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CEO pay landscape in the Eurotop 100 in 2017

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Our fifth report on the CEO pay landscape in the Eurotop 100 companies provides detailed insights into the European regulatory landscape, especially the impact of the Shareholders Rights Directive and an analysis on CEO pay levels and structures.

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CEO pay landscape in the Eurotop 100 in 2017

  1. 1. CEO pay landscape in the Eurotop 100 Detailed insights into regulatory developments and CEO pay levels and structures
  2. 2. The executive compensation landscape for European listed companies is changing. Are you prepared? The requirements of the Shareholder Rights Directive, the increasing influence of voting guidance services, the pressure on companies to deliver growth and return to shareholders, as well as attracting and retaining the right senior leaders all present increasing challenges for the decision makers on executive pay. Is our remuneration system competitive enough? Do we meet regulatory requirements? Are our variable remuneration systems and their underlying objectives set to deliver a sustainable pay-for-performance story? What is the best way to communicate our remuneration approach to shareholders? Sometimes it will not be possible to find a solution that meets the expectations of all stakeholders. Nevertheless, to know what is expected, to be prepared for internal as well as external discussions and to find the right balance is key. The best way to get prepared is to start with some reliable facts. Our fifth report on the CEO pay landscape in the Eurotop 100 companies covers both, as it provides detailed insights into the European regulatory landscape, especially the impact of the Shareholders Rights Directive and an analysis on CEO pay levels and structures. We hope that you enjoy reading the brochure and that it offers interesting insights for the future development of senior executive remuneration and the role of the Compensation Committee in your business. Yours sincerely, Hazel Rees, Practice Lead Executive Compensation Great Britain Sven Slavenburg, Practice Lead Executive Compensation Western Europe
  3. 3. CEO pay landscape in the Eurotop 100 Detailed insights into regulatory developments and CEO pay levels and structures Content Introduction and highlights 2016.....................................................................................4 Overview of the executive compensation landscape............................7 Analysis of actual total direct compensation................................................15 Incentive design................................................................................................................................23 Additional analysis.........................................................................................................................28 Information on data sample.................................................................................................31 Information on methodology.............................................................................................40 CEO pay landscape in the Eurotop 100  3 Content
  4. 4. Introduction and highlights 2016 4 willistowerswatson.com
  5. 5. ƒƒ Our 2017 report – the fifth we have published – covers 94 companies within the Eurotop 100 which had published their remuneration reports as at June 30, 2017. ƒƒ Since our last report five companies have joined the index (CRH, LafargeHolcim, Kering, Safran, Standard Chartered) and five companies have left the index (Ericsson, Fresenius Medical Care, Luxottica Group, Telenor, Vivendi). ƒƒ Please find a complete list of all Eurotop 100 companies as well as a list with all companies that had to be excluded in the actual total direct compensation analysis at the end of this report. ƒƒ The median market capitalization of the complete Eurotop 100 increased by 18 % from € 39.3 billion to € 46.4 billion. ƒƒ The analysis reveals that the CEO actual bonus as well as actual total direct compensation levels slightly decreased compared to the previous year. Highlights 2016 126 % of base was the median actual bonus received, higher compared to the median target bonus opportunity (100 %) for performance in the last financial year (2015: 144 % actual and 100 % target). 5.4 million Euro is the median actual TDC level for the financial year 2016 (2015: 5.8 million). 163 %is the median long-term incentive expected value for awards granted in 2016 (2015: 163 %). Annual bonus Long-term incentive Total direct compensation 67 % of companies have shareholding policies (2015: 49 %). At median, the guideline level remains 300 % of base salary for the CEO. Shareholding guidelines Profit/income, indi- vidual non-financial measures continue to be the most prevalent performance measures on STI plans. 68 % 58 % 51 % of companies require the executive to compulsorily defer bonus – typically 50 % of bonus paid. 50 % TSR is the most common performance metric attached to long-term incen- tive plans (used in 59 % of LTI plans). 1,402 million Euro was the median base salary level for the CEO in 2016. Compared to previous year the median did not significantly increase. 58 % of 65 companies with the same CEO in position for 2015 and 2016 increased base salary levels. Among the 65 companies the average base salary change was 8.5 %. Base salary 188 % of base was the median maximum bonus opportunity level for the CEO – where disclosed (2015: 198 %). CEO pay landscape in the Eurotop 100  5 Introduction and highlights 2016
  6. 6. 6 willistowerswatson.com
  7. 7. Overview of the executive compensation landscape CEO pay landscape in the Eurotop 100  7
  8. 8. ƒƒ While the key external factors shaping executive compensation landscape mostly remain the same, the Shareholder Rights Directive (SRD) will cause not only a fresh breeze, but also some significant changes throughout Europe with new disclosure requirements and increasing influence of shareholders as well as proxy advisors. ƒƒ We are also seeing an increasing focus on pay fairness, which has largely been driven by public opinion. In this context, the discussion is not only focused on CEO pay ratios, but also on gender pay reporting and boards taking into consideration the views and interests of employees. ƒƒ Whilst the SRD is unlikely to influence UK governance which is already at a relatively high standard, further proposed changes initiated by the UK Prime Minister will increase disclosure (pay ratio), requires consideration of employee views via changes to the corporate governance code for listed companies, and seek to establish a voluntary code for large private companies. Regulatory Developments across Europe Say-on-Pay Pay-for- Performance Alignment Shareholder Rights Directive Brexit Long-term Focus Proxy Advisor Pay Caps Pay Fairness Comprehensive Transparent Disclosure 8 willistowerswatson.com Overview of the executive compensation landscape
