ArcelorMittal’s board of directors receive a fixed remuneration approved every year by the annual general meeting of shareholders. Our senior managers' remuneration policy aims to achieve a financially responsible balance between attractive fixed salaries, equity-based incentives and performance-related bonuses.
Our remuneration policy for senior managers aims to:
- provide total compensation at a level that is competitive with other industrial companies of a similar size and scope or specific peer group;
- promote internal equity and total direct compensation (base pay + bonus + long-term incentives) levels for our executives at the 75th percentile of all industrial companies of a similar size and scope or a specific peer group;
- motivate managers towards the achievement of group-wide and personal goals, including efficiency and growth and;
- retain those individuals who consistently perform at or above expected levels and contribute to the success of our business.
The appointments, remuneration and corporate governance committee considers detailed remuneration proposals for senior managers, which are approved by the board of directors. Compensation to be paid to the board of directors is approved by our shareholders every year. The board of directors approves the remuneration of the individual members of our CEO office and executive officers. Such proposals comprise fixed annual salaries, performance-related bonuses and equity-based long-term incentives such as performance share units (PSUs) and other benefits. These annual proposals apply to:
- the CEO office;
- the executive officers.
Decisions on short-term and long-term incentive plans may apply to a larger group of employees. The appointments, remuneration and corporate governance committee receives updates about the application of these plans on a regular basis.