In complete transparency, we give you the fixed and variable remuneration and benefits applicable within the Sibelga group. Directors can hold more than one office and we explain why.
Sibelga is actually a group made up of three separate entities. The consistency of the decisions is ensured by the specific composition of the governance bodies.
Group structure and multiple mandates
The existence of a three-level structure within the Sibelga group is justified by the need to:
- separate regulated and non-regulated activities;
- maintain the intermunicipal status of Interfin and Sibelga, in accordance with political will;
- maintain the system of collective labour relations and employment contracts applicable to the personnel. This is done through a private company, BNO (Brussels Network Operations).
Consistent management and effective control are ensured due to the directorships performed at all three levels of the Group by the same individuals.
Directors' Remuneration
Directors' remuneration is governed by a legislative framework and decisions made at our General Assemblies.
Legislative framework
Since 1 January 2018, the Brussels-Capital Region Government Decree of 7 September 2017 implementing Article 5 of the Order of 12 January 2006 on the transparency of the remuneration and benefits of Brussels public officials has applied to the directors of Sibelga and Interfin. There were also new decisions on directors' remuneration at the Sibelga and Interfin General Assemblies on 17 June 2019.
Remuneration in the first half of 2022
The remuneration granted during the first half of the 2022 financial year is in accordance with the decisions taken by the aforementioned Ordinary General Assemblies of 17 June 2019, namely, an attendance fee of:
- €133,831 for a director,
- €334,532 for the Chair and Vice-Chair
Remuneration in the second half of 2022
The remuneration granted during the second half of the 2022 financial year is in accordance with the decisions taken by the aforementioned Ordinary General Assemblies of 17 June 2019, namely, an attendance fee of:
- €140,633 for a director,
- €351,544 for the Chair and Vice-Chair
1Average of indexed amounts: the attendance fee was €132.50 in January and Frebruary 2022 and €135.15 from March to June 2022
2 Average of indexed amounts: the attendance fee was €331.22 in January and Frebruary 2022 and €337.84 from March to June 2022
3 Average of indexed amounts: the attendance fee was €137.65 in July 2022, €140.61 in August and September and €143.42 from October to December
4 Average of indexed amounts: the attendance fee was €344.60 in July 2022, €351.49 in 08 and 09/2022 and €358.52 from October to December
Benefits
No benefit of any kind is granted to Interfin's officials.
Interfin does not provide any working tools for public officials to carry out their mandate.
Representation expenses
In accordance with the previous decisions of the General Assemblies, Interfin does not grant any fixed reimbursement for representation expenses for its directors.
Directors' remuneration details
The appendix contains a detailed table of the remuneration received by each director during the 2022 financial year.
This table is updated at the beginning of April every year for the previous year. All the amounts provided are gross amounts.

Additional information on remuneration
As a reminder, Sibelga's directors appointed by the municipalities must also have been appointed by their municipality as a director in the intermunicipal financing company Interfin (see Article 11 of Sibelga's articles of association).
In addition, the Interfin Bureau is made up of the seven directors who have been elected as members of the Sibelga Steering Committee (see Article 11 of Interfin's articles of association).
The attendance fees received by a director for effective participation in the General Assemblies of Sibelga or Interfin are identical to those received for a Board of Directors meeting. The municipal representatives who take part in the General Assemblies are not remunerated. The amount of fees depends on the intended purpose of the meetings.
Remuneration to be received by the appointed directors of Interfin's investee companies is collected by Interfin (these are the Publi-T and Publigaz companies). The same applies to the mandates held by members of management in Elia, Fluxys SA, Fluxys Belgium and NRB.
Remuneration of the Management Committee members
The fixed remuneration of Management Committee members is guided by reference to the Hay Methodology. Management Committee positions have been weighted using the Hudson Compass tool and converted to the Hay categories. This means that the remuneration of Management Committee members is compared to the Hay General Market P60 sample. The Steering Committee decided on this reference on the proposal of the Appointment and Remuneration Committee on 9 December 2014. The previous reference was the one in use at the time that the activities were split the between Electrabel and Sibelga in October 2006, i.e. Hay P75 for a sample of large companies in the strong sectors.
The remuneration of Management Committee members consists of a fixed element, a variable element linked to results (subject to the provisions below for the new Chief Executive Officer who took office on 1 November 2018) and other benefits, including a supplementary pension. Management Committee members do not benefit from "long term incentives".
Fixed remuneration of the Chief Executive Officer and Management Committee members
The fixed remuneration of the Managing Director and the acting Managing Director for 2022 amounts to a total of €201,81 gross.
The fixed remuneration for the other members of the Management Committee is €1,181,642 which is an average of € 199,714 gross.
Variable remuneration of the Chief Executive Officer and Management Committee members
The Director General only receives a bonus linked to the achievement of the results set by a CLA 90. The variable remuneration of the other members of the Management Committee includes a bonus set according to personal and corporate results measured by a Balanced Score Card (BSC) and a bonus linked to the achievement of the results set by a collective labour agreement (CLA90).
The CLA 90 bonus due for 2022 for the Director General is €1,957.
The variable remuneration to which the other members of the Management Committee are entitled (including that of the Director who combined his function with that of acting Managing Director) is €384,841, i.e. an average of €64,140, including the amount of the CCT 90 bonus of €2,139, as well as the performance management bonus, paid out in the form of warrants.
Other benefits are determined according to the same rules for all Management Committee members. These include:
- a supplementary pension
- disability insurance
- hospital and health care insurance
- death insurance
- a company car
- a discount on the electricity and gas bill
- meal vouchers
- ecocheques for green purchases
- a contribution to telecommunications costs
These benefits are worth an average of €59,332 per Management Committee member.
Non-remunerated mandates
The mandates of the BNO directors and the members of the Appointment and Remuneration Committee (ARC) are not remunerated.
Directors and ARC members receive no benefits or remuneration in kind, no pension and no reimbursement of expenses.
During the 2022 financial year, there were no trips for directors or ARC members.
Furthermore, the mandates in the Sibelga Audit Committee and the BNO subsidiary are not remunerated.