  9. 9. Recommended binding vote on policy and binding vote on incentive-based pay (no change). A trend towards more pay transparency and simplicity. Binding vote on policy and variable pay (no change). No notable revisions to corporate governance code or increased disclosure in recent years. Changes on disclosure, companies to define individual pay limits, women on boards, long-term variable pay shall be essentially forward-looking. Cap on CEO pay for state-owned companies. Financial Services: 50 % variable pay cap. Revised company law and corporate governance code expected. Pay practice restrictions; binding votes on fixed and variable pay. Increasing pressure from regulators to obtain more detailed disclosure – stock exchange asking for improvement in 2017. Financial Services: 20 % variable pay caps; General Industry: cap on LTI proceeds in CIC. New corporate governance code with a focus on simplification and disclosure of internal pay relativities. Strict regulation on executive pay. New requirements recently announced include disclosure of pay ratios, strengthened consideration of employee views, publication of a list of companies who achieve  80 % vote on pay resolutions. Corporate governance code to be revised, and a new code established for private companies. New regulation introducing binding Say-on-Pay vote every year on both the policy (from 2017) and the elements granted (from 2018); Women on boards regulation. Binding vote on policy, advisory vote on remuneration report, very high compliance rates on corporate governance code standards. CEO pay landscape in the Eurotop 100  9 Overview of the executive compensation landscape
  10. 10. ƒƒ The SRD is a binding regulation that will cover all companies registered and listed in a EU member state. ƒƒ The focus of the revised SRD is to strengthen shareholders’ engagement in large European companies, to create a better link between pay and performance and to increase transparency. ƒƒ The financial crisis revealed that shareholders in many cases supported managers' excessive short- term risk taking. The SRD is intended to address this issue and contribute to the sustainability of companies, which will result in growth and job creation. Shareholder Rights Directive (SRD) 2017 Year of SRD approval 2018 Year of implementation 2019 Year of finalization and first adoptions April/May June June Q4Q4 Q2 Q4 European Council adopted the directive on 3 April. At 20 May the directive was published in the EU Official Journal. Discussions on remuneration with member states may start. The Commission will likely publicly consult on guidelines during the 12 months leading up to the member states’ deadline. In countries with fast implementation annual reports for financial year 2018 may already comply with the new rules. It is expected that annual reports for financial year 2019 will comply with the new rules. Membership states have to bring the local regulations into force by 10 June. 20 days after the publica- tion the SRD entered into force. The two year im- plementation clock started ticking at 10 June. 24 months implementation period 10 willistowerswatson.com Overview of the executive compensation landscape
  11. 11. Implications of the SRD for Executive Remuneration Remuneration Policy Remuneration Report ƒƒ Will be subject to a binding vote at least every fourth year, or if any material changes emerge ƒƒ Member states could decide to keep the vote advisory ƒƒ Shall clearly explain how it contributes to the business strategy, long-term interests and sustainability ƒƒ Any payments made to directors must be in accordance with the approved policy ƒƒ Application of the policy in exceptional circumstances must be specified ƒƒ Shall describe the different remuneration elements and their relative weight ƒƒ Must in detail describe a varied set of KPIs for variable remuneration, and how KPIs are measured ƒƒ Shall specify information on clawback possibilities and deferral periods ƒƒ Must, for all share-based remuneration, specify how it contributes to fulfill the policy objectives ƒƒ Vesting periods as well as retention rules should be defined ƒƒ Indicates main terms of contracts, or arrangements, with directors ƒƒ Shall be subject to an annual advisory vote* at the AGM. Consideration of the outcome should be included in next year’s report ƒƒ Shall provide a detailed and clear overview of individual directors’ remuneration in the last financial year ƒƒ Both new hires and leavers are to be included ƒƒ Shall provide the following information for each director: ƒƒ Total remuneration and mix of fixed and variable constituents ƒƒ Details on how the pay structure comply with the policy and how performance criteria were applied ƒƒ Five financial years development of: Annual director remuneration changes, average other employee (FTE) remuneration changes and company performance ƒƒ Main conditions for any granted share-based remuneration (including amount, timeframes and, if applied, exercise price rights) ƒƒ Information on clawback possibilities ƒƒ Will help shareholders assess the link between pay and performance ƒƒ Any deviations from the policy should be addressed and explained ƒƒ Minimum standardization requirements regarding format to be outlined by a set of guidelines specified by the Commission * For small- and medium-sized companies, member states may provide the alternative of a discussion at the AGM rather than a vote. CEO pay landscape in the Eurotop 100  11 Overview of the executive compensation landscape
  12. 12. The current disclosure practices show that the impact of the SRD will vary by country, but the need for en- hancements exists generally throughout Europe. The UK disclosures won’t be impacted by the directive, as they are already close to SRD requirements. Country Current Disclosure Practice Impact of SRD on disclosure practices Individual disclosure of executive director pay Remuneration report / standardized tables FY/FL data Target achievement rate /description of achieved performance Detailed description of incentive schemes Belgium CEO only Structured report, but no standardized tables Remuneration paid for FY and proposed policy changes for next 3 years Rarely disclosed Usually quite detailed High Denmark Some companies disclose individually No formal remuneration report structure and no standardized tables Remuneration paid for FY, no forward looking information Sometimes disclosed Usually not very detailed High France Sometimes CEO only, due to board structure Standardized report and tables for remuneration paid Remuneration paid for FY and sometimes proposed policy changes for next year Sometimes disclosed in full detail Usually quite detailed Low Germany Standardized tables for granted and paid remuneration Remuneration paid for FY and sometimes proposed policy changes for next year Rarely disclosed Usually quite detailed Medium Nether- lands Structured report, but no standardized tables Remuneration paid for FY and sometimes proposed policy changes for next year Pressure for improvement Usually quite detailed Low Italy Structured report and