Remuneration

Chair remuneration

Board chairs saw their total remuneration rise to an average of €188,592, an increase of 14% up from €164,869 noted in our 2022 Board Index.

Looking at the AEX and AMX separately, chairs in the AEX saw average pay increases of 17%, bringing their average 2023 remuneration to €277,895. AMX chairs also saw their average pay rise by 17%, reaching €141,286 during the same period. However, AEX chairs still earn nearly double the remuneration of their AMX counterparts.

Non-executive chairs on unitary boards continue to receive significantly higher pay, earning three times the fees of their counterparts on two-tier boards (€367,610 compared to €118,974). That said, this ratio was even higher in our last survey — the 2022 edition recorded a ratio of 3.8 — so average fees among unitary and two-tier boards appear to be converging.

The average total chair fee for an AEX unitary board is €671,728; AEX two-tier board chairs are paid an average of €154,822. In the AMX, the disparity between the two board systems is notably smaller, with unitary board chairs earning €217,899 compared to €102,979 for supervisory board chairs.

The significant difference in remuneration is influenced by the higher levels recorded by the chairs of DSM-Firmenich, RELX, Shell, and Unilever, which are among the highest-paying companies. All four of these companies have a head office outside of the Netherlands these days. Consequently, salary differences within the chair cohort appear to be influenced not only by the size and board structure of the companies, but also by the location of their headquarters, specifically in the UK and Switzerland.

Non-executive director remuneration

The average retainer fee for non-executive directors (excluding chairs and vice chairs) was €71,331, marking a 12% increase from the average retainer fee of €63.549 paid two years ago. Retainer cash fees range from €15,000 to €165,000.

Total fees for NEDs average €95,150. Vice-chairs receive an average additional fee of €17,916.

NEDs serving on AEX boards are paid a retainer fee of €82,294, which is about 19% more than the €69,286 received by the equivalent directors in the AMX. Average total pay for non-executive directors ranges from €35,210 to €219,133.

Committee fees

88% of AEX and AMX companies pay their board members an extra fee for committee membership. Only one company, Aegon, pays an additional fee for attending committee meetings on top of the standard committee membership fee.

Among the various committees, the audit committee commands the highest membership fees, with their respective chairs earning on average €17,966 and members €10,574. Both these numbers are marginally down, from €18,420 and €10,735 respectively.