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Remuneration for the Supervisory Board

Total remuneration for members of the Supervisory Board in 2020 amounted to € 0.4 million (2019: € 0.4 million).

Each member of the Supervisory Board receives an annual base fee of € 50,000; the Vice-Chairman receives € 60,000 and the Chairman € 70,000.

For membership of the Audit Committee an additional fee of € 10,000 applies and for the Chairman € 15,000. Members of the Appointment and Governance Committee, Remuneration Committee, or Science and Technology Committee receive an additional € 7,000 in fee; the fee for the Chairman of these committees amounts to € 9,000. In addition, members receive reimbursement of expenses.

Breakdown remuneration Supervisory Board

    
 

IAS 24.17 category

Short-term employee benefits *)

 

Total

Thousands of euros

Year

Base fee

Committee fee

 

M. Vrijsen, Chairman (Chairman Appointment and Governance Committee / member Remuneration Committee / member Science and Technology Committee)

2020

70

23

93

 

2019

70

23

93

R. Markham, Vice-Chairman (Chairman Remuneration Committee / member Appointment and Governance Committee)

2020

60

16

76

 

2019

60

16

76

L. Doherty (member Audit Committee)

2020

50

10

60

 

2019

50

10

60

I. Haaijer (member Audit Committee/ member Science and Technology Committee) (started 29 June 2020)

2020

25

4

29

 

2019

   

S. Schmitz (member Audit Committee)
(started 29 June 2020; stepped down as of 14 September 2020

2020

15

0

15

 

2019

   

J. de Kreij (Chairman Audit Committee)

2020

50

15

65

 

2019

50

15

65

S. Riisgaard (Chairman Science and Technology Committee / member Remuneration Committee / member Appointment and Governance Committee)

2020

50

23

73

 

2019

50

23

73

 

Total 2020

320

91

411

 

Total 2019

280

87

367

  • * Excluding expenses

Members of the Supervisory Board are neither entitled to variable remuneration nor to shares in the company or any option rights relating thereto. The total remuneration for each (former) member of the Supervisory Board complies with the remuneration policy for the Supervisory Board, as it stays within the boundaries of this policy and no deviations from this policy have been applied. Members of the Supervisory Board are on the payroll of Corbion nv; they did not receive remuneration from a subsidiary or another company whose financials are consolidated by Corbion nv. Corbion does not grant loans, advances, or guarantees to members of the Supervisory Board.

Remuneration former member of the Board of Management

Mr. Tjerk de Ruiter stepped down as CEO and Chairman of the Board of Management as at 8 August 2019. The contract of assignment with Mr. De Ruiter expired on 12 May 2020.

For the STIP, an actual pay-out level of 135% has been achieved for organic net sales growth, 169.2% for adjusted EBITDA, and 150% for sustainability. This has led to a total pay-out of 151.7% of the at-target STIP for Tjerk de Ruiter (pro-rata entitlement). This resulted in (i) a payment in cash of € 162,000 and a payment in shares of 183 shares (representing a value of € 8,663 at the time of vesting (based on a vesting price of € 47.35)

The LTIP 2017-2020 series was based on the following performance measures: EBITDA (60%), Earnings per Share (EPS) (20%), and TSR (20%). For the LTIP shares conditionally granted under this plan to Tjerk de Ruiter, an actual pay-out level of 83.3% has been achieved for the EBITDA target, 67.1% for EPS, and 75% for TSR as Corbion ranked 6th in the peer group. This has led to a total pay-out of 78.4% of the at-target LTIP for Tjerk de Ruiter. The number of vested shares received by Tjerk de Ruiter is 18,491. Tjerk de Ruiter used the option of selling shares to finance the income tax due on the vested shares.

The table below shows the amounts which Tjerk de Ruiter (i) received/was entitled to in 2020 (base salary, STIP, benefits allowance) and (ii) received/was entitled to in 2020 by way of vesting (LTIP).

Thousands of euros

Year

Base salary

STIP

LTIP

Benefits allowance

Special share award

Other compensation

Relocation

Total

T. de Ruiter (former CEO)

2020*

225

171

591

75

  

40

1,102

 

2019

600

284

555

200

 

500

 

2,139

  • * Until 12 May 2020