In 2004, Royal Schiphol Group began applying most of the principles and best practice provisions of the Corporate Governance Code. These provisions have been incorporated into our articles of association and various internal regulations. In 2017, these regulations were brought in line with the new Corporate Governance Code.
Application of remuneration provisions
Since 2012, Schiphol has applied, in full, the Code's provisions regarding remuneration to all Management Board members. Each Management Board member's employment contract contains a 'clawback' clause (provision II.2.11) and a provision allowing the Supervisory Board to adjust the variable remuneration retrospectively in certain cases (provision II.2.10).
Non-independent Supervisory Board members
Mr Arkwright joined the Supervisory Board in 2016. He is not classified as independent within the meaning of the 2016 Corporate Governance Code (provision 2.1.8). It has been agreed with Mr Arkwright that he will not take part in discussions and decisions at Royal Schiphol Group which relate to Groupe ADP or be involved in other subjects that could potentially result in a conflict of interests.
Implementation of the Corporate Governance Code
In view of the recent publication of the new Corporate Governance Code, all internal regulations and the Royal Schiphol Group implementation overview are currently being updated. Once the overview is complete, we will publish it here.