3.4.3Other Remuneration Information
Various tables are included in this section, in compliance with the implemented EU Shareholder Rights’ Directive into Dutch law. These tables are designed to increase transparency and accountability for the execution of RP 2018 and aim to allow shareholders, potential investors and other stakeholders to better assess Management Board remuneration.
The following table includes further details regarding the various (historical) share plans, including the changes throughout 2021.
Conditions of and information regarding share plans
|
The main conditions of share award plans |
Information regarding the reported financial year |
|||||||
|---|---|---|---|---|---|---|---|---|
|
Opening balance 1 |
During the year |
Closing balance 2 |
||||||
|
Specification of plan |
Performance period3 |
Grant date |
Vesting date(s) |
End of retention period |
Shares held at the beginning of the year |
Shares granted (# / EUR x 1,000)4 |
Shares vested (# / EUR x 1,000)5 |
Shares subject to a retention period |
|
Bruno Chabas, CEO |
||||||||
|
2016 LTI |
2016-2018 |
10-03-2016 |
09-04-2019 |
09-04-2021 |
108,279 |
0 / 0 |
0 / 0 |
- |
|
2017 LTI |
2017-2019 |
09-02-2017 |
08-04-2020 |
08-04-2022 |
85,873 |
0 / 0 |
0 / 0 |
85,873 |
|
Value Creation Stake 2018 |
N/A |
01-01-2018 |
01-01-2018 |
01-01-2023 |
77,402 |
0 / 0 |
0 / 0 |
77,402 |
|
Value Creation Stake 2019 |
N/A |
01-01-2019 |
01-01-2019 |
01-01-2024 |
74,043 |
0 / 0 |
0 / 0 |
74,043 |
|
Value Creation Stake 20206 |
N/A |
01-01-2020 |
01-01-2020 |
01-01-2025 |
65,821 |
0 / 0 |
0 / 0 |
65,821 |
|
Value Creation Stake 2021 |
N/A |
01-01-2021 |
01-01-2021 |
01-01-2026 |
- |
114,397 / 1,797 |
114,397 / 1,797 |
63,466 |
|
Philippe Barril, COO |
||||||||
|
2016 LTI |
2016-2018 |
10-03-2016 |
09-04-2019 |
09-04-2021 |
54,778 |
0 / 0 |
0 / 0 |
- |
|
2017 LTI |
2017-2019 |
09-02-2017 |
08-04-2020 |
08-04-2022 |
54,712 |
0 / 0 |
0 / 0 |
54,712 |
|
Value Creation Stake 2018 |
N/A |
01-01-2018 |
01-01-2018 |
01-01-2023 |
53,292 |
0 / 0 |
0 / 0 |
53,292 |
|
Value Creation Stake 20196 |
N/A |
01-01-2019 |
01-01-2019 |
01-01-2024 |
58,603 |
0 / 0 |
0 / 0 |
58,603 |
|
Value Creation Stake 2020 |
N/A |
01-01-2020 |
01-01-2020 |
01-01-2025 |
54,686 |
0 / 0 |
0 / 0 |
54,686 |
|
Value Creation Stake 2021 |
N/A |
01-01-2021 |
01-01-2021 |
01-01-2026 |
- |
75,508 / 1,186 |
75,508 / 1,186 |
41,891 |
|
Erik Lagendijk, CGCO |
||||||||
|
2016 LTI |
2016-2018 |
10-03-2016 |
09-04-2019 |
09-04-2021 |
42,122 |
0 / 0 |
0 / 0 |
- |
|
2017 LTI |
2017-2019 |
09-02-2017 |
08-04-2020 |
08-04-2022 |
42,936 |
0 / 0 |
0 / 0 |
42,936 |
|
Value Creation Stake 2018 |
