DSM reported results for Qtr 4 and the year. A net loss of euro60 M was reported for the quarter a drop of euro102 M from same period a year ago. Sales fell by 3.3%. The Company also took a euro154 million write down for its Catalytica group. CEO Feike Sijbesma termed it the most challenging year in DSM's history.
After reviewing its executive pay policies, Mr. Sijbesma's salary will remain frozen for second consecutive year at euro766,000 in line with the economic times. Executive bonuses will be capped at a mere 100% of the base salary. We should all be so disadvantaged.
In a unusual move, DSM will now compensate its executives via their bonuses based on 50% for hitting financial goals and 50% for meeting green targets. Thus begins a new era of Green for Green.
Posted by Bruce Lehr Feb 24, 2010