standardized- pay tables, although definition of pay elements not always clear Remuneration paid for FY and proposed policy or implementation changes for next year Rarely disclosed Usually detailed but with room for improvement Medium Spain Sometimes CEO only, due to board structure Structured report and standardized tables Remuneration paid for FY and proposed policy changes for next year Rarely disclosed Usually quite detailed Medium Sweden CEO only No formal remuneration report structure and no standardized tables Remuneration paid and policy for FY and policy for next year (in AGM minutes) Sometimes disclosed Usually not very detailed High Switzer- land Highest paid only No formal remuneration report structure and no standardized tables Remuneration paid for FY and sometimes proposed policy changes for next year Sometimes disclosed Usually quite detailed with room for improvement Low UK Standardized pay table (single figure) with defined elements. Remuneration report is fairly structured Remuneration paid for FY and proposed policy or implementation changes for next year Usually good / full disclosure Usually quite detailed Very close to SRD Current disclosure practice and impact of SRD 12 willistowerswatson.com Overview of the executive compensation landscape
  13. 13. Say-on-Pay votes are not yet best practice in all European countries and influence of proxy advisors like ISS differs. In general a relation between ISS recommendations and approval rates can be observed, however, sometimes the remuneration system or the report might actually be of poor quality. The following analysis is based on companies listed in the respective top index. Country Current Say-on-Pay practice Influence of proxy advisors ISS Recommendation FOR ISS Recommendation AGAINST Binding Vote Advisory Vote Number Average approval rate Number Average approval rate Belgium – Annual vote on remuneration report each year (not on remuneration policy specifically) High 7 93 % 10 75 % Denmark Non-annual binding vote on incentive-based pay (introduction and amendments) Recommended vote on policy (introduction and amendments) Low 16 ND 1 ND France Annual on policy (2017) and remuneration paid (2018) On remuneration paid until 2017 (former regulation, applicable last time in 2017) High 25 88 % 10 74 % Germany – On shareholder request on remuneration policy (usually proactively in case of policy change) Medium 2 89 % 6 59 % Nether- lands Introduction of new policy and significant changes of the existing policy No advisory vote yet. However, the implementation of the remuneration policy is a discussion item at the AGM Low 4 92 % 0 NA Italy For banks – annual on policy and remuneration paid For listed companies excluding banks – annual on remuneration policy Medium 14 95 % 12 77 % Spain Policy every three years Annual on remuneration paid Medium 23 90 % 11 72 % Sweden Annual on policy and on any share-related LTI plans – Low 19 ND 10 ND Switzer- land Annual on aggregate compensation of Executive Committee Best practice: advisory vote on compensation report, but no obligation to do so Low 21 88 % 4 70 % UK Policy every three years Annual on implementation / remuneration paid (proposal to make binding) High 71 95 % 4 55 % Impact on Say-on-Pay and influence of proxy advisors CEO pay landscape in the Eurotop 100  13 Overview of the executive compensation landscape
  14. 14. ƒƒ Although the implementation clock just started ticking, everyone should be prepared and plan early to cope with new requirements as the directive will lead to: ƒƒ Enhanced explanation of Pay-for-Performance processes ƒƒ Development of new remuneration report structures ƒƒ Preparation of detailed discussions in remuneration committees and supervisory board ƒƒ Proactive communication with proxy advisors and institutional investors Key takeaways based on experience with UK reporting regulations ƒƒ Plan early ƒƒ Engage all stakeholders in good time (HR, reward, finance, audit, cosec, legal, board) ƒƒ Engage shareholders and proxy advisors in good time ƒƒ Be prepared for changes during the drafting process ƒƒ It is an opportunity to improve communication and transparency. However, use caution regarding voluntary disclosures ƒƒ Don’t bury bad news ƒƒ Align your policy with share plan rules, service contracts, board meeting minutes, remember grandfathering clauses So, maybe you want to consider the following tips: 14 willistowerswatson.com Overview of the executive compensation landscape
  15. 15. Analysis of actual total direct compensation CEO pay landscape in the Eurotop 100  15
  16. 16. ƒƒ In contrast to last year where pay levels slightly increased, we observe stable median base salary and LTI expected value, but decreasing actual bonus payouts. The median actual total direct compensation level decreased from € 5.8 million by 6 % to € 5.4 million. ƒƒ Statistics are company weighted and independently arrayed. ƒƒ Not all companies have disclosed target bonus, maximum bonus and LTI awards. The above analysis is only based on information where disclosed. In addition, the analysis only comprises those incumbents that have served in position for the full financial year. ƒƒ Definitions of each of the pay elements in the table and details of our LTI valuation methodology are included in the end of this report. Eurotop 100 CEO pay levels Pay Element n* Chief Executive Officer Average Lower Quartile Median Upper Quartile Base Salary 80 € 1,592,245 € 1,200,000 € 1,401,500 € 1,921,691 Target Bonus (% of Base Salary) 76 108 % 80 % 100 % 125 % Actual Bonus (% of Base Salary) 78 129 % 76 % 126 % 162 % Maximum Bonus (% of Base Salary) 76 191 % 120 % 188 % 230 % Actual Total Cash 80 € 3,535,558 € 2,438,821 € 3,356,315 € 4,334,274 LTI Expected Value (% of Base Salary) 65 205 % 96 % 163 % 257 % Actual Total Direct Compensation 80 € 5,902,353 € 3,993,329 € 5,416,022 € 7,595,852 Revenues (millions)** 60 € 48,899 € 20,506 € 32,332 € 56,209 Employees** 80 120,075 57,426 99,522 141,608 Market Capitalization (millions)*** 80 € 64,742 € 37,137 € 47,181 € 78,704 * Indicates the number of companies that were contributing to the statistics. ** Statistics of revenues, employees and market capitalizations include only those companies that have been part of the TDC analysis above. *** Market capitalization as of 1 July 2017. 16 willistowerswatson.com Analysis of actual total direct compensation
  17. 17. ƒƒ Movements in terms of ranking within the ten highest paid CEOs are minor. Most of the CEOs have been among the best paid or have been close to the top 10 in former years. ƒƒ However, there have been some significant movements in actual TDC levels for some CEOs among the top 10: the actual TDC for the CEO of Reckitt Benckiser declined by 30 % as no bonus was paid out and the actual TDC for the CEO of SAP increased by 70 % due to a re-design of the overall compensation structure. ƒƒ Among the bottom 10, companies smaller in size and those operating in regulated industries can be found. For those companies that have been among the bottom 10 in previous year changes are rather minor with limited downward or upward movements. Top 10 and Bottom 10 Values in k € Reckitt Benckiser WPP UBS Group SAP Novartis Roche Holding Credit Suisse Group Royal Dutch Shell British American Tobacco L’Oréal 12,072 14,420 10,787 13,256 10,628 12,298 10,288 9,817 9,439 9,313 Safran ENGIE Nordea Bank ING Groep Crédit Agricole Orange Investor HM Glencore Statoil 1,979 2,510 1,885 2,446 1,7932,042 1,557 1,415 1,308 1,176 n Top 10   n  Bottom 10 CEO pay landscape in the Eurotop 100  17 Analysis of actual total direct compensation
