Remunerations of the Executive Board NS remunerations policyThe key objective of the NS remuneration policy is that this policy should enable the Supervisory Board to attract and retain well-qualified members for the Executive Board. The remuneration policy is aimed at supporting and furthering NS’s objectives and strategy. The remuneration policy also reflects NS’s public status.Objectives and principlesGiven that the Dutch State is the sole shareholder, the remuneration policy is based on the principles for the remuneration policy of state participations;The determination of job grades is an important element in determining levels of remuneration;To determine remuneration levels for the Executive Board, a market comparison is used based on two reference markets: the public and semi-public sector (AMC, the Tax and Customs Administration, GVB, Havenbedrijf Rotterdam, the Ministry of Infrastructure and the Environment, ProRail and Vitens) and the Dutch private sector, using weightings of 60% and 40% respectively.The NS remuneration policy satisfies the best practice stipulations on remuneration in the Corporate Governance Code.Remuneration componentsBase salaryVariable remunerationPensionBenefitsThe financial statements contain a table showing all the remuneration components.Base salaryIn 2016, the gross annual base salary including the holiday allowance for the members of the Executive Board was as follows: PositionBase salary (€)Base salary received (€)R. van BoxtelCEO438,600438,600B. GroenewegenFinance Director344,000101,289M. RintelDirector of Operations344,000157,667S. ZijderveldChief Governance, Risk & Compliance Officer344,000315,333The overall income of the employee with the highest base salary, namely the CEO, is nine times the median value of the salaries of all NS staff in the Netherlands*.*) Key assumptions:All staff at NS and Abellio Transport Holdings BV are included in the calculationThe calculation is based on the following components: the base salary, variable remuneration and pension costsThe above components apply to both the staff and the CEOBoth full-time and part-time staff are included in the calculation.Variable remunerationAll members of the Executive Board have explicitly waived the right to variable remuneration in their employment contracts.PensionAll members of the Executive Board are also members of the NS pension plan. The employer’s share of the pension costs for the entire Executive Board was €43,728 in 2016 (2015: €15,324). The employer's contribution is two thirds of the total pension costs. PositionPension costs (€)R. van BoxtelCEO14,171B. GroenewegenFinance Director4,169M. RintelDirector of Operations6,495S. ZijderveldChief Governance, Risk & Compliance Officer12,990As required by legislation, pension accrual is capped at a salary of €101,519. NS and the trade unions have agreed to pay out a gross contribution in addition to the salary as an alternative for the cap on pension accrual. NS is allocating a gross contribution of 12% of the salary in excess of €101,519 to all current and new staff. A transitional scheme applies for members who were 46 or older on 1 January 2015. They will receive a supplementary age-related contribution. The percentage in question will be determined as a once-only action. In 2016, members of the Executive Board received a contribution that was the same as in the above scheme for NS employees. PositionAlternative for capping the pension accrual (€)R. van BoxtelCEO40,450B. GroenewegenFinance Director8,571M. RintelDirector of Operations14,448S. ZijderveldChief Governance, Risk & Compliance Officer26,673Benefits The benefits that apply to all other NS employees, including healthcare insurance schemes and transport facilities, also apply to the Executive Board members.The benefits package for the Executive Board also includes an appropriate expense allowance, a lease car and the use of communication devices. The lease scheme offers the option of waiving the right to a lease car and being paid the gross lease amount instead. In addition, a chauffeur-driven car can be made available for business purposes. PositionPayment of lease amount (€)R. van Boxtel*CEO-B. GroenewegenFinance Director4,629M. RintelDirector of Operations2,784S. ZijderveldChief Governance, Risk & Compliance Officer14,410*Mr van Boxtel used the directors’ chauffeur-driven car in 2016 and waived the gross payment of the lease amount.Furthermore, the company has taken out an accident insurance policy and a directors' liability insurance policy for the members of the Executive Board. The company has not extended any loans, advances or guarantees to members of the Executive Board and will not do so.Employment contractsMembers of the Executive Board are appointed each time for a period of four years at the most. Reappointments can be made each time for a period of four years. PositionDate employment startedEnd of employment contractR. van BoxtelCEO1 August 201531 July 2019B. GroenewegenFinance Director15 September 201614 September 2020M. RintelDirector of Operations1 November 2014Unlimited periodS. ZijderveldChief Governance, Risk & Compliance Officer1 February 201631 January 2020*Marjan Rintel already had a permanent employment contract. On 15 July 2016 she was appointed a member of the Executive Board.All employment contracts with members of the Executive Board include a period of notice for the employer of four months. On termination of the employment contract at the initiative of NS, the termination payment cannot exceed one year’s base salary.Members of the Executive Board who retiredMr E.M. Robbe (Finance Director) left his post as of 1 June 2016 (having remained active in the role until 8 April).