Annual Report 2018

Remuneration for the Management Board in 2018

The remuneration of the Management Board in 2018 is comprised of a fixed and variable part and includes a fixed base salary, a variable remuneration component, post-employment benefits, share-based compensation benefits and other long-term benefits. The total aggregate remuneration received by the Management Board in 2018 was €4,017. The total aggregate amount of fringe benefits amounted to €74 for the financial year ended 31 December 2018.

The Management Board has partially achieved the 2018 financial target for revenue and did not achieve the 2018 financial target for profit growth. The personal targets of the Management Board were partially achieved. The Group objective for 2018 was partially achieved.

Upon termination of his service, a severance payment of €244 was paid to Theo Kiesselbach in 2018.

For more detail on the 2018 remuneration of the members of the Management Board, see note 33.3 to the Consolidated Financial Statements entitled 'Remuneration'.

Equity holdings

The number of shares owned by the Management Board as of December 31, 2018 is set out in the table below.


Shares owned

S. Borchert (CEO)


P.J. de Castro Fernandes (CFO)


Long-term incentive plan awards

The former CEO and the CFO have participated in the wider GrandVision long-term incentive plan. This plan consisted of shares and options in 2011-2013.

The options were Share Appreciation Rights which gave the participants a right to shares of GrandVision at vesting, typically between three to four years after the award. A wide group of senior management of GrandVision participated in this plan.

As from 2014 the GrandVision long-term incentive plan consists of shares only, except for the option awards under the Top LTIP plan. In the period 2011 to 2017 the CEO and the CFO have received awards, the following table shows the number of awards outstanding at December 31, 2018:

Share awards

Option awards

S. Borchert (CEO)



P.J. de Castro Fernandes (CFO)



For more detail on the long-term incentive plans for the CEO and the CFO, refer to note 26 of the consolidated financial statements.

Pay ratio

The ratio between the total average Management Board remuneration (in total) and a representative group of employees (employees working in the G4 countries) is 39. This is higher than in the previous year.