N/A |
01-01-2018 |
01-01-2018 |
01-01-2023 |
33,924 |
0 / 0 |
0 / 0 |
33,924 |
|
Value Creation Stake 2019 |
N/A |
01-01-2019 |
01-01-2019 |
01-01-2024 |
32,511 |
0 / 0 |
0 / 0 |
32,511 |
|
Value Creation Stake 20206 |
N/A |
01-01-2020 |
01-01-2020 |
01-01-2025 |
35,498 |
0 / 0 |
0 / 0 |
35,498 |
|
Value Creation Stake 2021 |
N/A |
01-01-2021 |
01-01-2021 |
01-01-2026 |
- |
61,667 / 968 |
61,667 / 968 |
34,212 |
|
Douglas Wood, CFO |
||||||||
|
Restricted Shares |
N/A |
01-10-2016 |
01-10-2019 |
01-10-2021 |
15,265 |
0 / 0 |
0 / 0 |
- |
|
2016 LTI |
2016-2018 |
10-03-2016 |
09-04-2019 |
09-04-2021 |
31,591 |
0 / 0 |
0 / 0 |
- |
|
2017 LTI |
2017-2019 |
09-02-2017 |
08-04-2020 |
08-04-2022 |
42,936 |
0 / 0 |
0 / 0 |
42,936 |
|
Value Creation Stake 2018 |
N/A |
01-01-2018 |
01-01-2018 |
01-01-2023 |
33,924 |
0 / 0 |
0 / 0 |
33,924 |
|
Value Creation Stake 2019 |
N/A |
01-01-2019 |
01-01-2019 |
01-01-2024 |
32,511 |
0 / 0 |
0 / 0 |
32,511 |
|
Additional Value Creation Stake 2019 |
N/A |
01-07-2019 |
01-07-2019 |
01-07-2024 |
2,323 |
0 / 0 |
0 / 0 |
2,323 |
|
Value Creation Stake 2020 |
N/A |
01-01-2020 |
01-01-2020 |
01-01-2025 |
35,554 |
0 / 0 |
0 / 0 |
35,554 |
|
Value Creation Stake 2021 |
N/A |
01-01-2021 |
01-01-2021 |
01-01-2026 |
- |
61,667 / 968 |
61,667 / 968 |
34,212 |
|
Peter van Rossum, former CFO |
||||||||
|
2016 LTI |
2016-2018 |
10-03-2016 |
09-04-2019 |
09-04-2021 |
31,580 |
0 / 0 |
0 / 0 |
- |
|
2017 LTI |
2017-2019 |
09-02-2017 |
08-04-2020 |
08-04-2022 |
4,174 |
0 / 0 |
0 / 0 |
4,174 |
|
1,104,338 |
313,239 / 4,919 |
313,239 / 4,919 |
994,504 |
|||||
- 1 Opening balance consists of both shares held and unvested grants for conditional plans at assumed maximum target.
- 2 Closing balance consists of the full grant and vesting of the relevant plan, including any sell-to-cover performed to compensate a wage tax impact.
- 3 Performance period always refers to a full year
- 4 Converted at the share price at the date of grant
- 5 Converted at the share price at the date of vesting
- 6 Includes additional Value Creation Stake granted due to salary increase
The purpose of this table is to show actual total remuneration of Management Board members during the reported financial year. It includes the STI 2021. The relative proportion of fixed and variable remuneration in the reported financial year is also presented, whereas for the purpose of this table, the Value Creation Stake is earmarked as variable remuneration. This table is in line with the current draft Guidelines on the Standardized Presentation of the remuneration report as regards the encouragement of long-term shareholder engagement.
