Compensation
Directors
The mandate of the Directors of Innogenetics is not remunerated, except for the non-executive Directors’ remuneration that is fixed at €1 500 per meeting of the Board of Directors, the Remuneration Committee, and the Audit Committee at which these Directors were present. If these meetings are all scheduled on the same day, then the maximum fee per day is €1 500. The Executive Director is remunerated as Senior Executive.
There have been no specific amounts set aside or accrued for by the Company or its subsidiaries in 2007 to provide pension, retirement, or other similar benefits for any Directors.
Management Committee
The 2007 aggregate total remuneration package of the Members of the Management Committee* is highlighted in the table below
The Board of Directors notes that the Belgian code on Corporate Governance provides the disclosure, on an individual basis, of the amount of the remuneration and other benefits granted directly or indirectly to the CEO. However, based on privacy considerations, the Board of Directors decided not to disclose remuneration of its CEO on an individual basis, but to disclose the total remuneration package of CEO and Members of the Management Committee according to IFRS.
The 2007 aggregate total remuneration package (in euros) is as follow:
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Short-term benefits
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Share-based compensation
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Total
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2 145 000
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45 000
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2 190 000
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*including Frank Morich, CEO until October 15, 2007 and Ingrid De Wilde, Vice-President Human Resources & HSE until October 31, 2007.