For the first time in our country, two CEOs of listed companies earned more than 10 million euros annually. Ilham Kadri of Solvay and Tim Van Hauwermeiren of Argenx were the first to achieve this milestone. Kadri was the best-earning CEO in 2023 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 contributed to her total package of 17.3 million euros, which included a regular remuneration of 5.3 million euros.
Tim Van Hauwermeiren, the CEO of Argenx, also crossed the 10 million euro mark, earning 10.75 million euros last year. His total package included a fixed salary of 590,000 euros, a cash bonus of 553,000 euros, and stock options worth 7.6 million euros. The average remuneration of Belgium’s top CEOs was boosted to 3.29 million euros, a quarter higher than in 2022, mainly due to Kadri’s exceptional bonus. However, without the bonus, the average stood at 2.69 million euros, the same level as the previous year, which is 56 times the average salary of an employee in the country, around 47,600 euros.
These earnings highlight the significant disparity between executive compensation and average salaries in the country. The achievements of Kadri and Van Hauwermeiren underscore the lucrative nature of CEO positions in listed companies and raise questions about income inequality. As the gap between executive pay and average salaries continues to widen, it underscores the need for greater scrutiny and transparency in setting executive compensation packages.