The total remuneration of the top executives of the largest Dutch bourse-listed companies rose by an average of 15% in 2016 compared to the previous year, the Financieele Dagblad reported on Friday.

The average pay package of a company chairman reached €4.3m against €3.8m in 2015. The increase  is largely due to the long-term bonus which is paid in shares, according to a survey by human capital advisor Focus Orange which was commissioned by the FD.

Of the 22 companiers included in the survey, CEOs at 14 were required to build up a package of shares in the company. The average package is worth six times annual salary. Most are far higher.

Unilever’s Paul Polman received €44.4m worth of shares over 2016, the equivalent of 35 times his basic salary. Jean-François van Boxmeer received 16.5m in Heineken shares while Erik Engstrom was paid €15.5m in Relx shares: both were paid about 10 times their annual salary, the survey showed.