Remuneration of the Key Management Personnel of the Company
The remuneration of the key management personnel of the Company paid during the year, including pension costs and performance-related Short-Term Incentives (STI), amounted to US$14 million (2022: US$15 million). There are no loans outstanding to members of the key management or guarantees given on behalf of members of the key management.
The performance-related part of the remuneration of the Management Board, comprising Value Creation Stake and STI components, was 66% (2022: 60%). The Management Board’s remuneration decreased in 2023 versus 2022, mainly explained by the decrease to three members in the overall year-by-year comparison.
The total remuneration and associated costs of the Management Board and other key management personnel (members of the Executive Committee) is specified as follows:
Remuneration key management personnel
in thousands of US$ | Base salary | STI1 | Share-based compensation2 | Other3 | Pensions4 | Total remuneration |
|---|---|---|---|---|---|---|
Management Board Members | ||||||
2023 | 2,186 | 2,279 | 3,866 | 457 | 585 | 9,373 |
2022 | 3,036 | 1,864 | 4,634 | 546 | 728 | 10,808 |
Other key personnel5 | ||||||
2023 | 2,021 | 562 | 1,292 | 442 | 442 | 4,759 |
2022 | 2,124 | 517 | 1,075 | 379 | 336 | 4,430 |
Total 2023 | 4,207 | 2,841 | 5,158 | 899 | 1,027 | 14,132 |
Total 2022 | 5,159 | 2,382 | 5,709 | 925 | 1,064 | 15,238 |
- 1 For the Management Board this represents the actual STI approved by the Supervisory Board, which has been accrued over the calendar year, payment of which will be made in the following year.
- 2 This share-based compensation represents the period expense of share-based payments in accordance with IFRS 2.
- 3 Consisting of social charges, lease car expenses, and other allowances.
- 4 This represents company contributions to defined contribution pension plans; in case of absence of a qualifying pension scheme such contribution is paid gross, withholding wage tax at source borne by the individuals.
- 5 The definition of 'Other key personnel' is aligned with the Executive Committee, as disclosed on the Company's website.
The table above represents the total remuneration in US dollars, being the reporting currency of the Company.
As at December 31, 2023, there are no unvested shares of current and former Management Board members. The total number of vested shares held by current Management Board members are reported in note 4.3.22 Equity Attributable to Shareholders.