In a landmark move, two CEOs of listed companies in our country have earned more than 10 million euros annually. Ilham Kadri of chemical group Solvay and Tim Van Hauwermeiren of biotech company Argenx achieved this milestone. Kadri’s exceptional bonus of 12 million euros for the split of Solvay into two separate listed companies, Solvay and Syensqo, contributed to her total package of 17.3 million euros, breaking the 10 million barrier for the first time. Van Hauwermeiren also reached the 10 million milestone by earning 10.75 million euros last year, including a fixed salary, cash bonus, and stock options.
The average remuneration of Belgium’s top CEOs was 3.29 million euros in 2023, a quarter higher than in 2022. Excluding bonuses, the average was 2.69 million euros, consistent with the previous year and significantly higher than the average annual salary of an employee in our country.
The disparity between CEO earnings and average employee wages is staggering at 56 times, with CEOs earning over 47,600 euros annually. This has sparked discussions about executive compensation and income inequality in the corporate world.
Despite this criticism, Kadri and Van Hauwermeiren’s exceptional bonuses and earnings have set a new standard for CEO compensation in our country.
Kadri was the top-earning CEO in Bel20 in 2023 due to her exceptional bonus that resulted from Solvay’s split into two separate listed companies. Meanwhile, Van Hauwermeiren earned his earnings through a combination of a fixed salary, cash bonus, and stock options.
The high earnings enjoyed by these two executives have raised concerns about income inequality within corporations. However, it is important to note that CEO salaries are often justified given their critical role in driving business growth and profitability.
In conclusion, while there may be some debate about executive compensation levels in the corporate world, it is clear that Kadri and Van Hauwermeiren have set a new benchmark for CEO compensation in our country through their exceptional bonuses and earnings.
