6. Compensation report
Solvay actively reached out to its shareholders to discuss its approach to governance, including compensation matters. This is part of the Company’s ongoing shareholder engagement program which Solvay will continue to undertake as part of its commitment to build upon this constructive dialog with its shareholders.
The increased disclosure in this year’s Compensation Report surrounding Solvay’s short-term and long-term incentives reflects the input received from Solvay's shareholders. Solvay believes that these changes, together with the existing compensation practices, have resulted in a compensation structure that incentivizes the executive team to deliver sustained long-term performance in a transparent manner, whilst ensuring that Solvay continues to uphold its key principle of rewarding the executives for performance.
In terms of Solvay’s overall compensation structure, the Compensation Committee’s annual review confirmed that the current pay mix and design remains appropriate. Accordingly, no changes to the overall structure of pay offered to Solvay's executives were considered necessary.