GRI 102-38, GRI 102-41
Fair remuneration for all employees is a matter of course for 50Hertz. Retirement and health-related benefits round off the offer they provide to staff as an attractive employer. Remuneration in line with requirements and performance is supplemented by extensive benefits and a company pension scheme. Its remuneration policy is due to be further developed in order to ensure it remains an attractive employer. The IG BCE negotiates collective agreements with the Employers’ Association of Energy and Utility Companies (AVEU). For the first time since 2013, a separate collective agreement was negotiated for 50Hertz in 2020 and the relevant parties decided to continue discussions related to general working conditions (skeleton wage agreement). In addition, a one-off tax-free payment was issued to employees in January 2021 given the rise in working from home due to the COVID-19 pandemic. This payment was intended to support the purchase of private IT equipment. Another one-off tax-free payment was made in January 2022 to help reduce the impact of additional COVID-19-related taxes and as a thank you for the strong commitment shown by staff throughout the course of the pandemic.
In addition, through the Elia Group stock option programme, employees are able to benefit from the Group’s success during the previous financial year. For the ninth time in 2021, all employees were offered Elia Group shares at a preferential price.
50Hertz discloses senior management remuneration in its consolidated financial statements in a transparent and voluntary manner. Details relating to fixed and variable manager remuneration and company pensions and other benefits are disclosed through these statements. Senior management remuneration is outlined in the corporate governance statement.
The pay ratio (which expresses the relationship between the remuneration given to the highest-paid employee and the median salary of all employees) is 7.7.
Employee remuneration includes success and performance-related elements that provide them with incentives to achieve our collective corporate targets as well as their individual targets. Some collective targets also relate to sustainable corporate governance, such as compliance with occupational health and safety and successful stakeholder interactions.