Table:
|  | Alan Jope CEO €'000 p.a. |  | Graeme Pitkethly CFO €'000 p.a. |  |
| --- | --- | --- | --- | --- |
|  | 2019 | 2020 | 2019 | 2020 |
| Fixed Pay | 1,450 | 1,508 | 1,103 | 1,136 |
| Annual Bonus | 2,175 | 2,262 | 1,323 | 1,363 |
| MCIP* Match share award | 2,186 | 2,273 | 1,330 | 1,370 |
| Target Total Pay | 5,811 | 6,043 | 3,756 | 3,869 |
| Personal MCIP* Investment in | 67% | 67% | 67% | 67% |
| Unilever shares | 1,457 | 1,516 | 886 | 913 |
Paragraphs:
Executive Director Fixed Pay increases
The Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020. This is in line with the average increase awarded to the wider Unilever workforce in 2019 of 3.6%. These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope’s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly’s seniority in his role, coming into his 5th year as CFO.
When our CEO Alan Jope was appointed on 1 January 2019 he was appointed with Fixed Pay 14% below that of what the Committee proposed for his predecessor and at the lower quartile of our remuneration benchmarking peer group, despite Unilever being one of the largest companies in this peer group. This positioning was intentional, given Alan’s internal promotion on appointment. However, subject to Alan’s continuing good performance the Committee will, over time, continue to review his Fixed Pay positioning and progress this towards the market median benchmark.
* MCIP at maximum (67%) investment of bonus.
Question:
What is the increase in the Fixed Pay approved by the committee?
Answer: The Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020.