  18. 18. ƒƒ Based on median actual TDC levels, Switzerland with four companies among the top 10 highest paid, remains in the leading position. ƒƒ As in former years UK, Spain and Germany follow on ranks two to four, with stable median actual TDC levels for UK and Germany and a decrease in Spain. ƒƒ Significant changes in Switzerland, Spain and Nordics are partly driven by index changes and/or changes in incumbents, i.e. CEOs that either could not be included in 2015 or in 2016. Especially in countries with smaller data samples this might have a direct impact on median levels. However, in all three countries the changes in average actual TDC levels developed accordingly. Median actual TDC analysis by country Eurotop median 2016: 5,416 k € n 2016   n  2015 GermanySwitzerland ItalyUK FranceSpain Benelux 4,927 (n=14) 5,061 (n=13) 10,288 (n=7) 8,764 (n=7) 4,028 (n=4) 4,388 (n=3) 7,393 (n=23) 7,440 (n=23) 4,322 (n=18) 4,300 (n=15) 7,183 (n=4) 5,630 (n=5) 3,998 (n=5) 3,348 (n=5) 1,799 (n=6) 3,908 (n=5) Nordics Values in thousands of EUR 18 willistowerswatson.com Analysis of actual total direct compensation
  19. 19. ƒƒ All CEOs of Swiss Eurotop companies have actual TDC levels that are above the Eurotop median. ƒƒ Especially in countries with a larger number of Eurotop companies the picture is more diverse, with companies paying below as well as above the Eurotop median. ƒƒ In the UK 70 % of Eurotop CEOs have actual TDC levels above the Eurotop median, with the two highest paid CEOs of the Eurotop companies. However, due to the larger sample size also CEOs with lower actual TDC levels exist. Deviation of actual TDC from Eurotop median by country The analysis of actual TDC includes only those CEOs that have served in position for the full financial year and where information is disclosed in order to derive actual TDC. Changes in the index and/or incumbent might lead to higher deviations in year-to-year comparisons. – 100 % – 50 % 0 % 50 % 100 % 150 % 200 % 250 % 300 % Spain 4 % UK 37 % Germany – 7 % France – 20 % Benelux – 26 % Italy – 19 % Nordics – 67 % The median of the Eurotop companies from UK lies 37 % above the Eurotop 100 median. Switzerland 90 % Eurotop median CEO pay landscape in the Eurotop 100  19 Analysis of actual total direct compensation
  20. 20. ƒƒ Again the health care industry is leading in median actual TDC levels. All but one CEO received higher actual TDCs than the Eurotop median, however, this result is also driven by the small sample size, especially when compared to the consumer goods industry. ƒƒ The consumer goods industry defends the second rank again this year, with four companies among the top 10 of the highest paid CEOs. ƒƒ The change in median actual TDC level in the materials industry is based on movements in the data sample, whereas the decrease of median actual TDC in the utilities industry is based on decreases in actual TDC levels for the majority of the CEOs in this sample. ƒƒ Please note that compared to previous reports we introduced new industry cuts for this year’s report. All illustrated data in this year’s report for 2015 and 2016 was analyzed based on identical new industry definitions. Median actual TDC analysis by industry 4,261 (n=6) 5,377 (n=5) 7,743 (n=8) 7,393 (n=9) 5,784 (n=9) 5,152 (n=8) 7,393 (n=22) 7,250 (n=22) 4,747 (n=8) 4,939 (n=7) 5,697 (n=5) 5,578 (n=5) 4,439 (n=20) 4,792 (n=15) 3,758 (n=4) 4,612 (n=4) Eurotop median 2016: 5,416 k € n 2016   n  2015 MaterialsHealth Care Technology / Telecoms Consumer Goods / Services IndustrialsEnergy Financials Utilities Values in thousands of EUR 20 willistowerswatson.com Analysis of actual total direct compensation
  21. 21. ƒƒ In contrast to the analysis by country, the picture is a bit more diverse as high individual actual TDC levels can be found across the industries. Deviation of actual TDC from Eurotop median by industry – 100 % – 50 % 0 % 50 % 100 % 150 % 200 % 250 % 300 % Eurotop median Health Care 43 % Consumer Goods / Services 34 % Technology / Telecoms – 5 % Energy 3 % Financials – 18 % Materials – 1 % Industrials – 12 % Utilities – 31 % The median of the Eurotop companies operating in the Health Care industry lies 43 % above the Eurotop 100 median. The analysis of actual TDC includes only those CEOs that have served in position for the full financial year and where information is disclosed in order to derive actual TDC. Changes in the index and/or incumbent might lead to higher deviations in year-to-year comparisons. CEO pay landscape in the Eurotop 100  21 Analysis of actual total direct compensation
  22. 22. ƒƒ Incentive pay remains most significant in companies with high actual TDC levels. Consequently, CEOs of Eurotop companies in Switzerland and in the UK have the highest portion of long-term incentives in their pay mix. ƒƒ In addition it needs to be considered that many of the Eurotop companies in Germany, Switzerland and in the UK also do have deferral schemes in place. Sometimes the deferral schemes also include additional perfor- mance conditions. These deferral schemes support a long-term orientation of total pay and are included in actual bonus payouts in the analysis. ƒƒ This also needs to be considered with respect to the high actual bonus portion in Germany and in Spain. The data sample in Spain includes two financial services companies that do not operate a long-term incentive (LTI) plan, but have deferral schemes in place. ƒƒ In Nordic countries a different pay structure is common with high base salaries and a very low portion of varia- ble compensation. CEO average pay mix by country The analysis of actual TDC includes only those CEOs that have served in position for the full financial year and where information is disclosed in order to derive actual TDC. Changes in the index and /or incumbent might lead to higher deviations in year-to-year comparisons. 11 %53 %36 % 37 % 49 % 14 % Spain n Base Salary 2015   n  Actual Bonus 2015   n  Long-Term Incentives 2015 n Base Salary 2016   n  Actual Bonus 2016   n  Long-Term Incentives 2016   UK 46 %24 %30 % 27 % 26 % 47 % Germany 27 %41 %32 % 33 % 38 % 29 % Switzerland 38 %37 %25 % France 35 %35 %30 % 29 % 33 % 38 % Benelux 37 %26 %37 % 36 % 25 % 39 % Italy 26 %37 %37 % 41 % 44 % 15 % Nordics 20 %21 %59 % 46 % 34 % 20 % 25 % 38 % 37 % 22 willistowerswatson.com Analysis of actual total direct compensation
  23. 23. Incentive design CEO pay landscape in the Eurotop 100  23
