Base salary
The annual salary of the Management Board is in line with the labour-market reference group, taking into consideration Corio’s size as a proxy to complexity compared with other companies in the reference group. Salary increases are determined by the Supervisory Board, based on the principle that the individual’s annual salary will reach the reference level within three years after being appointed to the Management Board, provided that personal performance is satisfactory. Annual salaries are assessed and revised on 1 May each year, taking into account factors such as personal performance, the results for the past year, the relative performance of the property portfolio, any annual or other general change in salaries at Corio, and, for individual directors whose salary has not yet reached the standard level, the growth rate.
In 2009, in line with the remuneration policy applicable to other employees, base saleries for members of the Management Board with full responsibility at holding level are adjusted with indexation.
Source: Annual Report 2009, Chapter Overview & Strategy, page 33 (PDF, 13.679 kB)
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