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Corporate governance and executive pay

Reflection on the 2019 proxy season and legislative insights

PwC and CGLytics joined forces to analyse the current corporate governance and executive pay landscape. We delved into the 2019 voting results of 49 quoted companies in Belgium in Luxembourg, and compiled the critical trends of the 2019 voting results. 

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This report takes a closer look at the votes on remuneration items, shares new legislative insights and provides valuable information for companies ready to launch into the next cycle of engagement in the off-season. As the legislative landscape continues to change, the insights within will help you to tackle the following questions:

  • What are the differences in the new Belgian 2020 Corporate Governance Code (CGC) compared to the 2009 CGC? 
  • What’s the status on the revised Shareholders’s Rights Directive? 
  • Are you looking for insights into the  quantitative, publically available data in the field of executive remuneration? 

Our Corporate Governance and Executive Pay report by PwC and CGLytics addresses these questions and more.

Trend highlights of the 2019 proxy vote

Shareholders have more say on pay

The number of resolutions related to remuneration items has significantly increased over the years, as shown by the graph on the right-hand side.

CEO compensation is decreasing

CEO total pay has been decreasing steadily since 2015, while the total shareholder return (TSR) rose sharply in 2018. These figures highlight that CEO compensation is slow to adapt to the evolution of the TSR.

TRC vs TSR: absolute growth

Want more valuable insights like a direct comparison of the 2009 and 2020 main corporate governance principles, the revised Shareholder Rights Directive, executive remuneration insights, and key themes for governance?

Contact us

Christiaan Moeskops

Christiaan Moeskops

Partner, PwC Belgium

Tel: +32 477 50 91 99

Bart Van den Bussche

Bart Van den Bussche

Director, PwC Belgium

Tel: +32 474 23 93 48

Connect with PwC Belgium