Unprecedented Pay for Belgian CEOs: Celebrating Milestone Achievements While Addressing Income Inequality

In a first for our country, two CEOs of listed companies have earned more than 10 million euros annually. The first to achieve this milestone were Ilham Kadri of Solvay and Tim Van Hauwermeiren of Argenx. Kadri was the highest-paid CEO in the Bel20, the 20 most important listed companies in our country, with an exceptional bonus of 12 million euros contributing to her total package of 17.3 million euros, which included a regular remuneration of 5.3 million euros.

Van Hauwermeiren 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 our 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.

In conclusion, while we celebrate these remarkable achievements by these two CEOs who are making history as first-ever executives earning more than €10m annually in Belgium; it is crucial that we continue to address this issue head-on and work towards reducing income inequality within our society while ensuring that those at top levels are fairly compensated for their hard work and dedication to their respective companies’ successes.