≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 1
remuneration report.
letter from the chair of the remuneration committee
On behalf of the Remuneration Committee, I am pleased to present to you Randstad's remuneration report for the year 2025. The sections below reflect on the company performance in 2025 and resulting pay outcomes as well as the Remuneration Committee's key activities in 2025 and the outlook for 2026.
2025 company performance and remuneration outcomes
Looking back, 2025 was again a challenging year due to difficult and highly volatile macro-economic and market circumstances. By enforcing strict cost controls, the impact on profitability could be sustained, whilst strategic investments were safeguarded. Also, significant progress has been made with the implementation of Randstad's Partner for Talent strategy, as evidenced in the increased focus on specializations across the company, the growth of talent and delivery centers and the successful rollout of new fully integrated front-office IT platforms as well as digital marketplaces.
In terms of financial results, underlying EBITA was contained at € 720 million (down 4.5% year-on-year) and revenue amounted to € 23.1 billion (down 4.3% year-on-year). Debtor days amounted to 56.7 days (weighted average).
The variable payment achievement this year was determined slightly below the 'at target' score for the Short-Term Incentive (STI) (82.5% of target). Of these, the financial targets achieved 76% of target and the non-financial targets reached 103% of target. The Long-Term Incentive (LTI) reward, which was conditionally granted in 2023 and vested in December 2025, realized an achievement of 68% of target.
2025 remuneration committee focus areas
At the Annual General Meeting of Shareholders in March 2025, we proposed a revised remuneration policy for the Executive Board and for the Supervisory Board, which were approved with 87% and 88% of votes respectively.
The main changes to the approved Executive Board Remuneration Policy are as follows:
Ensuring competitiveness and better stakeholder alignment: update of the labor market peer group, target positioning to move from a base salary benchmark to a market median Total Direct Compensation benchmark (comprising base salary, STI and LTI), increase of STI and LTI target percentages (of base salary) in alignment with market levels, and differentiation of the variable incentive levels between the CEO and the other Board Members.
Increasing transparency and simplicity: move from fair value to face value LTI grant methodology, and removing the deferral and matching from the STI plan.
Better alignment with future strategy: more flexibility to align the KPIs on a continuous basis to the strategy, e.g. the possibility to introduce a second financial KPI in the LTI, and allowing for a flexible approach to determine pension and benefits based on local country market practice.
With the revision of the remuneration policy, we have taken the opportunity to separate the Supervisory Board remuneration from the Executive Board policy. The Supervisory Board policy provides guidelines for the Supervisory Board remuneration and the type of remuneration that can be received. The actual amounts are not included in the policy but will continue to be determined by the General Meeting of Shareholders by separate vote.
Following their adoption, both policies had retroactive effect for the full year of 2025 and replaced the previous policy.
At the same Annual General Meeting of Shareholders in March 2025, the annual remuneration report was submitted to shareholders for an advisory vote. The 2024 report was approved with 86% of votes.
looking forward to 2026
After successful implementation of the revised policies in 2025, the focus of the Remuneration Committee in 2026 will be on further refinement of the KPIs in line with Randstad's long-term strategy, ensuring a continued alignment of the interests of management with those of shareholders and other stakeholders. Also we plan to undertake a review of the relative TSR peer group. We remain committed to a relevant and clear approach to remuneration in line with international practices. I look forward to discussing the policy and actual remuneration practices in the Annual General Meeting of Shareholders in March 2026 and will be happy to answer any questions you may have.
Annet Aris
Chair of the Remuneration Committee
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 2
remuneration policy
The current remuneration policy was approved by the Annual General Meeting of Shareholders in 2025. The full text of the remuneration policy
2025 labor market peer group
As part of the updated remuneration policy, the labor market peer group was revised based on several criteria that were determined upfront, with the aim to reflect relevant recruiting markets as well as considering the shareholder expectations:
main elements of the remuneration policy
policy structure policy level
for the Executive Board can be found on the corporate website. The
main elements of the current remuneration policy are summarized in the table at the end of this page.
executive board remuneration in 2025
introduction
The remuneration paid to the members of the Executive Board in 2025 was based on Randstad's current remuneration policy and its governance process.
The remuneration of the Executive Board consists of the following components:
base salary;
Short-Term Incentive (STI);
Long-Term Incentive (LTI); and
pension and other benefits.
The variable portion of the total remuneration package is performance related. It consists of short and long-term components. The Supervisory Board, on the recommendation of its Remuneration Committee, sets the targets at the start of each performance period. Performance targets and conditions are derived from Randstad's strategy, annual budget plan and market analysis. In the case of target performance, the majority of total compensation is performance related.
Industry: size wise relevant direct competitors and in addition selected relevant IT services companies comparable in size. For the remainder, similar sized companies were selected from the general market irrespective of industry.
Geographic reach: globally active companies with a significant presence in the USA, broadly comparable to Randstad. Companies with headquarters in Europe are preferred, with the share of US companies capped at 35%.
Governance: a mix of one- and two-tier companies, at minimum 50% of the European companies should have a two-tier board.
Company size: Randstad size wise in line with the median of the peer group on market cap and within reasonable boundaries for revenues and employees.
Total direct compensation is set at the median of the labor market peer group, with a secondary check against the full AEX index and additional perspectives such as internal alignment.
In exceptional cases, the total direct compensation can be positioned up to the 75th percentile of the labor market peer group, due to work location of the Executive Board member, unique experience or skill set, joining through acquisitions or other such special circumstances to avoid remuneration becoming a barrier to attract and retain business critical talent.
The target and maximum STI and LTI percentages are set at market reference levels:
CEO target: STI at 120% of base salary, LTI at 175% of base salary
Other Executive Board members target: STI at 100% of base salary, LTI at 150% of base salary
The maximum values of 1.5x target for the STI and 2x target for the LTI have been chosen to align with the market practice.
Total direct compensation
Short-term incentive
Long-term incentive
Pension and other benefits
Share ownership and holding requirements
In alignment with Randstad's size and profile, compared to the other companies in the international labor market peer group.
Weight:
75%: related to financial targets, selected annually from an agreed menu of financial targets, and 25%: strategic and operational objectives.
