Introduction and updates
Smooth transition with the new CEO
Solvay’s Board of Directors appointed Ms. Ilham Kadri as Chairman of the Executive Committee, member of the Board of Directors and CEO of the Group, with effect from March 1, 2019. On that date, Ms. Ilham Kadri officially succeeded Mr. Jean-Pierre Clamadieu, who then relinquished his executive duties and his mandate as Director of Solvay. Ms. Ilham Kadri joined Solvay on January 1, 2019 and spent two months transitioning with Mr. Jean-Pierre Clamadieu, before taking the leadership and continuing Solvay’s transformation strategy.
Shareholders engagement and aligning remuneration with shareholder expectations
Solvay continues to actively reach out to shareholders to discuss its approach to governance, including remuneration matters. Such exercise forms 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. Solvay’s executive Compensation policy and Compensation report, bolstered by increased disclosure, was supported by 96.7% of its shareholders at last year’s Annual General Meeting.
The increased disclosure in this year’s Compensation Report reflects the input received from Solvay’s shareholders over the years as well as developments in the legislative framework towards further transparency on remuneration matters, including disclosure regarding remuneration of Executive Committee members, principles and performance of short-term and long-term incentives. Detailed changes are disclosed in appropriate sections of the Compensation Report.
In consideration of Solvay’s new G.R.O.W. strategy and new purpose statement, the Compensation Committee has reviewed the performance measures used to incentivize executive leaders to ensure they are aligned with the new strategic direction of the Company effective January 2020.
Solvay believes that the increased disclosure, together with the existing compensation practices and aligning the performance measures with the renewed strategic direction, will result in a compensation structure that incentivizes the executive team on delivery of sustained long-term performance in line with the Company’s strategy and shareholders’ interests.