Reward Value is founded in 2018 by Frederic Barge. In 2020, Reward Value was transformed into the Reward Value Foundation & The Reward Value Association.

All research activities are initiated and owned by the Foundation. The foundation has a board of directors, supervisory board and advisory council to ensure quality and transparency. The Reward Value Association enables our stakeholders to become part of Reward Value and strengthen the positive change. 


Reward Value is founded in 2018 by Frederic Barge. In 2020, Reward Value was transformed into the Reward Value Foundation.

All research activities are initiated and owned by the Foundation. The foundation has a board of directors, supervisory board and advisory council to ensure quality and transparency. The Reward Value Association enables our stakeholders to become part of Reward Value and strengthen the positive change. 



Frederic Barge
Managing director (BoD)

Danique Sondermeijer Community lead (BoD)

Mattijs Land Research lead

Martijn Michels
Research manager

Caitlin Walker Junior Researcher

Alexandra Papageorgiou Intern Corporate Governance

Bruno Nijdam
Intern Database

Martina Pinti
Intern Corporate Governance

Evi Zacharia
Intern Marketing & Communications

Edoardo Bellassai
Intern Sustainable Economy


Vincent Moolenaar Chair

Frank Grootnibbelink

Russ Pinney

Tjerk Wagenaar


Reward Value comprises the Reward Value Foundation & The Reward Value Association. The Foundation owns an initiates all research activities. A board of directors, supervisory board and strategic advisors ensure transparency and quality.


Establishing Principles of responsible remuneration, accompanied by models and an index in accordance with those principles, will enable the change. In using a solid academic foundation, the discussion on executive pay is structured on facts rather than on emotions. This will allow firms, organizations, and regulators to establish the necessary changes towards responsible remuneration aligned to long-term sustainable value creation in contribution to a safe, healthy, and sustainable planet and society.

1. Validate

We conduct academic research that answers the how-question and validates the change towards modernised pay. Our academic stakeholders contribute to the quality of the academic research and validation. 

2. Activate

Drive change from within by involving all relevant stakeholders. The change must have broad support and concrete applications. In this, consultants, institutional investors, and corporates themselves play a major role.

3. Regulate

Safeguard the implementation of modernised pay. The successful realisation of impact and change is significantly enhanced by active involvement of and with regulators.


1. Principles

of responsible remuneration 

2. Models

of responsible remuneration 

3. Index

for responsible remuneration 

As of December 1st 2022, the Reward Value Foundation has obtained an ‘ANBI’ Status. 
An ‘ANBI’ is a corporation for the public benefit. An institution can only be an ANBI if it dedicates itself almost entirely to the common good.

ANBI form publication requirement – Reward Value Foundation 2022

Frederic Barge - Managing Director

Frederic is a former KPMG partner and HR executive at large organisations, Frederic has held a number of global positions for businesses and institutions at a management and supervisory level on executive remuneration. Some of his career highlights are Head of Compensation and Benefits for ING’s Real Estate, Insurance, Investment Management businesses before becoming ING’s Global Head of Performance and Reward. Global Head of ABN AMRO’s Reward and Performance Management teams. Senior Vice President Total Rewards for Ahold / Ahold Delhaize N.V. for Day-1 readiness in light of the merger between Ahold and Delhaize. A Reward Consultancy and HR Strategy advisor to the Executive Committee and Supervisory Board for Robeco Institutional Asset Management.
Frederic is a published author and recognised thought leader, who actively participates in sector discussions in the financial services industry in light of the guidelines from regulatory bodies on compensation, with particular expertise in: Executive remuneration, Private Equity compensation programmes, Equity plans, Corporate governance, HR aspects in M&A transactions, Performance assessment.

Danique Sondermeijer – Community Lead

Danique Sondermeijer has been involved with Reward Value from the very beginning and is Reward Value’s Community Lead. Before joining Reward Value in 2018, she worked at corporates such as Ahold Delhaize and CRH.

