Board of Directors
The Annual General Meeting of shareholders determines the remuneration of the members of the Board of Directors for attending Board and Committee meetings. The members of the Board of Directors are entitled to a fixed fee and to a variable fee.
The variable fee is calculated on the basis of the Directors’ attendance at Board and Committee meetings.
Remuneration of the members of the Board of Directors
The total net remuneration fees paid for the year 2007 to the members of the Board of Directors (net of the Luxembourgish withholding tax) amounted to EUR772,842.50 of which EUR305,305 were paid as variable fees, with the remaining EUR 467,537.50 representing the fixed part of the Board fees. The gross overall figure for the year 2007 was EUR 966,053.13.
Company stock owned by members of the Board of Directors
On December 31, 2007 the members of the Board of Directors owned a combined total of 626,000 shares and FDRs (representing 0.12% of the company’s share capital), and 9,320 options. These options were granted at the time of the company’s IPO in 1998. No additional options have been granted to directors since.