In accordance with the Corporate Governance Code and the remuneration policy for State shareholdings, the Supervisory Board draws up the remuneration policy for the Schiphol Group Management Board members based on the recommendations of the Remuneration Committee. The General Meeting of Shareholders of Schiphol Group then adopts the remuneration policy. Each year, based on the recommendations of the Remuneration Committee, the Supervisory Board determines the fixed and variable salary components within the framework of the approved remuneration policy.
The Supervisory Board and the Management Board members agree a performance contract at the beginning of the year for the variable salary component. This contract lays down pre-agreed specific, challenging, measurable and controllable targets for both the short and long term. The targets set for each Management Board member on this occasion include not only financial targets, but also socio-economic and operational targets, including targets with regard to Corporate Responsibility and Mainport development. After having assessed the Management Board members' performance over the previous year, the Supervisory Board determines whether they have achieved their collective and individual targets.
The Supervisory Board also regularly examines whether the fixed and variable salary components are in line with current market practice, taking into account the remuneration policy for State shareholdings.
The basic principle of the remuneration policy is that the remuneration should be in line with current market practice and that Schiphol Group should be able to attract, retain and motivate skilled managers on the basis of the agreed remuneration policy. The policy must support both the company's short-term and long-term objectives. The remuneration levels must be in line with the remuneration levels of comparable companies and organisations.
The current remuneration policy was adopted by the General Meeting of Shareholders held on 13 April 2006. Since 2011, consultations have been held between the Supervisory Board and the shareholders on a readjustment of the remuneration policy. The basic idea is that the new remuneration policy will result in lower maximum salaries and less emphasis on the variable salary component.
The new remuneration policy has not yet been adopted by the General Meeting of Shareholders. Nevertheless, the Supervisory Board has already taken the proposed new framework into account in the appointment of Ms De Groot as Executive Director under the company's articles of association and Chief Financial Officer as of 1 May 2012. Since then, the Finance Minister has announced that the Remuneration Policy for State Shareholdings will be re-evaluated in 2013. It has been agreed with Ms De Groot that her remuneration package will be brought in line with the new policy.
Schiphol Group appoints Management Board members for a term of four years. Depending on performance, a Management Board member can be reappointed at the end of a term for, in principle, another term of four years.
It has been agreed with Mr Rutten, Chief Operations Officer, that he will enter retirement at the age of 62. However, in view of the continuity in the composition of the Management Board, the Supervisory Board has asked Mr Rutten whether he would be willing to extend his term with one year. Mr Rutten indicated that he would be pleased to do so. He will step down on 1 September 2014.
Mr Verboom resigned from NV Luchthaven Schiphol on 1 August 2012, after he had laid down his position as CFO and Executive Director on 1 May 2012.
Mr Verboom will remain affiliated with the company as an advisor until 31 December 2014. His advisory activities primarily concern a board membership at Brisbane Airport in Australia and the current projects in the United States. Mr Verboom receives a fixed remuneration of € 100,000 per year (excluding VAT) for his activities.