The amount corresponding to past service and future pension costs as of 31 December 2003 is €280,000.
In the opinion of the Supervisory Board, this compensation is fair and reasonable. It is based on Mr Möller’s 2002 salary (fixed and variable) of €600,000, the same as his salary in 2003.
All the financial consequences of the severance payment to Mr Möller were agreed in 2003. They have been incorporated in the results of the year 2003 and will be fully disclosed in the 2003 annual report. This report is part of the agenda for Euronext’s annual meeting of shareholders.
It was agreed that Mr Möller will repay Euronext each year until 31 December 2009 a certain portion (25%) of the positive difference between his future salary (fixed and variable) from any new employment on the one hand and his 2003 Euronext salary (fixed and variable) on the other hand. This reimbursement is subject to a maximum of € 750,000.
The Dutch Corporate Governance Code stipulates as part of its principle statements on remuneration that severance pay should not ‘reward’ failing board members.With reference to our earlier press announcement, dated 9 December 2003, the Supervisory Board wishes to confirm that this particular description does not apply to Mr Möller.
The Supervisory Board and Managing Board wish to express their gratitude to Mr Möller for his excellent contributions which he made to the company and its predecessors. As former CEO of Amsterdam Exchanges (AEX), Mr Möller was one of the founding fathers of Euronext. Mr Möller was a member of Euronext NV’s Managing Board from 22 September 2000 until 1 April 2004
