January 22, 2021


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Despite good gains, the Belgian CEO earns less than …

Despite good gains, the Belgian CEO earns less than ...

Belgian CEOs of publicly traded companies earn less than their Dutch and French counterparts, although they made much more in 2019 than the previous year. At least the CEOs of the Bel-20. This is the result of the latest edition of the annual survey by the Executive Remuneration Research Center of the Vlerick Business School.

To this end, Professor Xavier Baeten and researcher Marthe Van Hove looked at the annual reports of the 600 companies of Stoxx Europe, the 600 largest listed companies in Europe. In addition, 17 Belgian companies, including AB InBev, KBC, Solvay, UCB and Umicore. The average remuneration for all 600 companies is 2,990,000 euros (half earn more, the employees less). At 2,625,000 euros, Belgium is just behind the Netherlands (2,830,000 euros) and is lower. The CEOs of French listed companies receive significantly more (3,520,000 euros), while their Swedish colleagues are significantly lower at 1,750,000 euros.

Not that the CEOs of the Bel-20 could complain: Their remuneration increased from 1.7 to 2.4 million euros last year (median for all 20 CEOs). Their base salary remained practically stable, but bonuses and long-term incentives (stock options, etc.) rose sharply. Your colleagues from the smaller listed companies have to get by on much less (see table), while their salaries remained practically the same. We’ll have to wait for the next year’s issue to see the impact of the corona crisis on top wage developments.