Weight:
At least 65% financial targets: relative TSR measured against international peer group with the possibility to add a second financial target, and at most 35%: mostly strategic key performance indicators.
Pension and other benefits in line with local (home or host country) practice.
Other benefits include expense and relocation allowances, a company car or car allowance, and health and accident insurance.
Members of the Executive Board are required to build up a certain number of (vested) Randstad shares as a percentage of their gross base salary before they may sell Randstad shares, except for those shares sold to settle any related tax liabilities.
Shares are subject to a five-year holding period after (conditional) grant (or a two-year holding period after vesting).
Targeted around the median of the labour market peer group with a secondary check against the full AEX index and additional perspectives such as internal alignment.
120% (CEO) or 100% (other Executive Board members) of base salary for on-target performance. Maximum value: 1.5x target.
The face value (assuming on-target performance) amounts to 175% (CEO) or 150% (other Executive Board members) of the base salary. Maximum value: 2x target.
For Executive Board members appointed before 2025: annual contribution of 27% of base salary to pension and benefits.
Share ownership requirement: 200% of gross base salary for the CEO, 100% of gross base salary for the other members.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 3
The 2025 peer group consisted of the following companies:
Adecco AG Korn Ferry
Adidas AG Kyndryl Holdings Inc
Brenntag SE ManpowerGroup Inc
Capgemini SE Michelin SCA
Deutsche Lufthansa AG Nokia Oyj
DXC Technology Company Recruit Holdings Co Ltd
Evonik Industries AG Rexel SA
Henkel AG & Co KGaA Robert Half International Inc International Cons. Airlines Group Rolls Royce Holdings PLC Koninklijke Philips NV Skanska AB
base salary
For 2025, the base salaries of the CFO and CHRO were increased by 3.9% which was in line with the weighted group average increase for employees. The base salaries of the CEO and the then COO were not increased.
short-term incentive
If performance is below a predefined minimum level, no STI will be paid out. In calculating the STI, a sliding scale between the minimum level and the maximum level is used. To strengthen teamwork and focus on overall company goals, the entire STI is based on the joint performance of the Executive Board. The largest part (75%) of the achievable STI is related to financial targets. For the STI 2025, the financial targets were set as follows:
Relative revenue growth versus the main peers;
Absolute EBITA amount; and
Days Sales Outstanding.
For an overview of the EBITA and Days Sales Outstanding targets and realization, please refer to the table below. Detailed numerical targets for the relative revenue performance target versus the main peers cannot be disclosed, as these are share price and competition sensitive.
For 2025, the non-financial targets (25% of the STI) were set reflecting the strategic priorities for 2025 in alignment with our longer-term strategic pillars. The selected KPIs are part of the strategic dashboard and were:
Growth through specialization: relative percentage of growth profit from growth specializations;
Talent at heart: increase of redeployment of talent rate for top nine markets;
Delivery excellence: percentage of talent validated by Talent centers & Digital Marketplaces in top eight markets;
Delivery excellence: percentage of revenue in local delivery centers of total in top ten markets;
Delivery excellence: percentage of billable talent out of the total working in Global Delivery Centers & Global Business Centers for the specializations Digital and Enterprise;
Randstad Talent Platform: Q4 run rate of revenue flowing through new front-end and mid-office IT-platforms implemented by end of year; and
Best team: employee engagement: the relative score in Randstad's engagement survey versus the benchmark.
All KPIs are equally weighted.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 4
annual STI payout 2025 in % of annual base salary
Performance | measures | Pay-out scenarios as % of base CEO | Performance targets | Actual performance CEO | ||||||||
at minimum | at target | at maximum | minimum | target | maximum | realized | As % of base | As % of target | ||||
Financial | ||||||||||||
Relative revenue performance | 15.0% | 30.0% | 45.0% | Not disclosed | -% | -% | ||||||
EBITA in € billion | 21.0% | 42.0% | 63.0% | 0.60 | 0.65 | 0.80 | 0.72 | 51.8% | 123.3% | |||
Weighted average DSO | 9.0% | 18.0% | 27.0% | 57.5 | 56.5 | 55.5 | 56.7 | 16.2% | 90.0% | |||
Total Financial | 45.0% | 90.0% | 135.0% | 68.0% | 75.6% | |||||||
Strategic | ||||||||||||
Relative percentage of gross profit from growth specializations | -% | 4.3% | 6.4% | Not disclosed | 6.4% | 150.0% | ||||||
Increase of redeployment of talent rate for top 9 markets | -% | 4.3% | 6.4% | Not disclosed | 2.1% | 50% | ||||||
Percentage of talent validated by talent centers and digital marketplaces in top 8 markets | -% | 4.3% | 6.4% | Not disclosed | 6.4% | 150.0% | ||||||
Percentage of billable talent out of the total working in global delivery centers and global business centers for Digital and Enterprise | -% | 4.3% | 6.4% | Not disclosed | 6.4% | 150.0% | ||||||
Percentage of revenue in delivery centers of total in top ten markets. | -% | 4.3% | 6.4% | Not disclosed | 4.6% | 106.7% | ||||||
Q4 run rate of revenue flowing through new front-end and mid-office IT-platforms implemented by the end of year | -% | 4.3% | 6.4% | Not disclosed | -% | -% | ||||||
Relative score employee engagement | -% | 4.3% | 6.4% | -0.4 | 0.0 | 0.4 | 0.1 | 4.8% | 112.5% | |||
Total Strategic | -% | 30.0% | 45.0% | 30.7% | 102.7% | |||||||
Total | 45.0% | 120.0% | 180.0% | 98.7% | 82.5% | |||||||
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 5
Performance | measures | Pay-out scenarios as % of base Other Executive Board members | Performance targets | Actual performance OBM | |||||||
