Executive incomes at the Netherlands’ biggest companies rose by an average 4.25% last year, according to the Volkskrant‘s annual review of pay levels at 123 private and public sector operations.

On average, a company chief executive earned €737,000, a rise of €30,000 on a year ago. Basic salaries rose 2.1%, which is lower than in previous years.

Executive pay expert Camiel Selker told the Volkskrant it appeared that supervisory boards, which determine board pay levels, had taken the public’s unease over large pay hikes for bosses into account.

‘The pay at foreign firms, where there is less social pressure to brake pay rises, went up by more,’ he said.

Shell

But while salaries rose an average of 2.1%, bonuses were up 12.7% to an an average €325,000, the Volkskrant said.

And nine bonuses topped €1m, the survey showed. Shell chief executive Ben van Beurden led the pack with a bonus of €3.5m.

Top earner last year was Nancy McKinstry of publishing group Wolters Kluwer who picked up €15.5m, including €12m from the sale of shares. Her basic salary is €760,000.

Public sector

By contrast at 20 of the biggest public sector companies such as the NS, financial sector regulator AFM and energy firms, chief executive pay fell by an average 6% to €473,000, the Volkskrant said.

This also shows that the government’s determination to reign in public sector pay levels is having an impact, the paper said.