World: Carlsberg CEOs salary decreases in 2019
Cees t Hart, the chief executive of Danish brewing giant Carlsberg, took home a smaller salary last year after his share-based payments were cut back, The Drinks Business reported on March 19.
Carlsbergs supervisory board approved the new annual report on March 17, which outlined the brewers sales performance across all markets, its sustainability targets for the years ahead, and executives salaries.
Operating profit in increased organically by 10.7% last year, which the brewer said was thanks to growth in Asia and Western Europe, which more than offset the decline in Eastern Europe.
Revenues in Asia grew organically by 12.3% in the year to 31 December, which the CEO said was a result of a 6% increase in volumes and an increase in sales of more expensive brands.
But Hart took home DKK 2.7 million less last year despite an overall increase in annual salary.
Harts fixed salary increased from DKK 12.3 million in 2018 to DKK 12.6 million last year, but was given a smaller cash bonus, share-based payments and remuneration, according to the report.
Carlsberg said the potential maximum bonus for the CEO and CFO was 100% of fixed salary, with a bonus equal to 60% of fixed salary payable for on-target performance.
The brewery was criticised by Danish media last year for the amount of remuneration payment its CEO had been handed in 2018. Harts total pay rose by 22%, but chairman Fleming Besenbacher said last march he would have his salary essentially frozen the next year.
Besenbacher said at the time: Aside from marginal adjustments, we dont expect to see increases in next years report, even if the results continue to be as strong as theyve been in recent years.