at minimum | at target | at maximum | minimum | target | maximum | realized | As % of base | As % of target | |||
Financial | |||||||||||
Relative revenue performance | 12.5% | 25.0% | 37.5% | Not disclosed | -% | -% | |||||
EBITA in € billion | 17.5% | 35.0% | 52.5% | 0.60 | 0.65 | 0.80 | 0.72 | 43.2% | 123.3% | ||
Weighted average DSO | 7.5% | 15.0% | 22.5% | 57.5 | 56.5 | 55.5 | 56.7 | 13.5% | 90.0% | ||
Total Financial | 37.5% | 75.0% | 112.5% | 56.7% | 75.6% | ||||||
Strategic | |||||||||||
Relative percentage of gross profit from growth specializations | -% | 3.6% | 5.4% | Not disclosed | 5.4% | 150.0% | |||||
Increase of redeployment of talent rate for top 9 markets | -% | 3.6% | 5.4% | Not disclosed | 1.8% | 50% | |||||
Percentage of talent validated by talent centers and digital marketplaces in top 8 markets | -% | 3.6% | 5.4% | Not disclosed | 5.4% | 150.0% | |||||
Percentage of billable talent out of the total working in global delivery centers and global business centers for Digital and Enterprise | -% | 3.6% | 5.4% | Not disclosed | 5.4% | 150.0% | |||||
Percentage of revenue in delivery centers of total in top ten markets. | -% | 3.6% | 5.4% | Not disclosed | 3.8% | 106.7% | |||||
Q4 run rate of revenue flowing through new front-end and mid-office IT-platforms implemented by the end of year | -% | 3.6% | 5.4% | Not disclosed | -% | -% | |||||
Relative score employee engagement | -% | 3.6% | 5.4% | -0.4 | 0.0 | 0.4 | 0.1 | 4.0% | 112.5% | ||
Total Strategic | -% | 25.0% | 37.5% | 25.8% | 102.7% | ||||||
Total | 37.5% | 100.0% | 150.0% | 82.5% | 82.5% | ||||||
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 6
Due to the strategic sensitivity of the KPIs that form our strategic dashboard, only the target and realized levels for the employee engagement KPI are disclosed.
Based on the achievements for 2025, the STI entitlement with regard to the performance in 2025 as a percentage of annual base salary is 82.5% for the CEO and 82.5% for the other Executive Board members. The financial targets achieved were 76% of target, while the non-financial strategic target achievement reached 103% of target. No discretionary adjustments were made by the Supervisory Board in 2025, nor was any remuneration recovered from present or former Executive Board members.
conditional on-target awards 2025
Sander van 't Noordende | 57,564 | |
Jorge Vazquez | 28,220 | |
Jesus Echevarria | 28,220 | |
Myriam Beatove Moreale | 28,220 | |
Total | 142,224 |
2025 performance measures
number of shares
Adecco AG Manpower Group Inc
ASGN Inc ODP Corp
Capita PLC Pagegroup PLC
Compass Group PLC Recruit Holdings Co. Ltd
FedEx Corp Rexel SA
Hays PLC Robert Half Int. Inc
Intertek Group PLC Securitas AB
ISS A/S Sodexo SA
Kelly Services Inc WW Grainger Inc
long-term incentive
To enhance alignment with the value-creation objectives of shareholders, performance shares are granted to the members of the Executive Board on an annual basis. As from 2025, performance shares are granted based on the face value of the Randstad share as at the grant date in February. Until 2024, performance shares were granted based on the fair value of the Randstad share. To convert Randstad's past fair value grants to face value, the historic target number of shares granted multiplied by the share price at the grant date was determined over the past five years. The average face value over this period is 150% of base salary, equaling the 100% of base salary fair value grant from the previous policy. The shares will vest three years later. Prior to the grant, and following the advice of the Remuneration Committee, the Supervisory Board analyzes the possible outcomes of the allocation by looking at a number of scenarios for the performance period.
2025 grant
On April 23, 2025 (the grant date under the 2025-2027 plan), a conditional grant of performance shares for at-target performance was made, based on 175% of the annual base salary for the CEO and 150% of the annual base salary of the other Executive Board members as at January 1, 2025, and on the value of the performance shares as at grant date (weighted average of €25.07 per share for the TSR part and €26.77 per share for the non-financial part).
The conditional grant of performance shares for 2025 is dependent on TSR (weight: 65% of total at target LTI) and three strategic targets one weighted 11% and the other two 12% each (total weight 35%):
ESG target: the percentage of Employees Working trained by 2027, with 22.0% as the minimum target, 25.0% as 'on target' and 28.0% as maximum target (weight of 11%);
Talent satisfaction: development of weighted average talent satisfaction scores in the top 10 operating companies (weight of 12%); and
Client satisfaction: development of weighted average client satisfaction scores in the top 10 operating companies (weight of 12%).
The exact numerical targets for the latter two cannot be disclosed as these are commercially sensitive. TSR performance is assessed in a relative manner and is compared to our international TSR performance peers. This list differs somewhat from the list used as remuneration level benchmark for the external perspective, as in this case not the size and complexity of the company but the sensitivity of the share price in relation to the economic cycle is the relevant commonality to consider:
TSR performance for the companies of the international TSR performance peer group is calculated based on their 'home or primary listing'. TSR data are compiled and reported by external data provider Willis Towers Watson. The related payout range for our relative TSR performance is presented on the next page.
At the end of the performance period, the Supervisory Board will determine the actual vesting based on progress made over the performance period as reported by the Executive Board in relation to each of these targets. The total minimum vesting equals 0%, the at target vesting 175% (CEO) or 150% (other Executive Board members) and the maximum vesting equals 2x the at target vesting.
