8.6

12.2

9

6.7

11.6

11.6

10

6

11.3

9.2

11.1

7.7

8.4

This analysis is based on scheduled meetings; of course, some companies held more meetings on an ad-hoc basis, either in person or by telephone or video, prompted by a particular corporate activity or a crisis. Some companies held up to three times as many meetings as were originally scheduled.

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Board evaluation A regular evaluation of board performance and effectiveness has become best practice internationally. The Belgian Code on Corporate Governance recommends companies undertake a board evaluation every two or three years. 45% of Belgian companies had a board evaluation during the last year. 34% were internally managed evaluations and 11% used an external facilitator. 30% of companies did not disclose whether or not they had any form of evaluation during the last year.

Figure 9: Board evaluation

belgium board index 2016

Internal Evaluation (33%)

No evaluation (26%)

External Evaluation (11%)

Not disclosed (30%)

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Committees

Committees Bel20 companies have on average 3.2 committees, compared with 2.9 last year. For the Bel Mid companies this number remains the same as last year, slightly lower than the Bel20 at 2.5.

Audit committee All companies in both indices have an audit committee as this is mandatory by law. 9.3% of all companies combine their audit with another committee (risk, finance, or compliance). The Belgian Code on Corporate Governance states that “at least a majority of the audit committee’s members should be independent”. This requirement is met by all companies in Bel20 and Bel Mid indices. The audit committees in the Bel20 have on average 3.9 members; 66.7% of them are independent. The audit committees in the Bel Mid have on average 3.3 members; 68.8% of them are independent.

Audit Committee Chairmen The Belgian Code on Corporate Governance also requires that “at least one of the audit committee members shall have accounting and auditing expertise”. The vast majority of companies meet this requirement by appointing an audit committee chairman with the necessary finance or accounting expertise: 35% of chairmen are current or former CFOs, 22% have worked in banks, and 19% in audit (see Figure 10). 11% of the chairmen are currently or used to be CEOs, but did not have any

Figure 10: Audit committee chairmen backgrounds CFO (35%)

Other (13%)

Banks (22%)

CEO (11%)

Audit: Big 4 (19%)

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specific finance-focused roles. The remaining 13% of chairmen have very diverse backgrounds, ranging from other senior executives to professors and politicians. Among the Bel20 companies, there is a substantial increase in the number of female chair of audit committees: 25% in 2016 compared to only 10% last year. The proportion of women on Bel20 audit committees did not change so dramatically: in 2016, 33% of all members were female, while in 2015 it was 30%. Bel Mid companies did not experience the same increase in the number of female audit committee chairmen: the proportion remained the same as last year — 16%. The proportion of women on the audit committee has slightly increased to 16% (13% last year).

Remuneration committee All Bel20 companies have a remuneration committee, either separate (55%) or combined with the nomination committee (45%). The remuneration committees in the Bel20, including those merged with nomination committees, have 3.6 members on average. 72% of remuneration committee members are independent and 32% are women. 15% of remuneration committees in the Bel20 have a female chair. These figures are approximately the same as last year. All but two Bel Mid company have a remuneration committee. 71% of Bel Mid companies combine the remuneration committee with the nomination committee and 26% have a separate remuneration committee. The remuneration committees in the Bel Mid have on average 3.4 members, 72% of whom are independent. 33.7% of the remuneration committee members are women and 8.8% of remuneration committees in the Bel Mid have a female chair.

belgium board index 2016

19

Committees

Nomination committee 80% of the Bel20 companies have a nomination committee. For the other 20% of companies, the duties of the nomination committee are either designated to the corporate governance committee or to the full board. 55% of the Bel20 companies combine the nomination committee with the remuneration committee and 25% have a separate nomination committee. The nomination committees in the Bel20 have on average 3.9 members, 58.3% of whom are independent. 29.1% of the nomination committee members are women and 12.5% of nomination committees in the Bel 20 have a female chair. The majority of the Bel Mid companies (87%) have a nomination committee. 71% of the companies combine the nomination and remuneration committees and 16% have a separate nomination committee. The nomination committees in the Bel Mid have on average 3.6 members, 65.6% of whom are independent. 32.2% of the nomination committee members are women and 16% of nomination committees in the Bel Mid have a female chair.

Table 2: Board committees for Bel20 and Bel Mid companies combined Number of members (average)

Number of meetings (average)

% of female members

% of female chairmen

% of independent members

Audit Committee

3.5

5.0

25.6%

17.6%

65.6%

Remuneration Committee

3.3

4.4

24.0%

11.8%

71.9%

Nomination Committee

3.4

4.2

24.0%

11.8%

62.6%

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Other committees 44% of all Belgian companies have set up committees in addition to audit, remuneration, and nomination (see Figure 11). The most common are strategy (31%), risk (15%), corporate governance (15%), health, safety, security and environment (HSSE), and finance committees (8%). Other committees set up by a board usually reflect the specialization of the company. For example, companies that operate in the biopharmaceutical industry have a scientific or R&D committee. Investment companies have formed investment and/or finance committees.

Figure 11: Other board committees

belgium board index 2016

Strategy (31%)

HSSE (12%)

Risk (15%)

Finance (8%)

Corporate Governance (15%)

Other (19%)

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Remuneration

Remuneration Chairmen Among companies that disclosed details about remuneration, 69.8% paid the chairman only a fixed fee and 26.4% paid both a fixed fee and attendance fees. 9.4% of companies did not award remuneration to the chairman. In these cases, either the chairman is also CEO and doesn’t receive additional remuneration for the chairmanship or the chairman is acting with a mandate for one of the major shareholders. The average fixed fee for chairmen is €113 828 in a range from €4 000 to €500 000 with a median of €81 125.2 The average attendance fee for chairmen is €3 868 per meeting. It is interesting to point out that the average attendance fee for chairmen has been increasing during the last three years from €3 254 in 2014 to €2 800 in 2015. The attendance fee is now 25% of the total remuneration of the chairmen, compared to 21% in 2013.3

Figure 12: Distribution of chairmen’s remuneration 38.5% 31.6% 26.3% 26.9% 21.1%

Bel 20

19.2%

15.8%

BelMid

11.5% 5.3%