Prior to the Board discussion the directors Nicolas Sav-
erys, as director and shareholder of Saverex NV, Steph-
anie Saverys, as director and shareholder of Saverex NV,
FMO BV (represented by Francis Mottrie) and Carl-An-
toine Saverys, as director and shareholder of Saverex
NV and in own name, inform the other directors that
they have a pecuniary interest that conflicts with that of
the Company, as they are, indirectly or directly, benefi-
ciaries of proposed bonuses. They will not participate
in the discussion or take part in the decision-making on
the recommendation of the Committee and leave the
meeting during the discussion and decision-making on
the proposal.
The following bonuses are proposed:
- EUR 2,000,000 to Saverex NV
- EUR 500,000 to FMO BV
- EUR 125,000 to Carl-Antoine Saverys
- EUR 573,760 to the other members of the Executive
Committee (allocated as per the recommendation of
the Committee)
- The balance of the amount to members of the Exmar
group personnel
As per the recommendation of the Audit and Risk Com-
mittee, the Board is of the opinion that the procedure laid
out in Article 7:97 BCCA is not to be applied with respect
to the bonus to Saverex NV, as the value (including all
transactions with respect to Saverex NV during the last
12 months) is less than 1% of the net assets of the Com-
pany on consolidated basis.
The Nomination and Remuneration Committee recom-
mends to the Board to approve the proposal. The Board,
having duly considered the financial impact for the Com-
pany of the 2022 bonus proposal as set forth above, is
of the opinion that the proposal is justified because of
extraordinary achievements in 2022 by the beneficiaries
and for retention purposes. The Board decides to ap-
prove the recommendation from the Committee, and
that it will submit the bonus proposal for Saverex NV
to the General Meeting of Shareholders, for approval.
The Committee also discussed the proposal to increase
the remuneration of certain members of the Executive
Committee and personnel, and the fee under the con-
sultancy agreement with Saverex. The proposal is sub-
mitted to the Board for approval.
Prior to the Board discussion the directors Nicolas Sav-
erys, as director and shareholder of Saverex NV, Steph-
anie Saverys, as director and shareholder of Saverex NV,
and Carl-Antoine Saverys, as director and shareholder
of Saverex NV and in own name, inform the other Board
members that they have a pecuniary interest that con-
flicts with that of the Company, as they are, indirectly or
directly, beneficiaries of the increase of remuneration.
They will not participate in the discussion or take part
in the decision-making on the recommendation of the
Committee and leave the meeting during the discussion
and decision-making on the proposal.
An increase of the yearly fee under the consultan
-
cy agreement with Saverex NV is proposed to EUR
1,200,000, from 2023 onwards. For Carl-Antoine Sav-
erys an increase is proposed to EUR 250,000 per year
from 2023 onwards.
The Committee recommends to the Board to approve
both proposals. The Board, having duly considered the
financial impact for the Company of the salary adjust-
ment proposal as set forth above, is of the opinion that
the proposal is justified because of extraordinary work
delivered in 2022 and also for retention purposes, and
in accordance with the Company’s remuneration policy.
The Board decides to approve the recommendation from
the Committee.
Significant events after balance sheet
We refer to Note 39 Subsequent events of the consoli-
dated annual report.
OUTLOOK
Shipping:
Very Large Gas Carriers (VLGC)
EXMAR’s LPG fuelled 88,000 m³ VLGC 2021 newbuilds,
FLANDERS INNOVATION and FLANDERS PIONEER are
serving a long-term time-charter agreement with Equinor
ASA (Norway). With the large capacity and the dual fuel
LPG engine, these vessels represent the best technolo-
gy available today with respect to reducing greenhouse
gas emissions.
The VLGC BW TOKYO performed well in the course of
2022 in the BW VLGC pool and we expect similar per-
formance in 2023.
Midsize Gas Carriers (MGC)
During 2022, 40% of EXMAR’s Midsize fleet was dedicat-
ed to transporting ammonia and 60% to LPG. For 2023
the ammonia share is expected to increase up to 50%.
EXMAR, which has a 50 / 50 joint venture with SEAPEAK
for the Midsize fleet, continues to build on its existing loy-
al customer base with extensions of existing time charter
contracts at profitable levels. At the beginning of 2023,
80% of EXMAR’s Midsize fleet has already been commit-
ted to these clients for 2023.
Pressurized
EXMAR’s pressurized fleet of 10 ships remained dedicat-
ed to well-established industrial and long- term partners,
both in North-West Europe and in Asia. Begin 2023, the
time charter coverage for 2023 stands at 86%.
Liquefied Natural Gas (LNG)
EXMAR acquired the 50% share from the joint venture
partner SEAPEAK of the LNG carrier EXCALIBUR in Sep-
tember 2022. The LNG carrier EXCALIBUR primarily
served for transporting LNG worldwide under a long-
term charter party. As this charter came to an end in
December 2021, new opportunities were explored and
the EXCALIBUR is now under a 10-year charter for the
Eni Marine XII infrastructure project in Congo, to serve
as floating storage unit alongside the floating liquefac-
tion plant TANGO FLNG.
112 5. Financial report