As a community lead, I think it’s important to build good relationships with the specific stakeholder. Keep everyone connected and establish a clear structure so we mutually know what is expected. In addition, my goal is to increase the value for the stakeholders as a whole by connecting. By bringing together the knowledge and insights of our stakeholders, you often come up with the most valuable lessons and new ideas.”

Also in her private life, she is the guiding force of the family for her husband and their three-year-old twins.

Mattijs Land – Research Lead

Mattijs graduated in Tax Law at the University of Amsterdam. He started in tax consultancy and then held a number of positions in the area of executive remuneration at international corporations such as ING and Ahold Delhaize.

Mattijs will start at Reward Value to look at the same topic from an independent position. He will mainly focus on content and manage the various research initiatives. 

“More effective executive remuneration policies lead to better outcomes for all stakeholders. The alignment of purpose, performance and pay is a key contributor to the change for good. The need for change is clear. I look forward to being part of developing the road to the required change; establising principles of responsible remuneration based on fact based reseach”

Martijn Michels - Research manager

Martijn worked for Robeco for 20 years of which the last 6 years as the Business manager of the HR department. Amongst others Martijn was responsible for implementing a new HR system (Workday) and running the Performance Management Cycle together with the head of HR. Martijn will join Reward Value as a research manager focussing on the reward analytics.

He is 49 years old and married to Judith, together with their two children they live in a small village near Gouda.

“The long-term sustainable value creation of a company accompanied with a sustainable reward system is appealing to me. The evidence based and equality approach will encourage the creation of wealth and well-being for the society at large.”

Screenshot 2022-11-09 at 20.02.10

Caitlin Walker – Junior Researcher

Caitlin (Cat) is a Junior Researcher at Reward Value and heads up the Corporate Governance team. She holds degrees in Law, Economics and Policy from Stellenbosch University (South Africa), the University of Turin (Italy) and the University of Padova (Italy). Her research interests focus primarily on (European) Company Law & Corporate Governance, European Integration, and institutionalism.

Cat lives in France with her partner, and enjoys cooking, travel, wine tasting and yoga.

Bruno Nijdam - Intern Database

Bruno is a graduate of the BSc in Civil Engineering of the Delft University of Technology. He is currently pursuing his MSc Transport, Infrastructure & Logistics at this same university. He expects to graduate from this after the summer of 2023.
From November 2021 until September 2022, Bruno has worked as Junior Project Manager for Zoncoalitie, a consultancy in solar PV systems. When given the chance to work at Reward Value as a database intern, Bruno decided to contribute to the change towards a more sustainable economy.

Martina Pinti - Intern Corporate Governance

Martina holds a LLB degree in Comparative, European and International Legal Studies from the University of Trento (Italy). She graduated cum laude in 2021 with a thesis on Human Rights Due Diligence and workers’ rights.
Currently, she is attending the LLM in Law and Economics at Utrecht University (Netherlands). Her main academic interests lie in EU competition law, sustainable development and corporate governance.
Her previous experience includes working as a Legal Intern at a consulting start-up in Dublin (Ireland), where she was able to put in practice her knowledge. During her studies, she also volunteered for the local Erasmus Students Network chapter.
She likes to spend her free time playing volleyball, trying out new recipes with friends and going to the cinema.

Evi Zacharia - Intern Marketing & Communications

Evi Zacharia, is a Communications student with a keen interest in crafting strategies and brand narratives that resonate with specific target audiences. Over the years, she successfully earned her BA in Linguistics, actively participated in various educational programs, and gained valuable experience through internships across diverse corporate and organizational settings. Currently, she is enrolled in an MSc program in Business Communication and Digital Media at Tilburg University, further enriching herself with advanced theoretical insights and hands-on expertise.

Her past experiences have provided a strong foundation, exposing her to diverse professional environments, varied marketing goals, and distinct target demographics. However, she believes in the perpetual pursuit of knowledge. To this end, she regularly engages in professional evidence-based trainings and supervision of her work, including her Internship at Reward Value as a Marketing & Communications Intern

Edoardo Bellassai - Intern Sustainable Economy

Edoardo Bellassai is an Italian researcher who obtained a Master’s degree in International Public Management and Policy from the Erasmus University of Rotterdam as well as a Business Studies bachelor’s degree from the University of Manchester.
His primary interest lies in the intersection between public institutions and private markets, focusing on economic policy. Edoardo is highly motivated to learn and further develop his ability to conduct impactful research that promotes positive legislation in the European Union.

