2008 Annual Report - SBM Offshore

SBM Offshore Annual Report 2008 / Report of the Supervisory Board29Section 6: Dutch Corporate Governance CodeThe amended Dutch Corporate Governance Code waspublished in December 2008. Although it does not yet applyto the Annual Report 2008, the Supervisory Board hasconsidered the changes to the Code and their impact onthe RP2008, the actual remuneration of Managing Directorsand the Remuneration Report to ensure compliance withthe latest insights and best practices in respect of goodgovernance as regards executive remuneration. In thisrespect the Supervisory Board wishes to specificallymention the following:• scenario analyses of the Long-Term Incentive awardsmade in 2008 (for the performance period 2008-2009-2010) and the awards to be made in 2009 (forthe performance period 2009-2010-2011) have beencarried out by the Remuneration Committee with theassistance of independent remuneration consultants.These remuneration consultants do not advise any ofthe Managing Directors;• the total remuneration package consists of anappropriate mix of fixed and variable remunerationelements contributing to the increase in long-termvalue of the Company. Both the Short-Term and theLong-Term Incentive arrangements contribute tolong-term value creation: the Short-Term Incentiveby partly paying out in shares and the matchingcomponent; the Long-Term Incentive by linking thevesting to the average EPS growth over a three yearperiod;• the RP2008 has contributed to a more simple andtransparent remuneration structure;• the remuneration structure and elements do notencourage risk taking that is not in line with the riskprofile of the Company;• a ceiling (cap) applies to the vesting of the Long-TermIncentive.‘Normand Installer’ during installation of the FPSO Saxi Batuque