Financial Statements - Solvay

affi liated to the Pension Regulations
for executives in Belgium.
5. Global amount of compensation
and other benefi ts granted
directly or indirectly to the seven
other members of the Executive
Committee by the company or an
affi liated company.
(see table below)
Executive Committee members’
expenses, including those of its
Chairman, are governed by the
same rules as apply to all Group
management staff that is: the
justifi cation of all professional
expenses, item by item.
Private expenses are not reimbursed.
In the case of mixed professional/
private expenses (like cars), a
proportional rule is applied in the
same way as to all management staff
in the same position.
In the area of insurance, the Company
subscribes the same type of cover for
Executive Committee members as it
does for its senior managers.
Pensions and retirement and deathin-service
coverage for Executive
Committee members are based in
principle on the provisions of the
applicable schemes in their base
countries.
6. Options
In December 2008 the Board of
Directors allotted, on the proposal of
the Compensation and Appointments
Committee, stock options to senior
Group managers.
The exercise price amounts to
EUR 58.81 per option, with a threeyear
non-exercise period. Executive
Committee members together were
granted 112 000 options in 2008,
compared with 120 000 in 2007.
7. The most important provisions
of their contractual relationships
with the company and/or an
affi liated company, including
the provisions relating to
compensation in the event of early
departure.
Executive Committee members,
including the Chairman, have
directorships in Group subsidiaries
as a function of their responsibilities.
Where such mandates are
compensated, they are included in
the amounts given above, regardless
of whether the mandate is deemed to
be salaried or undertaken on a selfemployed
basis under local legislation.
No Executive Committee member,
including the Chairman, benefi ts from
any “golden parachute” clause.
If their function ends anticipatedly,
only the legal system applies.
Compensation and other benefi ts granted to
the Chairman of the Executive Committee
2007 2008
Base compensation 755 351 774 266
Variable compensation 906 421 216 093
Pension and death-in-service and disability
coverage (costs paid or provided for)
197 015 209 661
Other remuneration components1 14 216 13 410
Compensation and other benefi ts granted to
the other members of the Executive Committee
2007 2008
Base compensation 2 635 689 2 633 232
Variable compensation 2 159 590 1 628 323
Pension and death-in-service and disability
coverage (costs paid or provided for)
1 465 4852 605 462
Other remuneration components3 113 446 107 492
Financial
117
1. Company vehicules.
2. Adjustment linked to the
pension retirement of a member
of the Executive Committee.
3. Representation allowance,
luncheon vouchers, company
car.
Solvay Global Annual Report 2008
Financial