Chair remuneration
Board chairs saw their total remuneration rise to an average of €162,149 in 2021, an increase of 13%. This is a substantially greater rise than the 4.4% increase seen in the two-year period analysed for our 2020 survey. In the past two years, chairs in the AEX recorded an average 10% pay increase, to €238,146. Chairs in the AMX saw average remuneration climb by 33%, to €121,063 over the same period. Despite this significant increase among AMX chairs, their AEX counterparts still receive more than double their remuneration.
Non-executive chairs serving on unitary boards continue to be paid at substantially higher levels, taking home 3.8 times more than those on two-tier boards (€438,244 versus €113,832). The average total chair fee for an AEX unitary board in 2021 was €729,407 (2019: €597,088) compared to €151,453 (2019: €131,563) for AEX two-tier board chairs.
Non-executive director remuneration
The average retainer fee for non-executive directors (excluding chairs and vice chairs) was €63.549 in 2021, marking a 9.7% increase from the average retainer fee of €57,920 found two years ago. Retainer fees range from €35,000 to €150,000.
Non-executive directors serving on AEX boards are paid an average total fee of €104,455, which is about 40% more than the €74,083 received by the equivalent directors in the AMX. Average total pay ranges from €38,000 to €178,750.
Committee fees
More than three-quarters of the companies (82%) under review pay their board members an extra fee for committee membership. Only one company, Aegon, also pays an additional fee for attending committee meetings on top of the standard committee membership fee.
Among the various committees, the audit committee commands the highest membership fees, with respective chairs earning on average €18,420 and other members €10,735.
Committee chair fees (€000)
Committee member fees (€000)