12 Remuneration of Managing Board and Supervisory Board

Disclosure of the total board remuneration is based on section 383 book 2 of the Dutch Civil Code. Furthermore, the members of the Executive Committee (which includes the Managing Board) and the Supervisory Board meet the definition of key management personnel as defined in IAS 24 ‘Related Parties’. IAS 24 requires disclosure of the total of short-term employee benefits (salary and Short-Term incentive), post-employment (pension expenditure) and other long-term benefits (none), termination benefits and share-based payment cost (share-based compensation), which are reported in the table below.

The difference in total key management personnel compensation is determined by changes in the composition of the Executive Committee, resulting in lower amounts on salary and pension contribution in 2021 while the higher STI over 2021 represents the development of the business performance. The 2020 total compensation includes the impact of the CEO change in 2020 (share-based compensation and an amount subject to article 32bb of the Dutch Wage Tax Act).