Remuneration of the directors and the management committee

Sibelga is actually a group made up of 3 separate entities. The consistency of the decisions is ensured by the specific composition of the governance bodies.

Group structure and multiple mandates

The existence of a 3-level structure within the Sibelga group is justified by the need to:

• separate regulated and non-regulated activities;
• maintain the intermunicipal status of Interfin and Sibelga, in accordance with political will;
• maintain the system of collective labour relations and employment contracts applicable to the personnel. This is done through a private company, BNO (Brussels Network Operations).

Consistent management and effective control are ensured due to the directorships performed at all 3 levels of the Group by the same individuals.

Directors' Remuneration

Directors' remuneration is governed by a legislative framework and decisions made at our General Assemblies.

Legislative framework

The Brussels-Capital Region Government Decree of 24 January 2019 implementing Article 5 of the Order of 14 December 2017 on the transparency of the remuneration and benefits of Brussels public officials has applied to the directors of Sibelga and Interfin. There were also new decisions on directors' remuneration at the Sibelga and Interfin General Assemblies on 17 June 2019.

Remuneration in the first half of 2024

The remuneration granted during the first half of the 2024 financial year is in accordance with the decisions taken by the aforementioned Ordinary General Assemblies of 17 June 2019, namely, an attendance fee of:

• €148,33¹ for a director,
• €368,13² for the Chair and Vice-Chair

Remuneration in the second half of 2024

The remuneration granted during the second half of the 2024 financial year is in accordance with the decisions taken by the aforementioned Ordinary General Assemblies of 17 June 2019, namely, an attendance fee of:

• €149,22 for a director,
• €373,00 for the Chair and Vice-Chair

¹ Average of indexed amounts: the attendance fee was €146.29 from 01 to 04/2024 and €149.22 from 05 to 06/2024.
² Average of indexed amounts: the attendance fee was €365.69  from 01 to 04/2024 and  €373.00 from 05 to 06/2024.

Benefits

No benefit of any kind is granted to Interfin's or Sibelga's officials.
Interfin/Sibelga does not provide any working tools for public officials to carry out their mandate.

Representation expenses

In accordance with the previous decisions of the General Assemblies, Interfin/Sibelga does not grant any fixed reimbursement for representation expenses for its directors.

Directors' remuneration details

The appendix contains a detailed table of the remuneration received by each director during the 2024 financial year.

This table is updated at the beginning of April every year for the previous year. All the amounts provided are gross amounts.

* Has decided to waive his remuneration
** Were no longer directors at 31/12/2024, following the municipal elections

Additional information on remuneration

The attendance fees received by a director for effective participation in the General Assemblies of Sibelga or Interfin are identical to those received for a Board of Directors meeting. The municipal representatives who take part in the General Assemblies are not remunerated. The amount of fees depends on the intended purpose of the meetings.

Remuneration to be received by the appointed directors of Interfin's investee companies is collected by Interfin (these are the Publi-T and Publigaz companies). The same applies to the mandates held by members of management in Elia, Fluxys SA, Fluxys Belgium and NRB.

Remuneration of the Management Committee members

The fixed remuneration of Management Committee members is guided by reference to the Korn Ferry Methodology.

The remuneration of Management Committee members consists of a fixed element, a variable element linked to results (subject to the provisions below for the new Chief Executive Officer who took office on 1 November 2018) and other benefits, including a supplementary pension. Management Committee members do not benefit from "long term incentives".

Fixed remuneration of the Chief Executive Officer and Management Committee members

The fixed remuneration of the Managing Director for 2024 amounts to a total of €255,658 gross. 

The fixed remuneration for the other members of the Management Committee totalled €1,318,301 gross.

Variable remuneration of the Chief Executive Officer and Management Committee members

The Director General only receives a bonus linked to the achievement of the results set by a CLA 90. The variable remuneration of the other members of the Management Committee includes a bonus set according to personal and corporate results measured by a Balanced Score Card (BSC) and a bonus linked to the achievement of the results set by a collective labour agreement (CLA90).

The CLA 90 bonus due for 2024 for the Director General is €2,345.

The total variable remuneration to which the members of the Management Committee are entitled is €328,039.

Other benefits are determined according to the same rules for all Management Committee members. These include:  

• a supplementary pension
• disability insurance
• hospital and health care insurance
• death insurance
• a company car
• a discount on the electricity and gas bill
• meal vouchers
• ecocheques for green purchases
• a contribution to telecommunications costs

These benefits are worth an average of €79,826 per Management Committee member.

Non-remunerated mandates

The mandates of the BNO directors and the members of the Appointment and Remuneration Committee (ARC) and the Audit Committe are not remunerated.

Directors and ARC members receive no benefits or remuneration in kind, no pension and no reimbursement of expenses.

During the 2024 financial year, there were no trips for directors or ARC members.