Monday 23 October 2017

Heineken chief gets €4m bonus

Clementine Fletcher

Heineken, the world's biggest brewer, more than doubled chief executive Jean-Francois Van Boxmeer's pay in 2012 as it awarded him one-time share bonuses worth €4m.

Calculations show Mr Van Boxmeer's total remuneration rose to €8.17m from the previous year's €3.4m, according to the company's annual report.

Mr Van Boxmeer was awarded €2.52m in shares to mark the "landmark event" of the Amsterdam-based beermaker's buyout of Asia Pacific Breweries, its South-East Asian joint venture.

He will also receive €1.5m of shares as a retainment bonus.

Heineken agreed to buy APB last year. The award is subject to approval at the 2013 annual general meeting. Chief financial officer Rene Hooft Graafland also got a €1.3m share reward related to the acquisition.

Brewers including Heineken have been seeking expansion in emerging markets as demand wanes across Europe, stifled by tough economic conditions.

The APB acquisition will increase the company's exposure to markets including Vietnam, and allow further growth of the Heineken brand in the region.

Mr Van Boxmeer's base pay will increase to €1.15m for 2013 from €1.05m in 2012 to bring the company more in line with external peer group pay, it said.

Irish Independent

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