Beyond his academic and professional experience, Edoardo is a passionate Formula 1 fan who also writes stories.

Vincent Moolenaar – Chair

incent has extensive experience in the business community at large leading firms like Shell and Ahold Delhaize. He has led many complex transformations. He knows what change means and is therefore a valuable addition to Reward Value, which is all about change. Currently, he is board member at Deloitte Netherlands and IDNH B.V. He is also member of the board of Slachtofferhulp Nederland, ProDemos and museum Slot Loevestein, an advisory board member of the European Leadership Platform, council to the Dutch Ondermeningskamer, member of the selection committee of court judges in the Netherlands, and an active contributor to NL2025 and nlgroeit. As Reward Value, we are very grateful for Vincent’s commitment to the foundation. His expertise and public orientation are important enablers for our mission.

“Addressing executive remuneration as a catalyst for a transition towards more purpose-led organizations is very relevant to me”, Vincent says. “I gladly support the Reward Value Foundation”.

Frank Grootnibbelink

Frank has an extensive experience in business leadership, turnaround and change management and led multiple strategic transformations in various international settings whilst living abroad for almost fifteen years. Besides this he brings financial expertise and a broad interest, in particular towards the connection between private and public interests. He served in the board of an NGO and is currently member of the supervisory board of Allegoeds and part of the Rabobank membership council in Zuid-Holland.

“Corporations are a vital part of our well-being and Leadership is a service to a sustainable society. Turning priority towards long-term value for all stakeholders through purpose-led executive remuneration is a key instrument that I am glad to support.”

Russ Piney

Russ is an Australian advertising executive and founder of Twofish, a leading communication and advertising agency, servicing many of the Dutch multinational companies, translating complex topics into clear and strong messages. Russ has been involved with Reward Value from the beginning and is the mastermind behind the corporate identity of Reward Value and the producer of the video on the Reward Value website.

Reward Value’s mission of changing executive remuneration in support of a sustainable regenerative economy servicing all stakeholders is very appealing and dearly needed. I am glad to support this important initiative”, Russ says, underscoring his personal commitment.

Tjerk Wagenaar

My passion is to contribute to a more just and sustainable world, where everyone can live in peace with one other and in harmony with nature. The status quo is unfortunately far from the ideal. There is great inequality between the western world and other continents and even within the western world, e.g., in Europe 20% are considered poor. The unsustainable management of our planet is creating unacceptable risks for mankind and IPCC is warning us that we must change our behaviour in the short term.  “We are the times” Augustinus wrote and it is our challenge and responsible to take action now. Everyone according to her or his ability and position and together.

Business could be a force for good; how can we support leaders to act with purpose towards building a just and sustainable world? Reward Value could contribute by giving leaders the right incentives for the short and long run, taking into account all “sustainable and just values”. This could stimulate leaders to act in the interest of all while taking into account the interest of the individual. I am looking forward to co-create and bring people together to develop and implement these new inspiring Reward Value concepts.   

Tjerk Wagenaar is driven to lead or support others in solving societal issues; these are complex and human and therefore contagious. He was educated at a Jesuits gymnasium in Haren (Gr), followed by applied physics at TU Delft and an MBA from INSEAD. Thereafter, he learned to solve complex issues as a consultant at McKinsey’s. He served the Dutch Railroads as manager and more recently as director. He also worked in Uganda on development issues and served on the board at SNV and later at Cordaid. Over the past 15 years he has pushed sustainability as director of Eneco and of Natuur & Milieu. In this role, he negotiated and executed the energy agreement (2013) and more recently negotiated the climate agreement (2019). Currently he serves different supervisory boards and leads different sustainable projects, amongst others Chapter Zero.