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Remuneration Report 2023
Annual statement from the Remuneration Committee Chair
Dear Shareholder,
Introduction
I look forward to presenting this remuneration report at the 2024 AGM.
Sustainability
Review
Report
of the
Supervisory
Board
Other
Information
Financial
Statements
Report
of the
Executive
Board
I am pleased to present the HEINEKEN remuneration report for the year 2023. This report includes our
remuneration policies for the Executive Board and the Supervisory Board and describes how these policies
were put into practice during the year.
Our remuneration policies and practices are based on our long-standing remuneration principles. They align
with our aim to achieve sustainable business growth in the diverse markets where we operate. In designing and
implementing the remuneration policies, the Supervisory Board has taken into account the perspectives and
input of both internal and external stakeholders, as well as public opinion, to the best of its abilities.
Increased transparency
During the 2023 annual general meeting, shareholders were asked to cast an advisory vote on the 2022
remuneration report. The report was adopted with 97.84% of the votes cast in favour, which was a significant
increase from the previous year’s results. The Supervisory Board attributes the increased shareholder support
to the enhanced disclosures presented in the 2022 remuneration report and is sincerely thankful for the
shareholders' support, which we view as a validation of our commitment to transparency and accountability.
Building on this positive momentum, this 2023 remuneration report further increases transparency by disclosing
the individual leadership objectives that were included in the 2023 Short-term incentive. Additionally, it
introduces a "Remuneration at a glance" page, which offers a comprehensive overview of the key remuneration
outcomes for 2023 in a single, easily accessible format.
Stakeholder engagement
In the lead-up to the 2023 annual general meeting of shareholders, the Company actively engaged with
major shareholders and other stakeholders on various critical topics, including remuneration. Our decision to
provide more comprehensive details in the 2022 remuneration report received positive feedback from all parties.
Our discussions with stakeholders delved into various aspects of our remuneration practices, including the
performance measures of the Short- and Long-term incentives for the Executive Board and the terms and
conditions for individual executives. The Supervisory Board carefully considered all the feedback received and
engaged in thorough internal discussions. We highly value the ongoing dialogue with our shareholders and
stakeholders and will continue to consider their valuable input when shaping future revisions to our
remuneration policies.
Supervisory Board remuneration
The Supervisory Board remuneration policy and fee levels remained unchanged in 2023. During the year,
the Supervisory Board discussed the need for an adjustment to the fee levels. A proposal will be put forth for
approval at the 2024 AGM.
Executive Board remuneration
Base salary adjustments
Both the CEO and CFO received a 4% base salary increase effective 1 January 2023. This increase was in line
with the projected increase for executives of companies of similar size and complexity, and below the
percentage increase received by other HEINEKEN employees in the Netherlands.
2023 Short-term incentive outcomes and vesting of2021 -2023 Long-term incentive
The overall mathematical outcome of the 2023 Short-term incentive was 19% of target. This outcome reflects
the company’s financial performance in 2023 and the significant advances made in Cost management and
Accelerating the EverGreen Strategic Plan delivery. The overall outcome of the 2021-2023 Long-term incentive
was 198% of target. The Supervisory Board believes this outcome is representative of HEINEKEN’s strong
performance in the first two years of the performance period.
I would like to thank our shareholders for their continued support. On behalf of the Supervisory Board, I would
also like to express our sincere appreciation to Maarten Das for his exemplary service as the Chairman of the
Remuneration Committee for nearly two decades.
Lodewijk Hijmans van den Bergh
Chairman of the Remuneration Committee
Heineken
N.V.
Annual
Report
2023
