Breaking the Barrier: Belgian CEOs Earn More Than 10 Million Euros Annually for the First Time”.

In 2023, two CEOs of listed companies in our country achieved a milestone by earning more than 10 million euros annually. Ilham Kadri of Solvay and Tim Van Hauwermeiren of Argenx were the first to break this barrier. Kadri’s exceptional bonus of 12 million euros for the split of Solvay into two separate listed companies, Solvay and Syensqo, contributed to her total package of 17.3 million euros. This was the first time that a Belgian CEO had earned more than 10 million euros annually, setting a new standard for CEO compensation in our country.

Van Hauwermeiren also reached the 10 million milestone by earning 10.75 million euros last year, which included a fixed salary, cash bonus, and stock options. The average remuneration of Belgium’s top CEOs increased to 3.29 million euros in 2023, a quarter higher than in 2022 due to Kadri’s exceptional bonus. Excluding the bonus, the average was consistent with the previous year and significantly higher than the average annual salary of an employee in our country.

The disparity between CEO earnings and average employee wages is 56 times, with CEOs earning over 47,600 euros annually. This has sparked discussions about executive compensation and income inequality in the corporate world. However, both Kadri and Van Hauwermeiren view their exceptional bonuses and earnings as justifiable rewards for their hard work and contributions to their respective companies’ successes.