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Our survey approach

2022 Netherlands Spencer Stuart Board Index

The 2022 Netherlands Spencer Stuart Board Index is a review of 50 of the largest public companies on the Dutch segment of the NYSE Euronext. The companies that make up our sample are determined by the composition of the AEX and AMX indices as of 28 May 2022. This edition includes 21 (out of 25) AEX companies and 19 (out of 25) AMX companies, alongside the 10 largest companies from the Amsterdam Small Cap Index (AScX), based on market cap.

Companies whose main business activities take place outside the Netherlands are excluded from our sample (i.e. the four AEX and six AMX companies not included here).

Forty-two companies in our sample operate under a two-tier board system; the remaining eight companies follow a unitary governance system.

Measured at 31 December 2021:

  • Board meetings
  • Board committee meetings
  • Board remuneration

Measured as of 15 July 2022:

  • Board composition
  • Female representation
  • Board structure
  • Board independence
  • Board leadership
  • Directorships
  • Board committees
  • Board tenure

Information has been compiled from publicly available sources, including 2021 annual reports published in 2022, minutes and agendas of general meetings of shareholders, company websites, and BoardEx.

Non-executive directors are defined as members of supervisory boards plus non-executive directors in the unitary system of boards of directors.

Executive directors are defined as those who sit on the executive board plus executive directors in the unitary system of boards of directors.

Foreign directors are defined as having a different nationality from the nationality of the company on whose board they sit. In most cases, this is non-Dutch, however the following companies have other nationalities: Air France-KLM (France), Galapagos (Belgium), RELX (UK), Shell (UK), Unilever (UK).

Detailed information on the 50 boards surveyed in the 2022 Netherlands Spencer Stuart Board Index is available in the company data tables.