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Mateusz Folwarski*
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OF MANAGERIAL STAFF REMUNERATION
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Regulation and supervision of the banking sector in the modern economy is
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security, which can be simply defined as a desire to minimize the number of
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regarding banks are based on the assumption of market imperfection, the
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of a country with very strict regulations introduced concerning the principles of
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the Code of Federal Regulations, Regulation SK8UEDQHN7KLVUHJXODWLRQ
describes in detail how the structure of managerial staff remuneration in every
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appointed as part of the company, which is required to annually provide a report
to shareholders on the principles of remuneration of the key managers in the
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obligation to publish the remuneration of individuals who in a given financial year
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impact on the regulations regarding publication of the amount and structure of
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directive stated that the remuneration paid and benefits in any form granted during
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the retained earnings to the members of the administrative body, management and
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the financial statement.
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remuneration policy, the remuneration of particular directors and remuneration
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Y disclosure of the remuneration policy pursued by directors in the annual
financial statement or in the notes to the annual financial statements of the
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Y document disclosing the remuneration policy should contain specific
information about the relationship between work productivity and remuner
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applicable notice periods and severance payment provisions for termination of
the contract.
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financial market and has identified the need for fundamental changes in both
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In response to the financial crisis, the regulators have proposed a modification or
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entrusted the function of directing a group of notable specialists in the field of
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presenting the essential proposals and recommendations on the future regulations
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motivation system by remuneration should in greater amount include the interests
of the partners and the shareholders and the profitability of the whole enterprise
in the long term. For this purpose, the structure of the remuneration scheme
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account, and the payment of premiums should be spread over the entire business
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should control whether the remuneration policy in the financial institutions is
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pillar of Basel II regulation, when the proper corrective actions have not been
taken.
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issued two recommendations on remuneration in the financial services sector
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on the remuneration of directors of listed companies on the regulated market, the
main aim was to ensure transparency of practices in the area of remuneration.
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the structure of remunerations, which under the influence of the financial crisis
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Y WKHVWUXFWXUHRIWKHUHPXQHUDWLRQRIGLUHFWRUVIDYRXUWKHORQJWHUPVWDELOLW\RI
the company,
Y it is necessary to guarantee that the severance payment does not constitute
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Y the systems of remuneration of directors with shares, should be more closely
related to the results of the company.
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However, these recommendations were only an outline of the changes that should be
made, simultaneously not providing specific solutions in the field of remunerations.
102
Problems and Opinions
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OF MANAGERIAL STAFF REMUNERATION IN BANKS
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on the level and structure of managerial staff remuneration in banks, led to work
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to the need for regulation in order to prevent possible irregularities in the system
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resulted from the omission of gender balance, social background, cultural
affiliation and education of the members,
Y lack of profound analysis of the management board as a whole and its individual
members,
Y boards were unable or unwilling to watch over the appropriate frames of risk
management.
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Y a significant increase in the variable component of the managerial staff
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from the end of the eighties, raises the question as to the detailed rules for the
content of management activities assessment,
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considering the associated risk contributed to the financial crisis.
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mainly due to the inadequate remuneration structure of some financial institutions.
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Y senior management,
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Y persons making decisions about risk,
Y staff dealing with control,
Y any employee whose total remuneration, including unspecified pension benefits
is at the same level of salary scale as the remuneration of senior management
and persons making decisions about risk.
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correct system of remuneration intended to ensure that the structure of remuneration
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not constitute a moral hazard and must be related to the risk taken by the financial
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requirements related to financial institutions and regulations concerning variable
remuneration. Failure to adjust to the guidelines involves a number of consequences.
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of not having a remuneration policy which is consistent with the guidelines. In the
financial institution which does not fulfil the provisions of the directive, it may be
necessary to limit the variable remuneration to a percentage of total net income.
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the composition and scope of function of the remuneration committee, the major
parameters and justification of any kind of variable remuneration systems,
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of remuneration. Guaranteeing variable remuneration is not possible. Apart from
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situation where the financial institution gets weaker or yields negative financial
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104
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this information.
