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General remuneration policy for the Management Board
General

The current remuneration policy for the Management Board, as formulated on the basis of Supervisory Board recommendations and approved by our shareholders on 13 April 2006, sets out the framework for remuneration of Schiphol Group Management Board members. The remuneration policy seeks to ensure market conformity to an extent that will allow us to attract high-quality managers and retain talent for the organisation.

The remuneration policy meets the best-practice provisions on remuneration defined in the Corporate Governance Code, and consists of a fixed portion and a variable portion. The variable section serves to remunerate the attainment of predetermined short and long-term objectives. To this end, the Supervisory Board establishes concrete performance targets at the start of each year for the award of the variable remuneration in consultation with the Management Board members. These targets should be both challenging, measurable and influenceable. In addition to financial and operational aspects, these targets must also emphatically extend to broader social aspects such as Corporate Responsibility and mainport development. At the end of each year, the Supervisory Board will assess the extent to which the Management Board members have met these performance targets, and duly award an appropriate variable remuneration.

Schiphol agreed on divergent terms of employment with Ms De Groot when she entered into service in 2012. This decision was taken in anticipation of the public debate on high-earning senior management staff and the ongoing discussions between the Supervisory Board and shareholders. These deviations from the aforementioned formal remuneration policy were aimed at and resulted in capping the overall remuneration level.

Employment contracts

The General Meeting of Shareholders appoints Schiphol Group directors for a period of four years, in accordance with the Corporate Governance Code. In principle, directors may be reappointed for another four-year period. The table below provides an overview of the term and end date for each Management Board member.

 

Position

Term

Term ends on

Jos Nijhuis

CEO

Second

31 December 2016

Ad Rutten

COO

Second

31 August 20141

Maarten de Groof

CCO

Second

31 January 2016

Els de Groot

CFO

First

30 April 2016

  • The Supervisory Board has extended the original expiry date of Mr Rutten's second term (31 August 2013) by one year. Mr Rutten will retire at the end of this new term.

All Management Board members are employed by N.V. Luchthaven Schiphol on the basis of an open-ended employment contract.