This is WDP
Strategy
ESG
2020 perfomance
Governance
Financial statements
WDP 2020 Annual Report
135
CORPORATE GOVERNANCE STATEMENT
Explanation of the performance of the members of the Management Committee The fixed remuneration of the members of the Management Committee for 2020 as shown in the table Total Remuneration is equal to the remuneration as approved by the Board of Directors in February 2020. The annual variable remuneration is 90% of the annual fixed remuneration for the CEOs and the CFO and 80% of the annual fixed remuneration for the other members of the Management Committee, upon 100% achievement of the performance targets.
Qualitative performance targets The Board of Directors set at least 1 performance target for the Management Committee members regarding the implementation of the WDP ESG Roadmap and at least 1 regarding the implementation of WDP's risk management policy. These are weighted to 20% (co-CEOs and CFO) or 25% (other Management Committee members). PERFORMANCE 2020 | Based on the successful implementation of the internal training plan (see 4. ESG), the digital transformation (see 4. ESG) and further development of a customer risk tracking system (see 8. Corporate Governance Statement), the Board of Directors, on the advice of the Remuneration Committee, considered in January 2021 that the qualitative performance targets had been achieved on target.
Short-term variable remuneration Quantitative performance targets The short-term targets set by WDP in its 2019-23 growth plan are underpinned by linking the short-term performance targets of members of the Management Committee to the Company's financial performance, specifically at least each of the following criteria: EPS, portfolio growth, occupancy rate. These are weighted to 40% (co-CEOs and CFO) or 50% (other Management Committee members). PERFORMANCE 2020 | WDP's financial performance criteria were adopted by the Audit Committee in January 2021.
Long-term variable remuneration The long-term performance targets were also linked to the Company's long-term financial performance, specifically EPS and portfolio growth. In addition, part of the remuneration is conditional on achieving specific ESG ratings by 2023. The choice fell on the internationally recognised ESG rating agencies, ISS and MSCI, which use a framework that monitors a broad spectrum of environmental, social and governance topics and trends with a material impact on different industries and companies.
Target 2023
ISS ESG Corporate Rating
Prime C
MSCI A
The following performance thresholds and ceilings were used for these criteria: < threshold
threshold
target
ceiling
0
50%
100%
125%
Based on this, the Board of Directors – on the advice of the Remuneration Committee – determined in January 2021 that the quantitative performance objectives were achieved and above target.