  24. 24. ƒƒ Profit / income continues to be the most prevalent performance measure in STI plans. In general, the use of the different performance measures was stable over the last three years. ƒƒ Across all regions the use of individual as well as non- financial performance measures has become common market practice to determine bonus payouts for the top cadre. STI performance measures 95 out of the 97 Eurotop companies analyzed operate an STI plan. These companies operate a total of 98 STI plans; 88 companies disclosed details on the performance measures in use. 3 %TSR 8 %EVA / Company Value Measure 19 %EPS 15 %Operating Margin 45 %Cashflow 15 %Customer Service / Satisfaction 58 %Individual 3 %Dividend Growth 8 %ROCE 38 %Sales / Revenue 13 %Health Safety 45 %Other Financial Measure 25 %Other Return on Measure 51 %Other Non-Financial Measure 68 %Profit / Income Measure Prevalence of performance measures – % of 88 companies – 5pp – 6pp + 5pp + 9pp 24 willistowerswatson.com Incentive design
  25. 25. ƒƒ The majority (60 %) of Eurotop companies focuses on one single long-term incentive plan. About 25 % have two and 2 % operate three different LTI plans. 13 % of Eurotop companies do not have any LTI plan in place. ƒƒ Two thirds of the companies without LTI plans have bonus deferral schemes in place. ƒƒ Performance shares / unit plans continue to be the most common LTI vehicle among Eurotop companies and are in general very often implemented across all European countries. ƒƒ In countries like Germany and Sweden the LTI land- scape is more diverse. Long-term cash plans for ex- ample are common market practice in Germany and co-investment plans are often used in Sweden. LTI plan types The analysis is based on 84 out of the 97 Eurotop companies that operate an LTI plan for executives. A total of 112 LTI plans are operated across the 84 companies. Prevalence of LTI plans – % of 84 companies Performance shares / units Stock Options / SAR Long-Term Cash Share matching plans Restricted shares / units UK 25 2 3 1 France 20 2 3 Germany 5 4 6 2 2 Switzerland 9 1 2 3 Nordics 3 1 1 2 2 Spain 2 1 Italy 2 2 1 Benelux 3 2 85 % 18 % 15 % 14 % 6 % + 7pp – 8pp CEO pay landscape in the Eurotop 100  25 Incentive design
  26. 26. ƒƒ The number of performance measures did increase over the past years. Especially a combination of three different performance measures gained in prevalence. Almost all LTI plans with three performance measures are performance share / unit plans. ƒƒ TSR continues to be the most prevalent performance measure, but internal performance measures like profit, cash as well as return on measures start catching up. ƒƒ LTI plans without performance measures are either matching plans or restricted share plans. LTI performance measures Number of performance measures – % of 104 plans n None   n  1 measure   n  2 measures n  3 measures   n  4 measures   n  5 measures or more 11 % 5 % 8 % 17 % 31 % 29 % – 11pp – 5pp + 9pp Performance measures – % of 96 plans 59 %TSR 26 %EPS 26 %Cash Measure 24 %Return on Measure 18 %Sales / Revenue / Turnover 16 %Other Financial Measure 15 %Other General Measure 6 %Other Operational Measure 17 %Market Measure 28 %Profit / Income Measure + 10pp + 8pp + 9pp + 5pp The analysis on performance measures is based on 84 out of the 97 Eurotop companies that op- erate an LTI plan for executives. A total of 112 LTI plans are operated across the 84 companies. For two plans there are no details about performance measures disclosed. Six plans have pre-grant conditions only – we have excluded those from the analysis. 26 willistowerswatson.com Incentive design
  27. 27. ƒƒ Shareholding guidelines (SOG) are mainly used in UK, France and Switzerland. ƒƒ 65 % of guidelines are expressed as a percentage of base salary. At median, guideline levels are 300 % of base salary for the CEO. 15 % of guidelines are defined as fixed number of shares. ƒƒ Where disclosed, the time permitted to reach the guideline is typically five years. Shareholding guidelines Prevalence of Shareholding Guidelines – % of 98 companies n Yes   n  No 67 % 33 % UK 100 % France 95 % Switzerland 80 % Benelux 40 % Germany 33 % Italy 33 % Spain 27 % 20 % Nordics All Eurotop 100 companies in the UK have SOG in place. + 19pp + 17pp + 10pp CEO pay landscape in the Eurotop 100  27 Incentive design
  28. 28. Additional analysis 28 willistowerswatson.com
  29. 29. Our database covers over 1,000 companies across 14 countries in Europe * This analysis includes long-term incentive expected values based on the Willis Towers Watson valuation methodology. ** Note that in some countries a role-specific analysis is not possible as only highest-paid executive director is individually disclosed. We can provide you with analysis for pan-European sectors or bespoke peer groups tailored to your specific requirements on a line-by-line and / or aggregate basis (for example by industry, by different markets and / or by company size). Executive Directors’ Compensation Incentive Design and Shareholding Guidelines Chairman's and Non-Executive Directors’ Compensation ƒƒ Financial year and /or forward-looking base salary increases ƒƒ Actual and /or target total direct compensation levels* ƒƒ Actual and /or target total remuneration levels* ƒƒ Realised pay levels ƒƒ Analysis of realised pay versus target /  maximum pay opportunity ƒƒ Analysis of pay mix* ƒƒ Pay differentials by sector and /or country* ƒƒ Leverage analysis* ƒƒ Pay versus performance analysis* ƒƒ Short-term incentive performance measures and relative weightings ƒƒ Short-term incentive deferral analysis ƒƒ Long-term incentive vehicles ƒƒ Long-term incentive performance measures, relative weightings and performance targets ƒƒ Long-term incentive performance periods, vesting arrangements and holding periods ƒƒ Analysis of forward-looking amendments to short and long-term incentive plans and details of new plans ƒƒ Analysis of shareholding guidelines ƒƒ Base / fixed fee levels ƒƒ Chairmanship and membership fees for board committees (e.g. audit, remuneration, nomination) ƒƒ Attendance fees and travel allowances ƒƒ Other incentives and benefits Analysis can be conducted by role, e.g. CEO, CFO, COO** CEO pay landscape in the Eurotop 100  29 Additional analysis
  30. 30. Our database covers constituents of the following indices in the respective European countries Ireland ISEQ 20 Italy MIB 40 Nordics OMX Sweden UK FTSE 100 FTSE 250 Belgium BEL20 BELMID France CAC 40 SBF 80 Spain IBEX 35 IBEX MID Switzerland SMI SMI MID Netherlands AEX AMX AScX Germany DAX 30 MDAX SDAX TecDAX + all Eurotop 100 companies from Norway, Denmark and Finland. 30 willistowerswatson.com Additional analysis
  31. 31. Information on data sample CEO pay landscape in the Eurotop 100  31
