In 2023, two CEOs of listed companies in our country earned more than 10 million euros annually. Ilham Kadri of Solvay and Tim Van Hauwermeiren of Argenx reached this milestone. Kadri was the top-earning CEO in the Bel20, the 20 most important listed companies in our country. Her exceptional bonus of 12 million euros for the split of Solvay into two separate listed companies, Solvay and Syensqo, contributed to her total package of 17.3 million euros, which broke the 10 million barrier for the first time.
Van Hauwermeiren also reached the 10 million milestone by earning 10.75 million euros last year. His earnings included a fixed salary, cash bonus, and stock options. The disparity between CEO earnings and average employee wages is 56 times, with CEOs earning over 47,600 euros annually. These high earnings have sparked discussions about executive compensation and income inequality in the corporate world. However, for Kadri and Van Hauwermeiren, their exceptional bonuses and earnings set a new standard for CEO compensation in our country.
Kadri’s exceptional bonus resulted in the average remuneration of Belgium’s top CEOs to be 3.29 million euros, a quarter higher than in 2022. Excluding the bonus, the average was 2.69 million euros, consistent with the previous year and significantly higher than the average annual salary of an employee in our country.
In conclusion, Kadri and Van Hauwermeiren’s achievements have set a new standard for CEO compensation in our country. Their exceptional bonuses have contributed to their total packages that exceeded ten million euros annually.
The disparity between CEO earnings and average employee wages is a significant issue that has sparked discussions about executive compensation and income inequality in corporate life.
However, it is essential to note that these high salaries are not limited to these two companies or just two individuals but are prevalent across various industries worldwide.
Therefore, it is crucial to address this issue by implementing policies that ensure fairness and equality while also encouraging innovation and growth within organizations.