Corporate Governance

Remuneration of managers and directors

Management team

The gross remuneration of the management team, including Chairman and CEO Jean-Paul Villot, is as follows:

( € M)	At 31 January
Management team remuneration	2006	2005
Gross remuneration	2.6	2.2
Variable remuneration	24%	19%

Variable remuneration is determined on the basis of the attainment of Group sales, operating and working capital requirement targets.

Directors

( €)	At 31 January
Directors’ fees	2006	2005
Jean-Paul Villot	25,000	25,000
Henk Bodt	30,000	30,000
Jacques Clay	30,000	30,000
Cornelius Geber	30,000	30,000
Michel Guillet	30,000	30,000
Éric Licoys	30,000	27,500
Michel Rose	12,500	-
Raymond Svider	30,000	30,000
Total	217,500	202,500

The directors receive €25,000 in directors’ fees plus €5,000 if they are on a committee.

With the exception of Mr Villot, details of whose remuneration are given in the paragraph below, and Mr Bourigeaud, the directors do not receive any remuneration from Neopost S.A. other than directors’ fees.

Mr Bourigeaud received $30,150 in directors’ fees from Mailroom Holding Inc. (USA).

Chairman and CEO

( €)	At 31 January
Remuneration of Jean-Paul Villot	2006	2005
Gross fixed remuneration	345,000	268,368
Gross variable remuneration	130,463	91,605
Directors’ fees	25,000	25,000
Benefits in kind	2,744	2,744
Total	503,207	387,717

Variable remuneration is based on the Group’s results in terms of sales, operating margin and working capital requirement.
Mr. Villot’s directors’ fees relate to directorships in Group companies.
No loans or guarantees have been granted to any manager or director.
No post-appointment commitments such as remuneration, compe nsation or benefits have been granted to its officers by the Company.