Remuneration of the Management Board by member in thousands of EUR
|
in thousands of EUR |
Fixed remuneration |
Variable remuneration |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Name of Director, Position |
Year |
Base salary |
Other benefits |
STI1 |
LTI |
Value Creation Stake2 |
Extra- ordinary Items3 |
Pension expense |
Total remuneration |
Proportion of fixed and variable remuneration |
|
Bruno Chabas, CEO |
2021 |
960 |
250 |
1,279 |
- |
1,797 |
- |
294 |
4,580 |
33% / 67% |
|
2020 |
960 |
213 |
1,176 |
2,112 |
1,965 |
- |
296 |
6,721 |
22% / 78% |
|
|
Philippe Barril, COO |
2021 |
634 |
188 |
633 |
- |
1,186 |
- |
158 |
2,799 |
35% / 65% |
|
2020 |
634 |
154 |
582 |
1,056 |
1,311 |
- |
158 |
3,895 |
24% / 76% |
|
|
Erik Lagendijk, CGCO |
2021 |
518 |
45 |
517 |
- |
968 |
- |
129 |
2,177 |
32% / 68% |
|
2020 |
518 |
39 |
475 |
1,056 |
1,062 |
- |
129 |
3,278 |
21% / 79% |
|
|
Douglas Wood, CFO |
2021 |
518 |
50 |
517 |
- |
968 |
- |
129 |
2,182 |
32% / 68% |
|
2020 |
518 |
44 |
475 |
1,056 |
1,071 |
- |
129 |
3,293 |
21% / 79% |
|
|
Peter van Rossum, former CFO |
2021 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
2020 |
- |
- |
- |
103 |
- |
- |
- |
103 |
0% / 100% |
|
- 1 STI based on accrual accounting, taking into consideration that this reflects the STI to be paid over the performance of that year.
- 2 The Value Creation Stake does not meet the definition of either fixed or variable remuneration, but for the proportion is considered variable.
- 3 The extra-ordinary items consist of the sign-on RSUs granted to the Management Board member upon joining the Company.
In the table below, information on the annual change of remuneration of each individual Management Board member is set out over the five most recent financial years. In addition, the performance of the Company (measured in Directional Underlying EBITDA and TRIFR) is displayed as well as the average remuneration on a full-time equivalent basis of employees of the Company (calculated in the same manner as the internal pay ratio in this section). Under RP 2015, LTI shares vested three years after award. Under RP 2018, the LTI was replaced by the Value Creation Stake, which vests immediately upon award. As a result, for the years 2018, 2019 and 2020, this table includes both the former LTI vesting and the Value Creation Stake.
Comparative table on the change of remuneration and company performance over the last five reported financial years
|
in thousands of EUR, except company's performance |
||||||
|---|---|---|---|---|---|---|
|
Annual Change 1 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
|
Bruno Chabas, CEO |
4,039 |
30% / 5,749 |
5% / 6,037 |
4% / 6,293 |
6% / 6,721 |
(47%) / 4,580 |
|
Philippe Barril, COO |
1,192 |
26% / 1,602 |
61% / 4,100 |
(2%) / 4,030 |
(3%) / 3,895 |
(39%) / 2,799 |
|
Erik Lagendijk, CGCO |
812 |
27% / 1,118 |
61% / 2,869 |
10% / 3,174 |
3% / 3,278 |
(51%) / 2,177 |
|
Douglas Wood, CFO |
218 |
82% / 1,233 |
36% / 1,941 |
43% / 3,422 |
(4%) / 3,293 |
(51%) / 2,182 |
|
Peter van Rossum, former CFO |
2,368 |
(26%) / 1,877 |
(114%) / 878 |
(45%) / 607 |
(491%) / 103 |
- |
|
Company´s performance |
||||||
|
Underlying Directional EBITDA in million US$ |
778 |
3% / 806 |
(3%) / 784 |
6% / 832 |
16% / 992 |
(7%) / 931 |
|
TRIFR2 |
0.31 |
(63%) / 0.19 |
(6%) / 0.18 |
(38%) / 0.13 |
(30%) / 0.10 |
(67%) / 0.06 |
|
Average employee expenses on a full-time equivalent basis |
||||||
|
Average employee expenses of the Company3 |
112 |
6% / 119 |
(6%) / 113 |
3% / 117 |
(3%) / 114 |
(11%) / 102 |
- 1 Annual change in percentage is calculated comparative to the amount of the current year.
- 2 Total recordable injury frequency rate trends are positive when downwards.