As part of the updated remuneration policy, more flexibility was approved to align the financial KPI's in the long-term incentive, leading to potentially including a second financial KPI. In 2025, this was not yet introduced but is planned to be introduced as of 2026.
vested long-term incentive plan
2022-2024 performance share plan
At the beginning of 2025, the performance shares conditionally granted in February 2022 which vested on December 31, 2024 were allocated based on the relative TSR performance (65% of the grant) over the period January 1, 2022 to December 31, 2024. Randstad's TSR ranking for this period is position 11, resulting in 0% vesting. The performance on the non-financial, mostly strategic targets (35% of the grant) over this period resulted in a vesting and allocation of 69%. The weighted vesting percentage on the total grant is 24% of the conditional grant.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 7
2023-2025 performance share plan
At the beginning of 2026, the performance shares conditionally granted in February 2023 which vested on December 2025 were allocated based on the relative TSR performance (65%of the grant) over the period January 1, 2023 to December 31, 2025. Randstad's TSR ranking for this period is position 12, resulting in 0% vesting. The performance on the non-financial, mostly strategic targets (35% of the grant) over this period resulted in a vesting and allocation of 195% (maximum grant 250%). The weighted vesting percentage on the total grant is 68% of the conditional grant.
pension, other benefits, other arrangements and internal pay ratio
pension contribution
The pension arrangements for members of the Executive Board, appointed prior to 2025, are based on defined contribution. Randstad provides an annual contribution of 27% of base salary to the schemes of Executive Board members. For Netherlands-based members, this contribution includes compensation for limitations of accrual of pension rights as of 2016. For the US-based member, this contribution includes compensation to cover health and long-term disability insurance, life insurance, and contributions to the 401(k) plan or any other pension scheme. For the Belgium-based member this contribution includes pension, health, hospitalization and long-term disability insurance. The company has no specific early retirement arrangements in place for Executive Board members. For Executive Board appointments as from 2025 pension and social security benefits are in line with the home country practices. For the Spanish-based Board member, the annual contribution is set to 18.42% of the gross base salary.
The pension and other benefits for which Executive Board members are eligible are intended to be competitive in their relevant location (home or host country) and may evolve year-on-year. The pension and benefits arrangements which were entered into with the existing Executive Board members prior to the amendment of the remuneration policy in 2025 will remain honored also upon reappointment.
other benefits or loans
Other benefits include expense allowance, a company car or car allowance, health and accident insurance and potential relocation allowances.
In 2025, Randstad did not grant any loans, advance payments or guarantees to the members of the Executive Board.
other arrangements
With the approval of the updated remuneration policy, the following arrangements were introduced:
New hire policy: in order to align with market practice, a new hire policy was included in line with the rest of the market. In the case of external hires, the Supervisory Board may on a case-by-case basis decide to grant a buy-out award either in cash and/or in shares, to compensate for the loss of remuneration that an incoming Executive Board member would face upon a transfer of employment. Such an award would be limited to a comparable value to the arrangement forfeited. The rationale and detail of any such award will be disclosed in the annual remuneration report.
Capped deviation clause: as provided under Dutch statutory law, the Supervisory Board may temporarily and under exceptional circumstances deviate from the approved remuneration policy. Exceptional circumstances cover only situations in which the deviation is necessary to serve the long-term interests and sustainability of the Company as a whole or assure its viability. Deviation is limited to the elements described in the remuneration policy. In cases where deviation would result in remuneration higher than the current policy maximum level, such additional remuneration is capped at one time total target remuneration.
Expanded claw back clause: the Supervisory Board may recover from the Executive Board any variable remuneration awarded on the basis of clearly incorrect financial or other data, material gross negligence, fraud, willful misconduct, or material breach of the Company's business principles.
internal pay ratio 2025
The internal pay ratio between the average pay of Randstad employees vis-à-vis the average pay of the CEO and the Executive Board members is calculated based on the average 2025 remuneration (including variable pay and long-term incentives) of a reference group (our 14 largest markets and the corporate functions, encompassing 92% of Group revenue and 80% of total headcount) vis-à-vis the 2025 remuneration of the Executive Board members. The pay ratio is 65:1 (2024: 46.1) for the CEO, and on average 39:1 (2024: 37:1) for the Executive Board members. The pay ratio is 71:1 (2024: 51:1) for the CEO and for the Executive board 43:1 (2024: 41:1) considering all markets of Randstad.
internal pay ratio: Executive Board members
2025 | 2024 | 2023 | 2022 | 2021 | 2020 | ||||
CEO | 65:1 | 46:1 | 40:1 | 40:1 | 49:1 | 38:1 | |||
EB | 39:1 | 37:1 | 31:1 | 35:1 | 37:1 | 25:1 | |||
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 8
