Top executives of chip machine maker ASML in Veldhoven can expect a huge salary increase. A majority of ASML shareholders voted on Wednesday to higher maximum salaries that top executives of the chip machine maker can receive. This despite reservations from some investors and the works council.
Ultimately, more than 91 percent of shareholders voted in favour of the salary increase at the annual meeting. In the new system, the maximum remuneration for a board member can rise to more than 11 million euros. CEO Christophe Fouquet received just over 5.4 million euros in basic salary and bonuses last year.
According to works council chairman Klaas Brantjes, a substantial salary increase at the top can be bad for the ‘esprit de corps ‘, or the group feeling between colleagues and directors. He also warned of negative social consequences if remuneration for the board and on the work floor diverge further.
However, he says the works council understands that shareholders have voted for an increase. “That way, ASML is in line with other large European companies.” Terri Kelly, head of ASML’s remuneration committee, said higher salaries are needed to attract and retain top talent.
Source: Studio040
For Eindhoven News: Lila Mehrez
