Study on the remuneration of non-executive directors in Belgian listed companies

Context and purpose of the study

Over more than a decade, GUBERNA has produced a series of reference studies on the remuneration of non-executive board members. The 6th edition of the report examines 2024 remuneration practices for non-executive directors (NEDs) in Belgian listed companies within the BEL 20, BEL Mid and BEL Small indices.
The study analyses remuneration policies and levels for non-executive board members, board chairs, and committee members and chairs, based on public data. Its objective is to provide boards and stakeholders with a clear, comparable and fact-based view of current remuneration practices. View the summary article of the study.

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Why non-executive remuneration deserves board attention

In recent years, boards and remuneration committees have rightly focused on important topics such as executive compensation, diversity in board composition, and succession planning.

A preview of the key findings

The full report contains detailed analysis and benchmarking. Key findings include:

Remuneration of board members:

• Independent board members are always remunerated in Belgian listed companies.
• (Non-independent) non-executive board members receive remuneration in most cases.
• Executive directors are remunerated separately for their board mandate in only a minority of companies.

Trends in total board costs (2021–2024):

• In BEL Small companies, the total cost of a board member increased by more than 50%.
• In BEL Mid companies, costs rose by approximately 25%.
• In BEL20 companies, costs remained largely unchanged (based on median total annual remuneration, excluding share-based remuneration).

Median annual cost per board member in 2024 (excluding share-based remuneration):

• BEL20 companies: €89,827
• BEL Mid companies: €58,320
• BEL Small companies: €47,250

Remuneration structure:

• The combination of a fixed annual fee plus an attendance fee per meeting has steadily gained popularity since 2016.
• This is now the predominant pay structure for non-executive directors in BEL20 and BEL Mid companies.
• In BEL Small companies, more than half of board members receive a fixed annual fee only. 

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Your Investment

The detailed study on the remuneration of non-executive directors is available upon request at the following prices:

• Elevate members (formerly Institutional members): included in your membership.
• Connect members (formerly Collective members): discounted price of €250, excluding VAT.
• Other or non-members: €500, excluding VAT.

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