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 & 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. 


Frederic Barge
Managing director (BoD)

Danique Sondermeijer Community lead (BoD)

Mattijs Land Research lead

Martijn Michels
Research manager

Caitlin Walker Junior Researcher

Silvia Ciacchi
Intern corporate governance

Timothy Tennant
Intern corporate governance

Cassian Burger
Intern Economics

Theodore HibbertGreaves Intern Behavioural Psychology

Jennifer-Rose Kruger Intern Marketing


Vincent Moolenaar Chair

Adriaan Swart

Russ Pinney


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 modernized 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 modernized pay. The successful realization 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 

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.”

Caitlin Walker – Intern Corporate Governance

Caitlin (Cat) graduated with an LL.B with a specific focus on Corporate Law from Stellenbosch University in South Africa, as well as completing an additional major in French and a minor in Economics. She then completed her Masters in Law and Economics at the Università degli Studi di Torino, where her thesis focused on market design theory and private technology transfer.
Shortly after she began working with Reward Value, she decided to pursue a career in transnational politics, and is taking an additional Masters in European Affairs at Università degli Studi di Padova, with a focus on economic policymaking. Apart from academics, Cat is a qualified sommelier, passionate about the food & wine industry and a published poet.

Silvia Chicchi - Intern Corporate Governance

Silvia is a graduate of the Bachelor’s in Comparative, European and International Legal Studies (CEILS) of the University of Trento, during which she built a background in comparative and EU law. She then decided to dive deeper into international law and sustainable development and pursued an LLM in Globalization and Law at Maastricht University, with a focus on trade and investment law, human rights, and corporate governance. Shortly after graduating she began working with Reward Value, to employ her legal knowledge and participate in their collaborative research process.  

“I am very excited to be part of the Reward Value team and contribute to their leading research on a topical issue like sustainable corporate governance. I believe that an innovative approach to executive remuneration can play a key role to achieve sustainable economic development.” 

In her everyday life she is passionate about cooking, wine tasting, and supporting small local businesses in her hometown in Veneto, Italy.  

Timothy Tennant - Intern Corporate Governance

Tim Tennant earned a B.A. in International Development Studies and Political Science from McGill University, where he gained a strong understanding of the need for innovative approaches to incoming global policy challenges. He is a member of the G7 Research Group and the G20 Research Group, both based at the Munk School of Global Affairs at the University of Toronto, and he has contributed to progressive policy achievements through legislative research assistance to the New York State Legislature.
Eager to pursue a career in international economic policy, he is currently pursuing a M.A. in European and international public policy at the Università degli Studi di Padova. Tim is an accomplished saxophonist, a history buff, and has been a proud resident of both New York State and Québec. When not pursuing his studies, he is based at his family home at the foothills of the Adirondack Mountains.

Cassian Burger - Intern Economics

Cassian grew up in Germany and moved to the UK when he was 16 years old to finish his high school/IB there.
Subsequently, he moved to London to do his BSc in Management at Cass Business School. In 2020 he moved to Milan to start my MSc in Finance at Bocconi, from which he expects to graduate this summer. Moreover, he did internships at a FinTech and a small craft-beer brewery.

Theodore HibbertGreaves - Intern Behavioural Psychology

Theodore is from the Peak District in the UK, but lived both in Egypt and Northern Cyprus during his teenage years. Due to the contrasting experiences he had living in these countries, he developed a fascination for interpersonal and person-environmental interaction. From this, he decided to undertake a BSc in Counselling Psychology from Worcester University. During his degree, he became interested in researching altruism and reciprocity; specifically, environmental and interpersonal factors that stimulate altruistic tendencies. This research was later presented at the first official Evolutionary Cyberpsychology Conference and is currently in press. After finishing his BSc, Theodore moved to the Netherlands to complete an MSc in Social and Organisational Psychology, at Leiden Univerisity.

When not pondering the nuances of human social cognition and behaviour, Theodore can be found enjoying Leiden from his kayak, and when time allows, road-tripping and hiking around Europe.

Jennifer-Rose Kruger - Intern Marketing

“I am so excited to be a part of Reward Value and doing something that makes a difference. It is so rewarding.”

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”.

Adriaan Swart

Adriaan Swart is an independent, trusted financial advisor with a broad experience in many professional fields of interest. He is a specialist in being a generalist, which enables him to recognize connections between different specializations and to provide guidance and insight into complex matters. He advises entrepreneurs, corporations, non-profit organizations and individuals on economics, finance, taxes, investing, estate planning etc.
Adriaan has worked for Swart&co Accountants for more than 40 years, of which 30 years as partner. During his career he acted as auditor, financial and tax advisor, mediator and focused on being the client’s financial general counsel.
Adriaan studied Economics at the Vrije Universiteit of Amsteardam and has a Postgraduate Accountancy.

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.