  32. 32. Eurotop 100 – The sample *** The current composition of the Eurotop 100 consists of 97 companies. The original Eurotop list consists of 102 constituents: BMW, Intesa Sanpaolo, Roche and Svenska Handelsbanken are listed twice (with different kinds of shares) and Christian Dior cannot be analyzed separately, due to its dependence to LVMH. *** See appendix for details on CEOs that have been excluded from the analysis. *** Average exchange rates applied: 1 EUR = 1.09 CHF; = 0.82 GBP; = 1.11 USD; = 9.47 SEK; = 7.45 DKK; = 9.29 NOK. of the 97* Eurotop 100 companies have published their annual report by June 30, 2017. 94 CEOs have been part of the TDC analysis; 14 have been excluded because they have not been in office for the full financial year or due to insufficient disclosure.** 80 All compensation levels are displayed in EURO. The data has been converted with average currency exchange rates for the year 2016.*** € companies have left the index: ƒƒ Luxottica Group ƒƒ Fresenius Medical Care ƒƒ Telenor A/S ƒƒ Vivendi ƒƒ Ericsson B – 5companies have joined the index: ƒƒ LafargeHolcim ƒƒ Standard Chartered ƒƒ Kering ƒƒ Safran ƒƒ CRH +5 32 willistowerswatson.com Information on data sample
  33. 33. Eurotop 100 composition by country and industry – The analysis includes 97 companies from 11 countries * Includes companies from Sweden, Norway, Denmark and Finland. ** Includes companies from Belgium and the Netherlands. About 65% of constituents in the Eurotop 100 are headquartered in UK, France and Germany. 4 % 5 % 8 % 9 % 9 % 10 % 27 % 27 % Materials Technology / Telecoms Industrials Utilities Health Care Energy Financials Consumer Goods 27 % 21 % 5 %** 10 %* 5 % 17 % 4 % 11 % Information on data sample CEO pay landscape in the Eurotop 100  33
  34. 34. Eurotop 100 analysis by company data Top 10 companies based on market capitalization * According to market capitalization as of 1st July 2017, displayed in billion € (Top 10) and in million € (statistics). ** Revenues are displayed in million €. Companies from financial industry are excluded from the revenue analysis. LQ Median UQ € 17,314 € 28,222 € 51,978 Revenues ** Nestlé 237 192 191 187 172 161 134 111 110 110 RocheRoyal Dutch Shell AB InBev Unilever British American Tobacco SAP LVMHNovartis HSBC LQ Median UQ € 44,695 € 89,126 € 132,300 Employees LQ Median UQ € 36,073 € 46,424 € 75,197 Market capitalization * 34 willistowerswatson.com Information on data sample
  35. 35. CEOs excluded from the TDC analysis Incumbent Reason for exclusion A.P. Møller-Mærsk Søren Skou Promoted during financial year and compensation not individually disclosed. Atlas Copco Ronnie Leten Disclosed information not sufficient to calculate actual TDC. AXA Thomas Buberl Promoted during financial year, data pro-rated. Bayer Dr. Marijn Dekkers Leaver during financial year, data pro-rated. Werner Baumann Promoted during financial year, data pro-rated. BHP Billiton Annual report not published by the time of the analysis. Compagnie Financière Richemont Richard Lepeu Disclosed information not sufficient to calculate actual TDC. Danske Bank Thomas F. Borgen Disclosed information not sufficient to calculate actual TDC. Diageo Annual report not published by the time of the analysis. Henkel Kasper Rorsted Leaver during financial year, data pro-rated. Hans Van Bylen Promoted during financial year, data pro-rated. Linde Dr. rer. nat. Wolfgang Büchele Leaver during financial year, data pro-rated. Prof. Dr. Aldo Belloni New Hire during financial year, data pro-rated. Pernod Richard Annual report not published by the time of the analysis. Rio Tinto Sam Walsh Leaver during financial year, data pro-rated. Jean-Sébastien Jacques Promoted during financial year, data pro-rated. Svenska Handelsbanken Anders Bouvin New Hire during financial year, data pro-rated. Frank Vang-Jensen Leaver during financial year, data pro-rated. Swiss Re Christian Mumenthaler Promoted during financial year, data pro-rated. Syngenta J. Erik Fyrwald New Hire during financial year, data pro-rated. UniCredit Federico Ghizzoni Leaver during financial year, data pro-rated. Jean Pierre Mustier New Hire during financial year, data pro-rated. Zurich Insurance Mario Greco New Hire during financial year, data pro-rated. Information on data sample CEO pay landscape in the Eurotop 100  35
  36. 36. Eurotop 100 company list * Excluded from the analysis. For more details, please refer to the section “CEOs excluded from the analysis”. United Kingdom Market Cap (in mn €) Industry Royal Dutch Shell 192,066 Energy HSBC Holdings 160,569 Financials Unilever 133,703 Consumer Staples British American Tobacco 110,709 Consumer Staples BP 99,445 Energy GlaxoSmithKline 90,384 Health Care Rio Tinto* 76,296 Materials AstraZeneca 73,988 Health Care BHP Billiton* 71,251 Materials Vodafone Group 65,994 Telecommunication Services Diageo* 64,835 Consumer Staples Reckitt Benckiser 62,301 Consumer Staples Lloyds Banking Group 54,057 Financials Prudential 51,600 Financials Glencore 46,589 Materials Shire 43,472 Health Care Barclays 39,326 Financials Imperial Brands 37,232 Consumer Staples National Grid 37,200 Utilities The Royal Bank of Scotland Group 33,393 Financials BT Group 33,040 Telecommunication Services Compass Group 29,160 Consumer Discretionary Standard Chartered 29,072 Financials Associated British Foods 26,344 Consumer Staples CRH 25,896 Materials WPP 23,384 Consumer Discretionary 36 willistowerswatson.com Information on data sample
  37. 37. Eurotop 100 company list * Excluded from the analysis. For more details, please refer to the section “CEOs excluded from the analysis”. Benelux Market Cap (in mn €) Industry AB InBev 187,008 Consumer Staples ING Groep 58,603 Financials ASML Holding 49,056 Information Technology Heineken 48,497 Consumer Staples Philips 27,958 Industrials France Market Cap (in mn €) Industry LVMH 109,701 Consumer Discretionary TOTAL 107,785 Energy Sanofi 102,355 Health Care L'Oréal 101,982 Consumer Staples BNP Paribas 78,657 Financials AXA* 58,007 Financials Airbus 55,746 Industrials Hermès 45,156 Consumer Discretionary VINCI 42,258 Industrials Air Liquide 41,870 Materials Danone 41,212 Consumer Staples Crédit Agricole 40,041 Financials Societe Generale Group 37,672 Financials Kering 37,656 Consumer Discretionary Schneider Electric 37,442 Industrials Orange 36,948 Telecommunication Services Safran 33.358 Industrials ENGIE 31.686 Utilities Pernod Ricard* 30,979 Consumer Staples Renault 23,124 Consumer Discretionary CEO pay landscape in the Eurotop 100  37 Information on data sample
  38. 38. Eurotop 100 company list * Excluded from the analysis. For more details, please refer to the section “CEOs excluded from the analysis”. Switzerland Market Cap (in mn €) Industry Nestlé 236,524 Consumer Staples Roche Holding 190,750 Health Care Novartis 171,953 Health Care UBS Group 55,190 Financials ABB 46,971 Industrials Compagnie Financière Richemont* 40,823 Consumer Discretionary Zurich Insurance* 38,386 Financials Syngenta* 37,461 Materials Credit Suisse Group 32,331 Financials LafargeHolcim 30,425 Materials Swiss Re* 26,584 Financials Germany Market Cap (in mn €) Industry SAP 110,078 Information Technology Siemens 97,593 Industrials Bayer* 93,693 Health Care Allianz 78,845 Financials BASF 75,234 Materials Deutsche Telekom 75,197 Telecommunication Services Daimler 67,793 Consumer Discretionary Volkswagen 67,564 Consumer Discretionary BMW 52,800 Consumer Discretionary Henkel* 48,581 Consumer Staples Deutsche Post 40,500 Industrials Continental 37,859 Consumer Discretionary Deutsche Bank 32,199 Financials Linde* 30,897 Materials Münchener Rück 27,495 Financials Fresenius Medical Care 25,938 Health Care 38 willistowerswatson.com Information on data sample
