Ahold’s remuneration policy is prepared in accordance with the Dutch Corporate Governance Code. It was adopted at the General Meeting of Shareholders on May 18, 2006 as required by the Dutch Corporate Governance Code.
Further details on employment agreements, individual remuneration, pension, shares and other interests in the Company for the Corporate Executive Board members are outlined in Notes 30 and 31 to the consolidated financial statements.
Remuneration Committee
The main responsibilities of the Remuneration Committee include:
- Preparing proposals for the Supervisory Board on the remuneration policy for the Corporate Executive Board to be adopted by the General Meeting of Shareholders;
- Preparing proposals on the remuneration of individual members of the Corporate Executive Board;
- Advising on the level and structure of compensation for senior personnel other than members of the Corporate Executive Board.
The Remuneration Committee uses internal and external advisors for market data and recent developments. In 2008, external advisors were hired to provide advice regarding market practices and developments relating to the remuneration policy and short- and long-term incentive plans. Ultimately, the Supervisory Board determines the level and composition of the remuneration components for the individual members of the Corporate Executive Board.
The current members of the Remuneration Committee are Supervisory Board members Derk Doijer, Chairman, Mark McGrath, Stephanie Shern and Judith Sprieser. In 2008, the Remuneration Committee met five times.