Remuneration Policy
Management Board
The remuneration policy for the members of the Management Board of Nuon is designed to help recruit, motivate and retain expert and motivated Management Board members in order to realise the company’s long-term objectives.
The general remuneration policy is adopted by the General Meeting of Shareholders upon the proposal of the Supervisory Board. The remuneration policy for 2006 and subsequent years was adopted at the General Meeting of Shareholders on 24 April 2006. Within the parameters of this policy, the Supervisory Board determines the remuneration of the individual members of the Management Board.
The Dutch corporate governance code specifies that the main elements of the contract of a member of the Management Board must be made public immediately after the contract has been concluded. On this website you will find the principal elements of the remuneration and employment conditions of Øystein Løseth, appointed as chairman of the Management Board effective 23 April 2008.
Supervisory Board
The remuneration policy of the members of the Supervisory Board is designed to recruit qualified and expert Supervisory Board members.
The remuneration of the Supervisory Board members is determined by the General Meeting of Shareholders. That remuneration is not dependent on the results of Nuon. In 2002, the General Meeting of Shareholders lastly determined the fixed annual remuneration for Supervisory Board members.
Remuneration Report
Each year, the Supervisory Board draws up a Remuneration Report. The report discloses the remuneration of the members of the Management Board and the Supervisory Board. The Remuneration Report contains:
- Notes to the remuneration policy of the Management Board
- A description of the implementation of the remuneration policy in the past year
- An overview of the proposed remuneration policy for the coming years
The most important elements from the contracts of the Management Board members are disclosed immediately after their conclusion. Allowances awarded on the basis of the remuneration policy to members of the Supervisory Board are stated in the Remuneration Report.
The Remuneration Report is a fixed part of the annual report.