payout per ranking position for the TSR performance incentive zone
Ranking | 19 | 18 | 17 | 16 | 15 | 14 | 13 | 12 | 11 | 10 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 2 | 1 |
% | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 |
performance achievement 2023-2025 long-term incentive | ||||||||||
performance measures | weighting (A) | target | achievement | vesting % (B) | weighted vesting (AxB) | |||||
Financial | ||||||||||
TSR | 65% | Position 7/8 | Position 12 | -% | -% | |||||
Total Financial | 65% | -% | -% | |||||||
Strategic | ||||||||||
Equity, Diversity, Inclusion & Belonging | 11.00% | Not disclosed | Partly achieved | 76.4% | 8.4% | |||||
Increase talent satisfaction | 12.00% | Not disclosed | Max achieved | 250.0% | 30.0% | |||||
Increase client satisfaction | 12.00% | Not disclosed | Max achieved | 250.0% | 30.0% | |||||
Total Strategic | 35.0% | 195.3% | 68.4% | |||||||
Total | 100% | |||||||||
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 9
overview of remuneration as included in the income statement in 2025
remuneration of executive board members remuneration of former executive board members
fixed remuneration variable remuneration fixed remuneration variable remuneration
x € 1,000 | year | base salary | extraordinary items | fringe benefits | short-term bonus | share-based compensations | social charges and taxes | pension expenses | total remuneration | x € 1,000 | year | base salary | extraordinary items | fringe benefits | short-term bonus | share-based compensations | social charges and taxes | pension expenses | total remuneration |
2025 | 1,206 | - | 19 | 1,191 | 2,047 | 82 | 325 | 4,870 | 2025 | - | - | - | - | - | - | - | - | ||
S. van 't Noordende , CEO | 2024 | 1,260 | - | 20 | 213 | 1,650 | 29 | 340 | 3,512 | H.R. Schirmer | 2024 | - | - | - | - | 37 | - | - | 37 |
2025 | 753 | - | - | 621 | 1,085 | 19 | 203 | 2,681 | 2025 | - | - | - | - | - | - | - | - | ||
J. Vazquez, CFO | 2024 | 725 | - | 9 | 123 | 698 | 17 | 196 | 1,768 | K. Fichuk | 2024 | - | - | - | - | 31 | - | - | 31 |
2025 | 753 | - | - | 621 | 1,093 | 19 | 203 | 2,689 | 2025 | - | - | - | - | - | - | - | - | ||
M. Beatove, CHRO | 2024 | 725 | - | 13 | 123 | 705 | 17 | 196 | 1,779 | R. Henderson | 2024 | - | - | - | - | 31 | - | - | 31 |
2025 | 577 | - | - | 476 | 437 | 14 | 106 | 1,610 | 2025 | - | - | - | - | - | - | - | - | ||
J. Echevarria, COO | 2024 | - | - | - | - | - | - | - | - | R. Steenvoorden | 2024 | - | - | - | - | 26 | - | - | 26 |
Total Board | 2025 | 86 | 7 | 93 | |||||||||||||||
members | 2025 | 3,289 | - | 19 | 2,909 | 4,662 | 134 | 837 | 11,850 | ||||||||||
C. Heutink | 2024 | 812 | 2,011 | 9 | 137 | 1,088 | 17 | 219 | 4,293 | ||||||||||
2024 | 2,710 | - | 42 | 459 | 3,053 | 63 | 732 | 7,059 | Total Board members | 2025 | - | - | - | - | 86 | 7 | - | 93 | |
2024 | 812 | 2,011 | 9 | 137 | 1,213 | 17 | 219 | 4,418 |
Total Board members, including former members | 2025 | 3,289 | - | 19 | 2,909 | 4,748 | 141 | 837 | 11,943 |
2024 | 3,522 | 2,011 | 51 | 596 | 4,266 | 80 | 951 | 11,477 |
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 10
Sander van 't Noordende was appointed to the Executive Board on December 16, 2021, starting January 10, 2022. He was appointed as Chief Executive Officer on March 29, 2022. Sander's base salary of € 1,150,000 at the time was converted into US$ using the exchange rate at the time of appointment resulting in a base salary of US$ 1,363,026. Fluctuations in base salary as reflected in the above tables are due to exchange rate fluctuations. The actual base salary has been kept stable since the appointment of Sander van't Noordende at his request.
Jorge Vazquez was appointed as Chief Financial Officer as of March 28, 2023. Myriam Beatove was appointed as a board member on the same date. The remuneration included in the income statement for the year 2024 refers to the period March 28, 2024 until December 31, 2024.
Jesus Echevarria was appointed as a board member in the capacity of Chief Operational Officer as of March 26, 2025 and the remuneration included in the income statement for the year 2025 refers to the period March 26, 2025 until December 31, 2025.
Rebecca Henderson received a fee of € 66,000 (2024: € 422,000) for consulting services provided related to the disposal of Monster and representing Randstad in the board of the CareerBuilder+ Monster associate. This amount is not included in the table above.
Chris Heutink stepped down from the Executive Board on March 26, 2025. The costs of his departure (€ 2,011,000) are fully accounted for in 2024 and included under 'extraordinary items'. The costs relate to ongoing services to the company up until December 2025 amounting to
€1,199,000 and a settlement amount of one year of salary of € 812,000 in line with the remuneration policy. As a good leaver, Chris Heutink receives a 'pro rata temporis' vesting of his outstanding long-term incentive and matching of bonus shares in line with the remuneration policy. The share-based compensation costs in 2025 refer to changes in the vesting percentages of the non-financial KPI's included in the performance plans. He received remuneration of €12,750 for his supervisory board membership of a group company. This amount is not included in the table above.
Henry Schirmer was appointed as Chief Financial Officer on March 27, 2018 and stepped down from the Executive Board on March 28, 2024. Share-based compensation costs in 2024 refer to changes in vesting percentages of the non-financial KPIs included in the performance plans.
overview of remuneration based on the shareholder rights directive