  39. 39. Eurotop 100 company list * Excluded from the analysis. For more details, please refer to the section “CEOs excluded from the analysis”. Spain Market Cap (in mn €) Industry Industria de Diseño Textil 104,629 Consumer Discretionary Banco Santander 84,452 Financials Banco Bilbao Vizcaya Argentaria 48,413 Financials Telefónica 44,906 Telecommunication Services Iberdrola 43,978 Utilities Italy Market Cap (in mn €) Industry Enel 47,722 Utilities Eni 47,391 Energy Intesa Sanpaolo 46,424 Financials UniCredit* 36,247 Financials Nordics Market Cap (in mn €) Industry Novo Nordisk 92,785 Health Care Statoil 47,462 Energy Nordea Bank 44,960 Financials Atlas Copco* 39,385 Industrials HM 36,073 Consumer Discretionary A.P. Møller - Mærsk* 35,557 Industrials Investor 31,930 Financials Danske Bank* 30,916 Financials Nokia 30,327 Information Technology Svenska Handelsbanken* 24,341 Financials CEO pay landscape in the Eurotop 100  39 Information on data sample
  40. 40. Information on methodology 40 willistowerswatson.com
  41. 41. By actual total direct compensation we mean … The total expected value of all forms of long-term ­incentives awarded in the last financial year, ­calculated at the time of grant using the Willis ­Towers Watson LTI valuation methodology. Long-term incentives (LTI) The actual total annual bonus received in respect of the last financial year (including deferred bonus with and without performance conditions). Bonus The base salary received in respect of the last ­financial year. Base salary Actual total cash Actual total direct compensation (TDC) Information on methodology CEO pay landscape in the Eurotop 100  41
  42. 42. Willis Towers Watson LTI valuation methodology In general terms, the reported LTI value represents the fair / expected value of an award as at the date of grant, taking into account the specific characteristics of the vehicle awarded (for example, share price volatility, dividend yield) and any applicable performance vesting conditions. The reported value represents the sum of the values of all types of LTI award made to an individual in the year, including performance / restricted shares, stock options, deferred bonus matching shares and long-term cash awards. Stock options ƒƒ The value of stock options is calculated using a binomial lattice model, based on a number of input assumptions (as set out in part 4). A discount is then applied to this value to take account of any applicable performance vesting conditions. ƒƒ Our valuations are based on an expected life approach when computing the binomial value of the option. This expected life is taken as the mid- point between the vesting period and the term of the option (for example, for an option with a 3 year vesting period and a 10 year life, the expected life is 6.5 years). ƒƒ Where applicable, we apply a discount factor to take into account any performance condition which must be achieved in order for the award to vest. This discount factor is country specific, based on our experience of the average proportion of an award that might typically be expected to vest, based on typical local performance condition calibration. Long-term cash bonus ƒƒ Consistent with other types of long-term incentive award, long-term cash bonuses are valued at date of grant (not payout). The value represents the target / expected payout level. 42 willistowerswatson.com Information on methodology
  43. 43. Performance /restricted shares ƒƒ The value of performance / restricted shares repre- sents the face value of shares (i.e. the number of shares multiplied by share price) as at the date of grant, less the value of dividends paid during the vesting period (if participants do not receive the benefit of these), with a discount applied to take any applicable performance vesting conditions into account. ƒƒ Where applicable, we apply a discount factor to take into account any performance condition which must be achieved in order for the award to vest. This discount factor is country specific, based on our experience of the average propor- tion of an award that might typically be expected to vest, based on typical local performance con- dition calibration. Co-investment plans ƒƒ Similar to deferred bonus matching plans, we as- sume that executives seek to maximize their reward opportunity and will therefore elect to co-invest the maximum amount. Co-investment matching share awards are then valued as performance share awards (see above). Deferred bonus matching shares ƒƒ We assume that executives seek to maximize their reward opportunity and will therefore elect to defer the maximum amount of bonus allowable. Deferred bonus matching share awards are then valued as performance share awards (see part 2) – the face value used is the maximum match times the defer- ral applied to actual bonus earned in the year. ƒƒ Please note that the deferrals are included as part of the annual bonus and are not valued as part of long-term incentives, whereas the matching shares are considered as long-term incentives. Other award types ƒƒ For complex or unusual plan types which do not fit into the categories described above, a bespoke valuation will be applied, using consistent principles and assumption setting methodology. Willis Towers Watson LTI valuation methodology CEO pay landscape in the Eurotop 100  43 Information on methodology
  44. 44. Willis Towers Watson LTI valuation methodology Input assumptions ƒƒ In order to calculate values for long-term incentive awards, it is necessary to make a number of input assumptions. These assumptions are based on a consistent approach for all companies in order to result in valuations which can be compared on a like for like basis. The principal assumptions and the methodology to derive them are set out below. Share price volatility ƒƒ Share price volatility assumptions have been calcu- lated based on the average actual volatility experi- enced by each company over the three-year period to 1 January 2016. Where this historic average is likely to be unrepresentative of future volatility levels (for example, a business restructuring), an assump- tion based on more detailed analysis is used. Dividend yield ƒƒ Dividend yield assumptions have been calculated based on the average actual dividend yield for each company over the one-year period to 1 January 2016. Where this historic average is likely to be unrepre- sentative of future dividend yield levels, an assump- tion based on more detailed analysis is used. Risk-free rate ƒƒ Risk-free rate assumptions have been calculated based on the yield on a zero-coupon government bond for the country in which the company is listed over the vesting period/expected share option term as at 1 January 2016. 44 willistowerswatson.com Information on methodology
