KPN is convening an extraordinary general meeting. The invitation explains that if bonuses are included KPN’s new executive could make up to 3 million euros!
Ms Leroy’s new basic pay is 935,000 euros. In response to shareholders demands KPN now adds that her ‘variable short term cash reward’ is worth 90% of her basic salary, if she meets her goals, while her ‘variable long term reward’, based on conditional shares is 135% of basic salary, if all goals are met. Both rewards rely on KPN’s financial and non-financial performance.
Basic salary plus all rewards, if all goals are met, rises to 3,038,750 euros, while at Proximus she was only making 940,546 euros per year bonuses included.