In 2019, the European Shareholder Rights Directive was implemented in Dutch Civil Law. The tables below include the required information on Executive Board remuneration. The long-term award in this table relates to the various performance share plans that vested during the year. The main plan, being the performance share plan 2023, vested on December 31, 2025. The reward is calculated based on the numbers of shares that have vested and the stock price at the date of vesting.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 11
remuneration of executive board members proportion of fixed and variable remuneration1
fixed remuneration
variable remuneration
% of fixed remuneration % of variable remuneration
2025 2024 2025 2024
S. van 't Noordende | 44% | 77% 86% 78% -% -% -% -% -% 88% 79% | 56% | 23% | ||
J. Vazquez | 49% | 51% | 14% | |||
M. Beatove Moreale | 49% | 51% | 22% | |||
J. Echevarria | 46% | 54% | -% | |||
H.R. Schirmer | -% | -% | 100% | |||
K. Fichuk | -% | -% | 100% | |||
R. Henderson | -% | -% | 100% | |||
R. Steenvoorden | -% | -% | -% | |||
C. Heutink | -% | 100% | 12% | |||
Total | 46% | 54% | 21% |
x € 1,000 | year | base salary | extraordinary items | fringe benefits | short-term bonus | longterm award | social charges and taxes | pension expenses | total remuneration | ||
S. van 't | 2025 | 1,206 | - | 19 | 1,191 | 786 | 82 | 325 | 3,609 | ||
Noordende , CEO | 2024 | 1,260 | - | 20 | 213 | 284 | 29 | 340 | 2,146 | ||
2025 | 753 | - | - | 621 | 369 | 19 | 203 | 1,965 | |||
J. Vazquez, CFO | 2024 | 725 | - | 9 | 123 | 26 | 17 | 196 | 1,096 | ||
M. Beatove | 2025 | 753 | - | - | 621 | 369 | 19 | 203 | 1,965 | ||
Moreale, CHRO | 2024 | 725 | - | 13 | 123 | 136 | 17 | 196 | 1,210 | ||
2025 | 577 | - | - | 476 | 364 | 14 | 106 | 1,537 | |||
J. Echevarria, COO | 2024 | - | - | - | - | - | - | - | - | ||
Total Board members | 2025 | 3,289 | - | 19 | 2,909 | 1,888 | 134 | 837 | 9,076 | ||
2024 | 2,710 | 0 | 42 | 459 | 446 | 63 | 732 | 4,452 | 1 |
Excluding social charges and taxes
remuneration of former executive board members
fixed remuneration
variable remuneration
x € 1,000 | year | base salary | extraordinary items | fringe benefits | short-term bonus | longterm award | social charges and taxes | pension expenses | total remuneration | ||||||
2025 | - | - | - | - | - | - | - | - | |||||||
H.R. Schirmer | 2024 | - | - | - | - | 137 | - | - | 137 | ||||||
2025 | - | - | - | - | - | - | - | - | |||||||
K. Fichuk | 2024 | - | - | - | - | 123 | - | - | 123 | ||||||
2025 | - | - | - | - | - | - | - | - | |||||||
R. Henderson | 2024 | - | - | - | - | 126 | - | - | 126 | ||||||
2025 | - | - | - | - | - | - | - | - | |||||||
R. Steenvoorden | 2024 | - | - | - | - | 76 | - | - | 76 | ||||||
2025 | - | - | - | - | 108 | 7 | - | 115 | |||||||
C. Heutink | 2024 | 812 | 2,011 | 9 | 137 | 280 | 17 | 219 | 3,485 | ||||||
Total Board members | 2025 | - | - | - | - | 108 | 7 | - | 115 | ||||||
2024 | 812 | 2,011 | 9 | 137 | 742 | 17 | 219 | 3,947 |
Total Board members, including former members | 2025 | 3,289 | - | 19 | 2,909 | 1,996 | 141 | 837 | 9,191 |
2024 | 3,522 | 2,011 | 51 | 596 | 1,188 | 80 | 951 | 8,399 |
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 12
executive board remuneration comparatives
x € 1,000 2025 2024 2023 2022 2021 2020
S. van 't Noordende, CEO as of March 2022; EB | |||||||
member as of January 10, 2022 | 3,609 | 2,146 | 2,321 | 2,613 | - | - | |
J. Vazquez, CFO and EB member as of March 2023 | 1,965 | 1,096 | 1,212 | - | - | - | |
M. Beatove Moreale, CHRO since September 2022 | |||||||
and EB member as of March 2023 | 1,965 | 1,210 | 1,145 | - | - | - | |
J. Echevarria, COO and EB member as of January 1, | |||||||
2025 | 1,537 | - | - | - | - | - | |
Subtotal | 9,076 | 4,452 | 4,678 | 2,613 | - | - | |
Remuneration of former Executive Board members | |||||||
Jacques van den Broek, CEO and Chairman until | |||||||
March 20222 | - | - | - | 4,205 | 4,841 | 3,146 | |
Henry Schirmer, CFO until March 20233 | - | 137 | 3,726 | 3,823 | 3,926 | 2,364 | |
François Béharel, member until March 2020 | - | - | - | - | - | 495 | |
Linda Galipeau, member until March 2019 | - | - | - | - | - | - | |
Karen Fichuk, member until March 2023 | - | 123 | 1,357 | 3,398 | 3,274 | 913 | |
Rebecca Henderson, member until March 2023 | - | 126 | 1,359 | 3,506 | 3,274 | 1,267 | |
René Steenvoorden, member until September 2022 | - | 76 | - | 7,159 | 2,019 | 771 | |
Chris Heutink, member until March 2025 | 128 | 3,485 | 2,918 | 3,264 | 3,377 | 2,117 | |
Subtotal | 128 | 3,947 | 9,360 | 25,355 | 20,711 | 11,073 | |
Total | 9,204 | 8,399 | 14,038 | 27,968 | 20,711 | 11,073 | |
Company performance | |||||||
Organic revenue growth per working day | (2.5%) | (7%) | (6%) | 8% | 20% | (12%) | |
Underlying EBITA margin5 | 3% | 3% | 4% | 5% | 4% | 3% | |
Revenue (in millions of €) | 23,077 | 24,122 | 25,426 | 27,568 | 24,635 | 20,718 | |
Net result (in millions of €)5 | 299 | 123 | 624 | 929 | 768 | 304 | |
TSR vesting (%) | - | -% | 100% | 125% | 125% | 125% | |
Non-financial KPIs vesting (%) | 195% | 69% | 207% | 221% | 179% | 201% | |
Average remuneration of employees on an FTE basis | |||||||
in € 1,000 | |||||||
Randstad N.V. | 180 | 182 | 178 | 160 | 165 | 136 | |
Randstad Group | 75 | 76 | 76 | 75 | 72 | 68 | |
1 The remuneration of Chris Heutink in 2025 includes Consultancy fees to the Supervisory board of € 13 thousand which is explained in the overview of remuneration as included in the income statement (see page 9).
2 The remuneration of Jacques van den Broek in 2022 includes additional taxes of € 1.8 million which are explained in the overview of remuneration as included in the income statement (see page 9).
3 The remuneration of Henry Schirmer includes extraordinary items of € 2,094,000 in 2024 which are explained in the overview of remuneration as included in the income statement (see page 9).
4 The remuneration of René Steenvoorden in 2022 includes extraordinary items of € 2 million and additional taxes of € 2.4 million which are explained in the overview of remuneration as included in the income statement (see page 9).