Table 1. The number of people employed in financial institutions of the EU
receiving an annual remuneration of more than 1 million EUR
Member States
Austria
Belgium
Bulgaria
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&]HFK5HSXEOLF
'HQPDUN
(VWRQLD
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Lithuania
/X[HPERXUJ
Malta
1HWKHUODQGV
3RODQG
3RUWXJDO
Romania
Slovakia
Slovenia
Spain
Sweden
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8(
2010
14
0
0
0
0
1
119
0
0
0
1
1
0
14
2011
10
0
4
0
0
170
0
0
10
0
4
11
0
0
2012
19
0
0
0
177
1
9
17
109
0
0
0
7
1
1
0
100
6RXUFHRZQSUHVHQWDWLRQEDVHGRQ(%$5HSRUW+LJK(DUQHUVDQG
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LQVWLWXWLRQVZLWKRYHUPLOOLRQ(85SHU\HDULVLQWKH8.,QWKLVFRXQWU\WKH
QXPEHURISHRSOHUHZDUGHGZLWKRYHUPLOOLRQ(85FRQVWLWXWHGRIDOOSHUVRQV
UHZDUGHGZLWKPRUHWKDQWKLVDPRXQWDOORYHUWKH(XURSHDQ8QLRQ$PRQJWKH
b(8FRXQWULHVLQVHYHQFRXQWULHVLQWKH\HDUVļWKHUHZDVQRWDVLQJOH
SHUVRQ ZKR HDUQHG RYHU b PLOOLRQ (85 LQ D ILQDQFLDO LQVWLWXWLRQ ,W LV ZRUWK
QRWLQJWKDW3RODQGLQļDQG+XQJDU\LQGLGQRWUHYHDOWKHOLVWRI
SHUVRQVUHZDUGHGZLWKPRUHWKDQPLOOLRQ(85LQILQDQFLDOLQVWLWXWLRQV7KHGDWD
SUHVHQWHGLQWKHWDEOHLQGLFDWHVWKHDPRXQWUHSRUWHGE\RWKHU(8FRXQWULHVZKLFK
KDYHVXEVLGLDULHVLQWKHVHFRXQWULHV7DEOHVKRZVIL[HGDQGYDULDEOHUHPXQHUDWLRQ
WKDWZDVUHFHLYHGE\DOOSHUVRQVUHZDUGHGZLWKRYHUPLOOLRQ(85HPSOR\HGLQ
ILQDQFLDOLQVWLWXWLRQV,QWKH\HDUVļYDULDEOHUHPXQHUDWLRQUHFHLYHGE\
WKHVWDIIUHZDUGHGE\ILQDQFLDOLQVWLWXWLRQVLQWKH(8ZDVRQDPXFKKLJKHUOHYHO
WKDQWKHIL[HGUHPXQHUDWLRQREWDLQHGE\WKHVHSHRSOH,QLWZDVDGLIIHUHQFH
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Table 2. Fixed and variable remuneration of people rewarded in financial
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Fixed
remuneration
2010
2011
2012
Austria
10
19
Belgium
Bulgaria
0
&\SUXV
&]HFK5HSXEOLF
9DULDEOH
remuneration
2010
2011
2012
Austria
11
9
Belgium
10
11
0
0
Bulgaria
0
0
0
4
&\SUXV
1
0
0
0
&]HFK5HSXEOLF
0
0
0
17
19
(VWRQLD
0
0
0
(VWRQLD
0
0
0
Finland
1
Finland
4
France
France
449
Germany
Germany
Greece
0
0
Greece
0
1
Hungary
0
4
Hungary
1
9
11
Ireland
7
7
Ireland
17
94
100
Latvia
0
0
0
Latvia
0
0
0
Lithuania
0
0
0
Lithuania
0
0
0
/X[HPERXUJ
7
/X[HPERXUJ
10
'HQPDUN
Italy
106
'HQPDUN
Italy
Problems and Opinions
Fixed
remuneration
9DULDEOH
remuneration
2010
2011
2012
0
0
0
49
17
10
3RUWXJDO
1
Romania
0
0
0
0
0
Slovakia
0
1
0
0
0
Slovenia
0
0
0
91
107
91
Spain
14
Sweden
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2010
2011
2012
0
0
0
3RODQG
1
4
3RODQG
3RUWXJDO
Romania
1
0
Slovakia
1
Slovenia
Malta
1HWKHUODQGV
Spain
Sweden
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Malta
1HWKHUODQGV
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of remunerations in the Swiss financial system. Swiss law is constructed in such
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referendum is held in which citizens opt for settling two to five essential cases.
