Remuneration Report continued
Reportofthe Reportofthe Financial Other
Contents Overview Executive Board Supervisory Board Statements Information
Pay mix
The mix between fixed pay and variable pay for various levels of performance is illustrated below. In these charts, fixed pay refers to base salary only,
excluding pensions and other emoluments, and variable pay consists of the aforementioned short-term variable pay and long-term variable award
opportunities, including the 'deferral-and-matching' proposition. Share price movements during performance and holding periods are hereby not
included since these are unknown in the context of target remuneration.
CEO target pay mix 2015 - 2016
Below threshold At threshold At target At/Beyond max
performance performance performance performance
O O c O
^1 Fixed pay ^1 Variable pay
CFO target pay mix 2015 - 2016
Below threshold At threshold At target At/Beyond max
performance performance performance performance
O O c
^1 Fixed pay ^1 Variable pay
Pensions
The members of the Executive Board participate in a Capital Creation Plan. In such a plan the Executive Board member receives employer contributions,
for pension capital accrual, as taxable income. As of 2015. Dutch fiscal legislation introduced a cap of EUR100.000 on the pensionable salary for tax-
qualified pension plans, implying that beyond this salary level pensions can no longer be accrued in a tax-qualified way. As a consequence, the pension
plans for new top executives under Dutch employment contract below Executive Board have been changed into a taxable capital creation employer
contribution of 18% of base salary, minus the maximum tax-exempt employer contribution that can still be invested into a tax-qualified defined-
contribution scheme (which contribution the employer provides as well). As of 2015. the same arrangement applies to new members of the Executive
Board as well, hence to our current CFO. with the understanding that as a non-Dutch national she receives the full 18% contribution in the form
of taxable income. For the CEO the same capital creation arrangement as for 2014 remained in force, since the existing top executives below the
Executive Board were compensated on an individual basis for the aforementioned fiscal salary cap on pensions as from 2015, thereby making
a change in the CEO's capital creation scheme irrelevant.
HEINEKEN does not provide loans to the members of the Executive Board.
55 Heineken N.V. Annual Report 2015