5 As of 2018, numbers include the effects of IFRS 16 'Lease accounting'.
In the above table, the remuneration of former Board members is only included for the period they were part of the Executive Board. The amounts per Board member for comparative years are based on the same principles as for 2024.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 13
main conditions and shares due and awarded to executive board members (part 1)
shares | shares | |||||||||||||||||||||||||
awarded or to | performance | shares vested, | shares | awarded or to | shares subject | |||||||||||||||||||||
specification | end of holding | be allocated at | shares | adjustment/ | to be allocated | allocated in | be allocated at | to a holding | ||||||||||||||||||
Board members | of plan | vesting period | award date | vesting date | allocation date | period | Board members | January 1 | awarded | (shares lapsed) | in 2026 | 2025 | year-end | period1 | ||||||||||||
2022 - 2024 | February 2022 | December 2024 | February 2025 | February 2027 | 6,976 | (6,976) | - | 6,976 | ||||||||||||||||||
2023 - 2025 | February 2023 | December 2025 | February 2026 | February 2028 | 29,243 | (9,211) | (20,032) | 20,032 | ||||||||||||||||||
2024 - 2026 | February 2024 | December 2026 | February 2027 | February 2029 | 41,775 | 41,775 | ||||||||||||||||||||
PSP EB Plan | 2025 - 2027 | February 2025 | December 2027 | February 2028 | February 2030 | - | 57,564 | 57,564 | ||||||||||||||||||
2023 - 2025 | February 2023 | December 2025 | February 2026 | February 2028 | 4,264 | (4,264) | 4,264 | |||||||||||||||||||
main conditions of share award plans
main conditions and shares due and awarded to executive board members (part 2)
information regarding the reporting year 2025
S van 't Noordende, Chief Executive Officer (as of March 2022)
Share matching plan
PSP senior management
2024 - 2026 February 2024 December 2026 February 2027 February 2029
2025 - 2027 February 2025 December 2027 February 2028 February 2030
S van 't Noordende, Chief Executive Officer (as of March 2022)
3,671 3,671
1,555 1,555
plan 2022 - 2024 February 2022 December 2024 February 2025 n/a
2023 - 2025 February 2023 December 2025 February 2026 February 2028
2024 - 2026 February 2024 December 2026 February 2027 February 2029
646 (646) -
16,651 (5,245) (11,406) 11,406
24,529 24,529
J. Vazquez,
Chief Financial Officer (as of March 2023)
M. Beatove Moreale, Chief Human Resources Officer (as of March 2023)
PSP EB plan
Share matching plan
PSP EB Plan
Share matching plan
PSP senior management plan
2025 - 2027 February 2025 December 2027 February 2028 February 2030
2024 - 2026 February 2024 December 2026 February 2027 February 2029
2025 - 2027 February 2025 December 2027 February 2028 February 2030
2023 - 2025 February 2023 December 2025 February 2026 February 2028
2024 - 2026 February 2024 December 2026 February 2027 February 2029
2025 - 2027 February 2025 December 2027 February 2028 February 2030
2024 - 2026 February 2024 December 2026 February 2027 February 2029
2025 - 2027 February 2025 December 2027 February 2028 February 2030
2022 - 2024 February 2022 December 2024 February 2025 n/a
2023 - 2025 February 2023 December 2025 February 2026 February 2028
2024 - 2026 February 2024 December 2026 February 2027 February 2029
J. Vazquez,
Chief Financial Officer (as of March 2023)
M. Beatove Moreale, Chief Human Resources Officer (as of March 2023)
- 28,220 28,220
1,418 1,418
- 773 773
16,651 (5,245) (11,406) 11,406
24,529 24,529
28,220 28,220
1,836 1,836
1,000 1,000
748 (748) -
4,868 (1,534) (3,334) 3,334
7,942 7,942
J. Echevarria,
Chief Operating Officer (as of January 2025)
PSP EB Plan 2025 - 2027 February 2025 December 2027 February 2028 February 2030
J. Echevarria,
Chief Operating Officer (as of January 2025)
- 28,220 28,220
Total Board members 185,747 145,552 (21,235) (50,442) (8,370) 301,694 6,976
1 All performance shares that have vested at year-end 2024 and allocated in February 2025 are subject to a holding period of two years, except for the number of shares that are allowed to be used to settle the wage tax on allocation.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 14
main conditions and shares due and awarded to former executive board members (part 1) main conditions and shares due and awarded to former executive board members (part 2)
main conditions of share award plans
shares
information regarding the reporting year 2025
shares
Former Board members
specification
of plan vesting period award date vesting date allocation date
end of holding
period
Former Board members
awarded or to be allocated at
January 1
shares awarded
performance adjustment/ (shares lapsed)
shares vested, to be allocated
in 2026
shares allocated in
2025
awarded or to be allocated at
year-end
shares subject to a holding
period1
H.R. Schirmer,
Chief Financial Officer, until March 2023
K. Fichuk,
Member
until March 2023
R. Henderson,
Member
until March 2023
R. Steenvoorden, Member, until September 2022
PSP EB plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027 Share
matching plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027
PSP EB plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027 Share
matching plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027
PSP EB plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027 Share
matching plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027
PSP EB plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027 Share
matching plan 2022 - 2024 February 2022 December 2024 February 2025 February 2027