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Swiss parliament. In order to discuss a given project in a referendum from the
initiative of citizens, it is necessary to collect 100bVLJQDWXUHVZLWKLQbmonths.
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OLPLWLQJWKHUHPXQHUDWLRQVRI6ZLVVPDQDJHULDOVWDII1HDUO\RIWKHSRSXODWLRQ
ZDVLQIDYRXURIOLPLWLQJWKHVDODU\RIPDQDJHULDOVWDII7KHLQWURGXFHGFKDQJHV
DUHVHWWRUHYROXWLRQL]HWKHDPRXQWRIUHPXQHUDWLRQRIPDQDJHULDOVWDII7KHGUDIW
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Y the shareholders at the general meeting will vote on the remuneration of board
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be held electronically,
Y a general meeting of shareholders each year will decide on the composition
of the supervisory board, including its chairman and the composition of the
committee for remuneration,
Y the practice of representation at the general meeting of institutional
shareholders by the board of directors is prohibited,
Y severance payment, advance payment and premiums for the purchase and sale
of companies are prohibited,
107
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Y not complying with the implemented law is to be punished with imprisonment
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assessment of the qualifications of the management body members and the people
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the criteria and processes to be followed by financial institutions in assessing the
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guidelines suggested that each institution had a policy of selection and assessment
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present to the credit institution to assess,
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ensure that the shareholders were informed of the requirements regarding the
position and profile of the candidates before their appointment,
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measures to identify such a situation,
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specific training and development needs of the management body members.
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issued to pay special attention to factors that may question the good repute of
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current or future investigations to enforce the law in relation to a member, or the
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specific attention to the educational profile of the management body member.
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the field of banking and finance, economics, law and administration of financial
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a theoretical education, should have practical education, where important are the
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knowledge acquired in the position concerning the activity of the credit institution
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management place particular emphasis on personal, professional or other economic
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institutions to conducting business activity and the prudential supervision of credit
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in publishing information concerning remunerations. It was highlighted that
remuneration policy should be published with a clear separation into at least two
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and the scope of organizational responsibility anticipated in the job description
as part of the terms of employment,
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and adjusted to risk, and also achieved results beyond the scope of the obligations
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significantly limited it. In determining the level of variable remuneration, the
essential thing should be an assessment of the performance of the employee and
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that has been implemented is to determine the ratio of variable remuneration in
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of constant components of total remuneration in relation to variable components,
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remuneration of each person,
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Y member states may allow shareholders, owners or stockholders to approve
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remuneration, provided that the overall level of the variable component shall
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have also been limited. Severance payments should not reward poor performance and
failures. An essential part of any variable remuneration component, constituting in
HDFKFDVHDWOHDVWVKRXOGFRQVLVWRIVKDUHVRUFRUUHVSRQGLQJWLWOHVRIRZQHUVKLS
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be deferred for a period of not less than three to five years. Variable remuneration
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which resulted in considerable losses to the institution or did not meet the relevant
standards concerning competence and reputation.
