We analysed chair, vice chair, and NED fee structure, average fee, fixed retainer
and payout for 2024.
Remuneration structures can vary, and companies are free to remunerate their directors either
by paying a fixed fee, or combining that fee with a variable depending on
number of meetings, or shares. Remuneration can also be purely variable i.e.
fees per meeting or shares.
Chairs
This year 43% of the chairs received only fixed fees, and 43% received a combination
of fixed and variable fees depending on number of meetings attended. Six
companies (13%) include shares in their chairs’ fee structure. The remaining 1%
relates to Econocom, as the fee structures do not apply due to Jean-Louis
Bouchard’s role as the founder, chair, and CEO of the group.
Occasionally, the compensation paid to chairs differs from a company’s remuneration policy.
To clearly identify this discrepancy, we refer to the policy guidelines as fees
or retainers, and the actual amount received by the chair for the year as a payout.
The average total chair fee is €185,007 per year in 2024, with the Bel 20 companies
averaging €249,340 and Bel Mid companies €139,736.
The average chair fixed retainer (excluding shares) is €156,801. Among the Bel 20 the
average fixed retainer for chairs is €181,050, and among the Bel Mid it is €139,736.
The average chair payout is €179,250, with the Bel 20 companies averaging €241,156
on chair cost or payout, and the Bel Mid companies €157,272.
Vice chairs
16 companies (34% of the boards) have vice chairs in 2024, compared to 12
companies or 21% last year.
Among those 16 companies, we note that the average total vice chair remuneration is €125,194.
Eight of the companies pay their vice chairs a combination of fixed fees and
attendance fees. Four companies only pay fixed fees. Three pay a combination of
fixed fees with shares. One company pays attendance fees only.
Non-executive directors
53% of the companies pay their NEDs a fixed fee plus attendance fee. 30% pay only a
fixed fee. 13% of the companies include shares in their remuneration. 4% pay
only an attendance fee to their NEDs.
The average NED fixed fee is €55,012, with an average meeting fee of €2,576. Bel 20
companies pay an average fixed fee of €65,717, with an average meeting fee of €2,778.
Bel Mid companies pay an average fixed fee of €47,748, with an average meeting
fee of €2,475.
The average total cost of NEDs across both indices is €69,711
— BEL 20 with €102,077 and BEL MID with €47,748.
Committees
Among those companies that remunerate committee members, 62% pay an additional fee to
the chair of the audit committee. 44% pay an additional fee to the chair of the
nomination committee and 50% pay an additional fee to the chair of the remuneration
committee.
The average audit committee chair fixed fee is €20,172, and average meeting
attendance fee is €3,164. The average audit committee member fixed fee is €12,760,
and average meeting attendance fee is €2,360.
The average nomination committee chair fixed fee is €17,000, and average meeting
attendance fee is €3,600. The average nomination committee member fixed fee is
€8,583, and average meeting attendance fee is €2,280.
The average remuneration committee chair fixed fee is €12,200, and average meeting
attendance fee is €2,775. The average remuneration committee member fixed fee
is €6,875, and average meeting attendance fee is €2,115.
Among combined remuneration & nomination committees, the average fixed chair fee
is €14,285, and average meeting fee €2,612. The average fixed member fee is
€7,800 and meeting fee €2,194.
Total paid to board
Looking at the total paid remuneration for the financial year ending on 31st
December 2023 the average compensation cost of the board was €807,256.
In the Bel 20 index, Argenx paid its board the most in 2024 with €3,847,027,
followed by Sofina at €2,325,664, and Solvay at €2,182,605. The lowest paid
board of the Bel 20 index is Melexis, with €60,000 in 2024.
In the Bel Mid index, the highest cost for its board is Proximus with €1,491,432
in 2024, followed by Bekaert with €1,347,500. The lowest cost in the Bel Mid is
at Brederode, with €52,000 in 2024.