2022 - 2024 February 2022 December 2024 February 2025 February 2027
2023 - 2025 February 2023 December 2025 February 2026 February 2028
H.R. Schirmer,
Chief Financial Officer, until March 2023
K. Fichuk,
Member
until March 2023
R. Henderson,
Member
until March 2023
R. Steenvoorden, Member, until September 2022
2,102 (2,102) - 2,102
1,262 (1,262) - 1,262
1,790 (1,790) - 1,233
1,224 (1,224) - 845
1,790 (1,790) - 1,228
1,316 (1,316) - 903
1,432 (1,432) - 761
430 (430) - 229
4,296 (4,296) - 2,283
13,990 (4,407) (9,583) 9,583
C. Heutink, Chief Operating Officer until March 2025
PSP EB Plan
Share matching plan
2024 - 2026 February 2024 December 2026 February 2027 February 2029
2022 - 2024 February 2022 December 2024 February 2025 February 2027
2023 - 2025 February 2023 December 2025 February 2026 February 2028
2024 - 2026 February 2024 December 2026 February 2027 February 2029
C. Heutink,
Chief Operating Officer, until March 2025
11,449 11,449
2,580 (2,580) - 1,371
1,673 (1,673) 1,673
433 433 433
Total former Board members
45,767 - (4,407) (11,256) (18,222) 23,138 12,650
Total Board members, including former Board
members 231,514 145,552 (25,642) (61,698) (26,592) 324,832 19,626
1 Opening balance includes shares awarded before EB appointment.
shares outstanding of executive board members
position as at december 31, 2025
restricted shares total shares
Board members | free shares1 | february 2027 | february 2028 | may 2028 | february 2029 | april 2029 | february 2030 | |||||||||
S. van 't Noordende | 29,800 | 6,976 | 4,264 | 3,000 | 3,671 | 4,000 | 1,555 | 53,266 | ||||||||
J. Vazquez | 2,675 | 1,418 | 773 | 4,866 | ||||||||||||
M. Beatove Moreale | 3,704 | 1,836 | 1,000 | 6,540 | ||||||||||||
J. Echevarria | 2,305 | 2,305 | ||||||||||||||
Total | 38,484 | 6,976 | 4,264 | 3,000 | 6,925 | 4,000 | 3,328 | 66,977 | ||||||||
1 Free shares includes 4,800 American Depositary Receipts.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 15
executive board remuneration in 2026
2026 base salary
The base salaries of the members of the Executive Board are increased by 3.6%, which is in line with the weighted group average increase for employees.
2026 short-term incentive
For the annual STI 2026, the financial targets (75%) have been set as follows:
Relative revenue growth versus the main peers;
Absolute EBITA amount; and
Days Sales Outstanding.
Detailed numerical targets cannot be disclosed upfront, as these are share price and competition sensitive.
The non-financial targets for the 2026 annual STI (25%) of the Executive Board are derived from the strategic pillars: growth through specialization, delivery excellence and Randstad talent platform. The combined impact of progress made in growth through specialization and delivery excellence is measured through the increase of gross profit per field employee (GP/PE). The roll-out of the Randstad talent platform is measured as the number of successful country implementations of new front-end and mid-office IT platforms.
Each of these two targets has a weight of 12.5%.
2026 long-term incentive
The conditional grant of performance shares 2026 is dependent on TSR (40%), average EBITA margin over the three years (25%) and strategic targets (35%) based on Randstad's strategy plan and reporting framework:
Talent empowerment: number of shifts which can be self-selected by talent (with a weight of 11%);
Talent satisfaction: development of weighted average talent satisfaction scores in the top 10 operating companies (with a weight of 12%);
Client satisfaction: development of weighted average client satisfaction scores in the top 10 operating companies (with a weight of 12%).
The exact numerical targets cannot be disclosed as these are commercially sensitive.
supervisory board remuneration
The current policy was approved by the General Meeting of Shareholders held in March 2025. In line with relevant market practice in Dutch two-tier AEX companies, the remuneration policy documents of the Executive Board and Supervisory Board are separate. The remuneration policy for the Supervisory Board provides guidelines for the remuneration levels and the type of remuneration. Actual amounts of the remuneration are not included and requires the separate approval by the General Meeting of Shareholders. The full text of the remuneration policy can be found on the corporate website.
To determine competitive remuneration levels, Randstad aims to compensate the Supervisory Board members around the median level of the relevant peer group. As a Dutch listed company, the primary reference group is similar sized (looking at market cap, number of employees and revenue) listed companies in the Netherlands, primarily AEX, with a similar two-tier governance structure. As a secondary reference, a comparison is made with the companies in the same (labour market) peer group that is applied to the Executive Board with a similar (two-tier) governance structure to reflect Randstad's international scope.
The remuneration elements are fixed remuneration, allowance for international travel and an expense allowance.
In 2025, Randstad did not grant any loans, advance payments or guarantees to the members of the Supervisory Board.
≡ randstad in 2025 management report sustainability statements corporate governance financial statements appendix 16
supervisory board remuneration comparative table supervisory board remuneration
2025 2024 2025 2024 2023 2022 2021 2020
Current Supervisory Board members | |||
C. 't Hart | 181,000 | 144,200 105,000 85,300 96,100 90,000 80,300 63,400 664,300 | |
A. Aris | 117,000 | ||
H. Auriol Potier | 108,500 | ||
L. Debroux | 135,000 | ||
J. Drost | 114,000 | ||
D. Manis | 123,500 | ||
P. Vimard | 106,000 | ||
Total | 885,000 | ||
Current Supervisory Board members | |||||||
C. 't Hart, member as of March 2023, Chair since April | |||||||
2024 | 181,000 | 144,200 | 75,700 | - | - | - | |
A. Aris, member since April 2018 | 117,000 | 105,000 | 105,000 | 103,500 | 91,250 | 84,000 | |
H. Auriol Potier, member as of June 2020 | 108,500 | 85,300 | 94,500 | 90,400 | 84,083 | 40,000 | |
L. Debroux, member as of March 2023 | 135,000 | 96,100 | 68,800 | - | - | - | |
J. Drost, member as of March 2023 | 114,000 | 90,000 | 68,800 | - | - | - | |
D. Manis, member as of March 2024 | 123,500 | 80,300 | - | - | - | - | |
P. Vimard, member as of March 2024 | 106,000 | 63,400 | - | - | - | - | |
Subtotal | 885,000 | 664,300 | 412,800 | 193,900 | 175,333 | 124,000 | |
Former Supervisory Board members | |||||||
W. Dekker, Chair until March 2024 | - | 40,250 | 161,000 | 156,500 | 137,000 | 134,000 | |
H. Giscard d'Estaing, until June 2020 | - | - | - | - | - | 42,500 | |
B. Borra, until March 2023 | - | - | 23,250 | 87,400 | 83,500 | 83,500 | |
F. Dorjee, member, until March 2024 | - | 25,000 | 100,000 | 98,700 | 89,000 | 87,000 | |
G. Kampouri Monnas, until March 2018 | - | - | - | - | - | - | |
A.M. van 't Noordende, member, until January 2022 | - | - | - | - | 64,500 | - | |
R. Provoost, until March 2023 | - | - | 24,750 | 92,000 | 83,500 | 83,500 | |
J. Winter, until March 2021 | - | - | - | - | 23,967 | 105,000 | |
Subtotal | - | 65,250 | 309,000 | 434,600 | 481,467 | 535,500 | |
Total | 885,000 | 729,550 | 721,800 | 628,500 | 656,800 | 659,500 | |
At December 31, 2025, Mr. C. 't Hart holds 7,300 ordinary shares in Randstad N.V.