Heineken NV, the world’s third-largest brewer, proposed an 11 percent increase in Chief Executive Officer Jean-Francois van Boxmeer’s base salary this year to 1.05 million euros ($1.47 million).
The pay raise is needed to bring his salary in line with management at Heineken’s peer group of 15 companies, including Anheuser-Busch InBev NV and Carlsberg A/S, the Amsterdam-based brewer said its annual report posted on its website today. Van Boxmeer earned 950,000 euros in base pay and 1.31 million euros in bonuses last year.
Chief Financial Officer Rene Hooft Graafland’s base salary will remain unchanged from last year’s 650,000 euros, according to the annual report. Hooft Graafland’s bonus in 2011 was 670,313 euros, according to the annual report.
Shareholders will be asked to approve the 2011 salaries at their April 21 annual meeting in Amsterdam.