Remuneration policy

Vopak attaches great importance to being able to attract and retain Board members with the right, relevant experience and competencies, so that it can achieve the company's strategic targets.

Within that context, the Remuneration Committee annually assesses the total remuneration package for the Executive Board of Koninklijke Vopak N.V. (Royal Vopak) against remuneration levels of companies comparable to Vopak in terms of international coverage, nature of the business, size and development phase. As from 2011, this peer group consists of the following companies: Arcadis, BAM, Boskalis, Corio, CSM, Dockwise, DSM, Fugro, Imtech, Nutreco, Randstad and SBM Offshore. The "median" of the peer group is taken as a reference in setting the remuneration of Vopak's Board members. In addition to peer group information, publications by remuneration consultancies are used. The principle is that the total remuneration package, consisting of the annual salary, a short-term and long-term variable remuneration and an annual pension contribution, is sufficiently in line with the remuneration packages offered by the said companies.

In addition to the external remuneration benchmark, internal remuneration relationships are relevant. The composition and the amount of the remuneration package for the Executive Board are intended to be properly related to the remuneration package for the next level down in the Vopak organization.

The total remuneration package has a transparent and simple structure, featuring a sound balance between fixed and variable remuneration components, and with the pre-set criteria for short-term and long-term remuneration being perfectly in line with the company's short-term and long-term targets. In part, the remuneration's transparency is guaranteed on the basis of a clear explanation of the policy in the company's annual report and the fact that the variable remuneration - to the extent it pertains to financial performance - is based on the figures published in the annual report.

The Dutch Corporate Governance Code constitutes an important basis for trends in and decision-making with respect to the remuneration of the Executive Board. In developing the remuneration policy, the Remuneration Committee seeks the advice of independent external advisers.

For further details on the remuneration of the Executive Board and the Supervisory Board in 2011, please refer to the Report of the Remuneration Committee that can be downloaded below.

Report of the Remuneration Committee 2011