71
Remuneration Report 2023
Introduction
van Boxmeer
Debroux
Year
CFO
CFO
2023
46.5
83
62
5.5
2022
45.3
198
128
21.2%
2021
40.8
207
104
12.2%
2020
41.9
30
20
2019
3,726
42.9
166
87
Sustainability
Review
Report
of the
Supervisory
Board
Other
Information
Financial
Statements
Report
of the
Executive
Board
ad (10) - Other emoluments
The amounts primarily concern car benefits-in-kind.
ad (11) - Total
The sum of all remuneration elements as described in points (1) to (10).
Actual remuneration paid to former members of the Executive Board
Mr. Van Boxmeer stepped down as CEO and Chairman of the Executive Board of Heineken on 1 June 2020.
Mrs. Debroux stepped down as CFO and member of the Executive Board of Heineken on 30 April 2021
In line with contractual obligations, Mr. Van Boxmeer’s and Mrs. Debroux’s existing investment shares/share
matching entitlements are subject to a holding period of 5 years. As a result of the investment in shares of part
of the STI payout for the performance year 2018, the following number of matching shares will vest shortly
after year-end 2023.
1 The ‘number of matching entitlements vesting’ are before-tax (i.e. before tax withholding).
2 The share price on 31 December 2023 was €91.94.
Moreover, pay ratios can also be highly variable over time due to factors such as fluctuations in exchange rates, and
are heavily influenced by the Company's annual performance, which impacts the Executive Board's remuneration
more significantly than it does for all other employees. To address these limitations, the Supervisory Board evaluates
not only the actual pay ratios but also their evolution, particularly in relation to the Company's performance.
The pay ratios for the Executive Board significantly decreased in comparison to 2022, primarily due to the low
payout of the 2023 Short-term incentive. This outcome is in line with the organization's commitment to paying the
Executive Board based on performance.
Pay Ratio
In 2023, the ratio between the CEO’s annual total remuneration and the average annual total remuneration for
HEINEKEN employees was 83. For the CFO, this ratio was 62. These ratios were calculated by dividing the 2023
total remuneration for the CEO and CFO by the 2023 average total remuneration of all other employees
worldwide. As per the revised Dutch Corporate Governance Code, the average total remuneration of all other
employees worldwide is derived from note 6.4 on page 87 by dividing the 2023 total personnel expense (after
subtracting the expense for the Executive Board and external contractors), by the reported FTE (minus two,
and excluding external contractors), leading to an amount of 46,476 (versus 45,276 in 2022). The total
remuneration for the CEO and CFO is retrieved from note 13.3 on page 122.
In accordance with the Dutch Corporate Governance Code, the Supervisory Board takes into account the
internal pay ratios as one factor to determine the appropriateness of the implementation of the remuneration
policy. However, pay ratios are affected by various factors such as a company's industry, geographical reach,
and organisational structure. HEINEKEN has a wide geographical footprint, with the majority of its business
and employees in emerging markets where pay levels and structures differ widely from those in the Netherlands
and Europe. The company also has a large number of breweries and in-house sales forces across the world, which
further adds to the diversity of pay within the organization. This will differ for other companies in other industries.
Therefore, external comparison of pay ratios will not always be meaningful.
3,879
8,944
8,437
1,261
7,112
2,902
5,794
4,228
835
Average employee
total remuneration in
thousands of €2
(11.9)%
5.6%
Heineken
N.V.
Annual
Report
2023
Organic net
revenue growth
%4
ad (9) - Extraordinary Share Grants: Value of shares vesting
The value of the share awards is based on the ‘No. of shares vesting’ against the closing share price on
31 December 2023 of €91.94.
Pay ratio3
CEO
No. of matching entitlements vesting1
7,913
3,323
Value of matching entitlements vesting in €2
727,521
305,517
Comparative overview of remuneration and company performance
The following table provides a comparative overview since 2019 of annual Executive Board remuneration,
average employee remuneration, Executive Board pay ratio, and company performance:
Total remuneration in
thousands of €1
CEO
1 Total remuneration for the CEO and CFO as per note 13.3 Related Parties (i.e., fixed salary, short-term and long-term incentives, pension contributions and
other emoluments).
2 Total personnel expense in thousands of (after subtracting the expense for the Executive Board and external contractor) divided by the reported FTE
(minus two).
3 Total remuneration for the CEO and CFO divided by the average total remuneration of all other employees worldwide.
4 Organic net revenue growth percentage for the financial year (performance measure for Short-term and Long-term incentives).