- 3 The average employee expenses of the company are based on the IFRS expenses including share based payments. The average employee expenses are influenced by both the composition of the population both in function as well as geographical location and the related foreign currency impacts. This calculation has a different basis than the pay-ratio calculation in accordance with the Dutch corporate governance code.
For more information on the actual performance of the STI 2021, reference is made to 3.4.2 under Short-Term Incentive.
Performance STI 2021
|
Performance measure |
Salary |
Relative Weighting |
Threshold |
Target |
Maximum |
Actual performance |
Actual in % of base salary |
|
|---|---|---|---|---|---|---|---|---|
|
Profitability |
||||||||
|
Underlying directional EBITDA |
50% |
US$ 840M |
US$ 880M |
US$ 920M |
US$ 931M |
150% |
||
|
Corresponding awards in € |
Bruno Chabas, CEO |
960,000 |
€ 240,000 |
€ 480,000 |
€ 720,000 |
€ 720,000 |
150% |
|
|
Philippe Barril, COO |
633,650 |
€ 118,809 |
€ 237,619 |
€ 356,428 |
€ 356,428 |
113% |
||
|
Erik Lagendijk, CGCO |
517,500 |
€ 97,031 |
€ 194,063 |
€ 291,094 |
€ 291,094 |
113% |
||
|
Douglas Wood, CFO |
517,500 |
€ 97,031 |
€ 194,063 |
€ 291,094 |
€ 291,094 |
113% |
||
|
Growth |
||||||||
|
Order intake FPSO, NES |
30% |
SBM Offshore does not disclose order intake details as this is considered market sensitive information |
||||||
|
Corresponding awards in € |
Bruno Chabas, CEO |
960,000 |
€ 144,000 |
€ 288,000 |
€ 432,000 |
€ 360,000 |
125% |
|
|
Philippe Barril, COO |
633,650 |
€ 71,286 |
€ 142,571 |
€ 213,857 |
€ 178,220 |
94% |
||
|
Erik Lagendijk, CGCO |
517,500 |
€ 58,219 |
€ 116,438 |
€ 174,656 |
€ 145,551 |
94% |
||
|
Douglas Wood, CFO |
517,500 |
€ 58,219 |
€ 116,438 |
€ 174,656 |
€ 145,551 |
94% |
||
|
Sustainability |
||||||||
|
T1/T2 incidents, Mass of gas flared under SBM account, TRIFR and SDG target completion |
20% |
Target T1/T2 LOPC Events = 3; Target mass of gas flared under SBM account (MMscft/day) (average per unit) = 1.6; Target TRIFR = 0.18; Target SDG #3, #4, #7, #8, #9, #13, #14 Completion at 100% |
||||||
|
Corresponding awards in € |
Bruno Chabas, CEO |
960,000 |
€ 96,000 |
€ 192,000 |
€ 288,000 |
€ 199,440 |
104% |
|
|
Philippe Barril, COO |
633,650 |
€ 47,524 |
€ 95,048 |
€ 142,571 |
€ 98,725 |
78% |
||
|
Erik Lagendijk, CGCO |
517,500 |
€ 38,813 |
€ 77,625 |
€ 116,438 |
€ 80,629 |
78% |
||
|
Douglas Wood, CFO |
517,500 |
€ 38,813 |
€ 77,625 |
€ 116,438 |
€ 80,629 |
78% |
||
|
Total pay out on STI |
Bruno Chabas, CEO |
960,000 |
€ 480,000 |
€ 960,000 |
€ 1,440,000 |
€ 1,279,440 |
133% |
|
|
Philippe Barril, COO |
633,650 |
€ 237,619 |
€ 475,238 |
€ 712,856 |
€ 633,373 |
100% |
||
|
Erik Lagendijk, CGCO |
517,500 |
€ 194,063 |
€ 388,125 |
€ 582,188 |
€ 517,274 |
100% |
||
|
Douglas Wood, CFO |
517,500 |
€ 194,063 |
€ 388,125 |
€ 582,188 |
€ 517,274 |
100% |
||