3.3.5Supervisory Board Remuneration in 2023
In accordance with the Supervisory Board Remuneration Policy, the remuneration paid out to the Supervisory Board in 2023 is as per below. Supervisory Board members do not receive variable remuneration.
Remuneration of the Supervisory Board by member in thousands of EUR
Name of Supervisory Board Member, Position | Year | Fees | Committee fees | Other benefits1 | Total remuneration |
|---|---|---|---|---|---|
Roeland Baan, Chair | 2023 | 120 | 9 | 1 | 130 |
2022 | 120 | 9 | 1 | 130 | |
Bernard Bajolet, Vice-Chair | 2023 | 80 | 14 | 1 | 95 |
2022 | 80 | 8 | 1 | 89 | |
Ingelise Arntsen, Member | 2023 | 75 | 14 | 1 | 90 |
2022 | 75 | 8 | 1 | 84 | |
Allard Castelein, Member2 | 2023 | 54 | 6 | - | 60 |
2022 | - | - | - | - | |
Hilary Mercer, Member3 | 2023 | 75 | 18 | 31 | 124 |
2022 | 55 | 13 | - | 69 | |
Jaap van Wiechen, Member | 2023 | 75 | 10 | 1 | 86 |
2022 | 75 | 12 | 1 | 88 | |
Sietze Hepkema, former Member4 | 2023 | 21 | 5 | - | 26 |
2022 | 75 | 16 | 1 | 92 | |
Cheryl Richard, former Member4 | 2023 | 21 | 3 | 10 | 34 |
2022 | 75 | 9 | - | 85 | |
Francis Gugen, former Vice-Chair5 | 2023 | - | - | - | - |
2022 | 22 | 3 | - | 24 |
- 1 Other benefits items for the supervisory board consist mainly of the lump sum for intercontinental travel at EUR 5,000 each and a yearly expense allowance of EUR 500.
- 2 As per April 13, 2023.
- 3 As per April 6, 2022.
- 4 Until April 13, 2023.
- 5 Until April 6, 2022.
In the table below, information on the annual change of remuneration of each individual Supervisory Board member is set out over the five most recent financial years.
Comparative table on the change of remuneration over the last five reported financial years in thousands of EUR
Annual Change1 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
Roeland Baan, Chair | 66 | 28% / 92 | 23% / 119 | 8% / 130 | 0% / 130 | (0%) / 130 |
Bernard Bajolet, Vice-Chair | 60 | 28% / 84 | 0% / 84 | 0% / 84 | 6% / 89 | 6% / 95 |
Ingelise Arntsen, Member | - | - | - | 61 | 27% / 84 | 7% / 90 |
Allard Castelein, Member | - | - | - | - | - | 60 |
Hilary Mercer, Member | - | - | - | - | 69 | 44% / 124 |
Jaap van Wiechen, Member | - | - | 61 | 34% / 93 | (6%) / 88 | (2)% /86 |
Sietze Hepkema, Member | 83 | 1% / 84 | 0% / 84 | 7% / 89 | 2% / 92 | (254)% /26 |
Cheryl Richard, Member | 99 | 14% / 115 | (28%) / 90 | (6%) / 85 | 0% / 85 | (150%) / 34 |
Francis Gugen, former Vice-Chair | 85 | 1% / 86 | 0% / 86 | 5% / 90 | (270)% /24 | (100%) / 0 |
Laurence Mulliez, former Member | 85 | 7% / 92 | 0% / 92 | (275%) / 24 | - | - |
Floris Deckers, former Chair | 124 | 10% / 138 | (268%) / 37 | - | - | - |
Thomas Ehret, former Vice-Chair | 90 | 1% / 91 | (300%) / 23 | - | - | - |
Frans Cremers, former Chair | 39 | - | - | - | - | - |
Lynda Armstrong, former member | 30 | - | - | - | - | - |
- 1 Annual change in percentage is calculated comparative to the amount of the current year.
None of the Supervisory Board members receives remuneration that is dependent on the financial performance of the Company, as per best practice 3.3. of the Corporate Governance Code.
SBM Offshore does not provide loans, advances or guarantees (and/or securities) to the members of the Supervisory Board.
3.3.6 Outlook for 2024
In 2023, the base salary for the Management Board members stayed the same. Bruno Chabas has served the Company for 12 years and will step down as CEO at the end of the 2024 AGM. The Management Board will continue after April 12, 2024 as a two-person board consisting of Øivind Tangen (CEO) and Douglas Wood (CFO). The Supervisory Board resolved to increase the base salary of Øivind Tangen to EUR775 thousand as of that date.
The Supervisory Board Remuneration Policy was approved in 2020. In 2023, the Supervisory Board reviewed its own Remuneration Policy and concluded that the Policy serves its purpose in full and therefore minor changes are proposed in our submission to the 2024 AGM.
Pursuant to Dutch law, the Management Board Remuneration Policy must be approved by shareholders every four years and is therefore subject to renewal at the AGM in 2025. In this context the base salary of Douglas Wood will be benchmarked this year. We will seek input from our shareholders on the Remuneration Policy during the course of 2024.