The Board has a controlled and sustainable remuneration policy, which SPF tests and compares with external parties as much as possible. Board members, members of the Accountability Council, and consultants and members of the Review Committee who are not employed by SABIC benefit from an expenses allowance that is in line with the prevailing market standards.
The members of the Board and the Accountability Council employed by SABIC do not receive any remuneration or reimbursement of expenses from SPF and are subject to SABIC's terms and conditions of employment policy. They do not receive any additional or other remuneration from SPF. The representatives of the pensioners on the Board receive compensation in accordance with the Verordening vergoedingen Sociaal-Economische Raad 2011-2012 (2011-2012 Regulation on remuneration of the Social and Economic Council of the Netherlands).
The external Board members, the members of the Review Committee, and the external investment and risk advisor receive remuneration in line with the prevailing market standards. SPF does not issue performance-related remuneration or severance payments.
In 2017, the Board made a decision on the remuneration of the Chairman of the Fund as the representative of the pensioners. It emerged in 2018 that the estimated amount of time was not in line with the time required for the chairmanship. The Board therefore proposed adjusting the remuneration policy on this point and basing remuneration for the Chairman in 2018 on three days a week. The Accountability Council issued a positive recommendation on this proposal, after which the Supervisory Board approved the amended policy. This approval was given subject to the condition that the increased remuneration would only apply for the year 2018.
With effect from January 1, 2019, SPF will have an external director as its Chairman. This external director's remuneration covers the chairmanship position. The Board has made agreements with the Chairman about the amount of his remuneration. The starting point of the Remuneration Policy is that the remuneration of external parties must be on market terms.