SPF ANNUAL REPORT 2020 CONTENTS

Remuneration Policy for members of the board

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 Remuneration policy is also in line with the Dutch Senior Executives in the Public and Semi-Public Sector (Standards for Remuneration) Act.


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.


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