  45. 45. As the world’s largest executive compensation consultancy, Willis Towers Watson works with boards of directors, compensation committees and management to help organizations get executive pay right. Willis Towers Watson serves as a best-in-class provider of practical advice, data resources and technical information to help clients develop and administer “best fit” compensation programs in the context of each organization’s business and reward strategy. We provide consulting services and customized information, including information and insights that may not otherwise be available through public disclosures and generic surveys. We work collaboratively with management (both at headquarters and business units), boards of directors and compensation committees. Legislation, regulations and the evolution of corporate governance have, in many cases, changed the executive compensation landscape and working relationships among management, the compensation committee and outside compensation advisors. We understand that there is no single model that works for every organization. In light of each organization’s governance requirements and preferences, we can help define the right relationship structure to put the Willis Towers Watson difference to work for you. Executive compensation consulting services CEO pay landscape in the Eurotop 100  45 Information on methodology
  46. 46. The Willis Towers Watson difference We’ve conducted extensive research to understand organizations’ executive compensation consulting needs, preferences and concerns in light of recent regulatory developments. We found that each company approaches the design and governance of executive compensation programs in its own way. This is consistent with our philosophy that executive compensation should meet a tailored, “best fit” standard. Our research has also identified the capabilities that organizations most value. What Willis Towers Watson offers How our clients benefit Depth of resources and expertise available only from the world’s largest executive compensation consulting practice Our 400 executive compensation consultants in more than 35 cities worldwide offer responsiveness and experience across industry sectors, public and private companies, and the nonprofit sector. Our clients include organizations large and small, and our executive compensation consultants have deep expertise in a wide range of industry sectors, including financial services, natural resources, energy, pharma / biopharma, media, health care and retail. Our consulting teams staff client programs thoughtfully to leverage our collective experience for each client’s benefit and ensure we are available when clients need us. Dedicated in-house experts on legislative and regulatory requirements, tax and accounting issues, proxy advisor policies, disclosure rules and other key considerations Our clients receive frequent updates on the latest developments and trends, and can easily tap our experts for answers on the full range of questions that executive pay programs pose. Unparalleled compensation databases and a dedicated research function offering clients the most extensive research capabilities in our industry Willis Towers Watson conducts proprietary compensation surveys in over 115 countries and offers the world’s largest database of current information on executive pay levels, and long- and short-term incentives. This wealth of pay data, including custom analyses, is online 24/7. In addition, our Executive Compensation Resources (ECR) unit conducts ongoing data gathering, research and analysis of executive pay data disclosed in company proxy statements and related disclosures in key countries where robust pay disclosure is required. Objectivity, quality assurance and data protection Our technical capabilities and best-in-class quality assurance processes ensure sound advice. And whether we are retained by the board’s compensation committee or by management, our extensive consulting protocols help ensure that our executive compensation clients receive fully independent, objective advice. The ability to leverage Willis Towers Watson’s broader resources to generate integrated solutions to complex business issues Willis Towers Watson’s 39,000 employees in more than 120 countries worldwide offer a broad range of expertise to help clients improve performance through effective people, risk and financial management. Our research confirms that many clients value our ability to bring a multidisciplinary approach to the complex challenges they face. Innovative thinking and cutting-edge approaches to clients’ problems Our size and extensive resources enable Willis Towers Watson to make significant investments in our clients, including investments in new tools and approaches to meet emerging client needs. A truly global reach — consultants on the ground in key countries worldwide supported by research and data covering the world’s top markets Multinational clients look to us for help dealing with the challenges of managing a mobile and geographically diverse cadre of executives. We also help these organizations craft talent and reward strategies to enhance value beyond their headquarters and throughout their global operations. This includes important emerging markets such as Brazil, China and India. 46 willistowerswatson.com Information on methodology
  47. 47. Willis Towers Watson’s contacts Contact name Email Phone Belgium Anne Huisman anne.huisman@willistowerswatson.com +31 88 543 3150 Noemie Tack noemie.tack@willistowerswatson.com +32 2 678 1511 France Laurent Nguyen laurent.nguyen@willistowerswatson.com +33 1 55 91 30 14 Anne-Charlotte Gissinger anne-charlotte.gissinger@willistowerswatson.com +33 1 55 91 30 77 Italy Matteo Fiocchi matteo.fiocchi@willistowerswatson.com +39 33 7124 8780 Enor Signorotto enor.signorotto@willistowerswatson.com +39 02 6378 0101 Germany Holger Jahn holger.jahn@willistowerswatson.com +49 89 51657 4810 Ralph Lange ralph.lange@willistowerswatson.com +49 69 1505 5144 Spain Cristina Martin cristina.martin@willistowerswatson.com +34 91 590 3087 Estefania Lascano estefania.lascano@willistowerswatson.com +34 91 590 5155 Netherlands Anne Huisman anne.huisman@willistowerswatson.com +31 88 543 3150 Sander Rigter sander.rigter@willistowerswatson.com +31 88 543 3219 Switzerland Olaf Lang olaf.lang@willistowerswatson.com +41 43 488 4480 Richard Thoroe richard.thoroe@willistowerswatson.com +41 43 488 4418 Nordics Louise Carlqvist Byrne louise.carlqvist.byrne@willistowerswatson.com +46 8 506 417 11 Mårten Hagman marten.hagman@willistowerswatson.com +46 8 506 417 12 UK Ireland Richard Belfield richard.belfield@willistowerswatson.com +44 20 7170 2147 Hazel Rees hazel.rees@willistowerswatson.com +44 20 7170 3729 CEO pay landscape in the Eurotop 100  47 Information on methodology
  48. 48. Copyright © 2017 Willis Towers Watson. All rights reserved. WTW-WE-D-0066 September 2017 willistowerswatson.de About Willis Towers Watson Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees in more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas—the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

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