CEO salaries of the largest Belgian companies have improved in recent years
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    CEO salaries of the largest Belgian companies have improved in recent years

    More than 70% of CEOs of Bel 20 and Bel Mid companies enjoyed an increase in their salary between 2014 and 2016. This compares to 46% of small stock exchange-listed companies. It is according to a survey by the Vlerick Business School published on Wednesday. The bosses of the highest performing companies are less well paid.

    The survey studied the pay of senior executives within 861 stock exchange-listed companies. These were located in France, the Netherlands, Germany, the United Kingdom, Sweden, and of course Belgium. The conclusions of the report indicate that in Belgium the increase was more significant in Bel 20 companies, revolving around the systems relating to variable pay.

    The median overall remuneration (fixed salaries, bonuses and shares-based remuneration) of CEOs in Bel 20 companies reached €2.08 million in 2016, or an increase of 26%, compared to 2015. In contrast, median remuneration remained stable in smaller companies (€690,000 last year compared to €675,000 in 2015).

    Internationally, 59% of CEOs enjoyed an increase in pay between 2014 and 2016. Moreover, German and British bosses of companies listed on the stock exchange were deemed to be “overpaid”. The study arrives at this latter conclusion, taking account of current market data, size, sector and company profitability.

    The wage ratio, the difference between the pay of the CEO and that of the average worker, reaches 37 in the Bel 20, 23 within the Bel Mid and 13 within the Bel Small. The wage ratio is more significant in the Netherlands (71), Germany (89), France (91) and the United Kingdom (94).

    Lars Andersen
    The Brussels Times