Solvay’s Board of Directors appointed Ms. Ilham Kadri as Chairman of the Executive Committee, member of the Board of Directors and CEO of the Group, with effect from March 1, 2019. On that date, Ms. Ilham Kadri officially succeeds Mr. Jean-Pierre Clamadieu, who then relinquishes his executive duties and his mandate as director of Solvay. Ms. Ilham Kadri joined Solvay on January 1, 2019 and spent two months transitioning with Mr. Jean-Pierre Clamadieu, before taking the leadership and continuing Solvay’s transformation strategy.
Solvay continues to actively reach out to its shareholders to discuss its approach to governance, including compensation matters. This is part of the Company’s ongoing shareholder engagement program, which Solvay will continue to undertake as part of its commitment to build upon this constructive dialog with its shareholders.
Following engagement with Solvay’s shareholders to discuss its approach to governance, including compensation matters, Solvay increased its disclosure practices regarding its short-term and long-term incentives last year. Solvay’s executive compensation policy and remuneration report, bolstered by increased disclosure, was supported by approximately 97% of its shareholders at last year’s Annual General Meeting.
The increased disclosure in this year’s Compensation Report surrounding Solvay’s short-term and long-term incentives reflects the input received from Solvay’s shareholders. Solvay believes that these changes, together with the existing compensation practices, have resulted in a compensation structure that incentivizes the executive team to deliver sustained long-term performance in a transparent manner, and in line with the Company's strategy, whilst ensuring that Solvay continues to uphold its key principle of rewarding the executives for performance.
In terms of Solvay’s overall compensation structure, the Compensation Committee’s annual review confirmed that the current pay mix and design remains appropriate, including for the new Chief Executive Officer. Accordingly, no changes to the overall structure of pay offered to Solvay’s executives were considered necessary.