The CEOs of Belgian listed companies earn less than their French, German, Swiss and UK counterparts. What’s more, 40% of the Belgian companies have seen their top salaries drop over the past three years. Lastly, the CEOs receiving higher remunerations were those of companies that have fragmented shareholderships, predominantly international boards of directors, and executives with extensive networks. This was revealed in the annual survey of the salaries of the CEOs of listed companies carried out by the Executive Remuneration Research Centre.