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110
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Table 3. The relationship of variable remuneration to fixed remuneration
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RIbWKH(8LQ
Member States
2010
2011
2012
Austria
Belgium
Bulgaria
0
0
0
41
74
100
0
0
0
147
(VWRQLD
0
0
0
Finland
France
Germany
0
Hungary
Ireland
Italy
90
Latvia
0
0
0
Lithuania
0
0
0
0
0
0
1HWKHUODQGV
3RODQG
3RUWXJDO
Romania
0
0
Slovakia
0
1911
Slovenia
0
0
0
Spain
Sweden
100
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practices regarding remuneration, prepared by the European Securites and Markets
Authority Guidelines on remuneration… 7KH IROORZLQJ ZHUH SULPDULO\
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Y use of quantitative data as a criterion for variable remuneration assessment,
Y lack of monitoring of risk assessment linked with the relation of variable remu
neration with quantitative data,
Y focus of the strategic objectives on trade and financial aspects, without taking
into account the potential harmful actions directed towards the client.
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the people engaged progressive motivation benefits for every product sold during
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A motivation system constructed in such a way may lead to a desire to sell the
largest number of products without taking into account ethical considerations.
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stability by improving the transparency of financial markets and responsibility
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act, one section was devoted to remuneration of board of directors. In the definition
of the members of the board of directors, it was noted that the regulation applies
to all persons who sit on the board of directors.
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possible to reclaim the compensation granted to each director who is involved in
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LQ WKH LQVWLWXWLRQ $Q\ IRUP RI UHPXQHUDWLRQ PD\ EH UHFODLPHG SUHPLXPV
bonuses, severance payments, deferred remuneration, benefits and profits earned
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required to submit to a shareholder vote the level and structure of managerial
staff remuneration.
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stipulates that every company should have a remuneration committee and the
lack of such a committee entails the necessity of informing of the reasons for this
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an independent member profile, however, is not obvious. Independence should
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only for advisory services. An independent member should not be linked to any
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any business relationships with the financial institution and the managers of this
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VR LW LV SRVVLEOH WR REWDLQ WKH DGYLFH RI H[WHUQDO FRQVXOWDQWV &RQVXOWDQWV DQG
independent legal advisers should receive a remuneration that is at a fair level
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remuneration committee is responsible for appointing top managers, the level and
structure of managerial staff remuneration and supervision of the remunerations
of the board of directors.
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was reiterated along with the need for it to be transparent terms of the level
and structure of said remuneration. It was also necessary to link the level of
remuneration with the financial results of the company, paying special attention
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of remunerations is not limited to the remunerations of the board of directors.
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Y the medians of the total annual remuneration of all employees of the institution
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Y the annual amount of remuneration of the general director, or a person
occupying an equivalent position,
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annual remuneration of all employees.
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VKDUHKROGHUV ZKHWKHU DQ\ RI WKH VWDII HVSHFLDOO\ WKH PHPEHUV RI WKH ERDUG RI
GLUHFWRUV PDGH DQ\ SXUFKDVHV RI ILQDQFLDO LQVWUXPHQWV WKDW ZHUH GHVLJQHG WR
hedge against a decline of the market value of the company. Federal regulators
determine whether the persons managing the company have significant variable
remuneration in the form of various financial instruments which may result in
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Y the Board of Governors of the Federal Reserve System,
Y the Office of the Comptroller of the Currency,
Y the Board of Directors of the Federal Deposit Insurance Corporation,
Y the Director of the Office of Thrift Supervision,
Y the National Credit Union Administration Board,
Y the Securities and Exchange Commission,
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regulations in this section.
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introduced the provisions of the signed act. Some of the essential provisions include
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staff remuneration of the company. It was marked, however, that the vote on
the level of remuneration is not binding either for the issuer or the management
of the company. Moreover, it was ordered to introduce to the document Proxy
statement a subsection relating to the financial instruments held by the
management, which in the case of mergers, acquisitions or consolidations may
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remuneration for possible dismissal to all members of the board of directors.
Such information should include data on the amount of remuneration, the
structure and terms of acquisition of the rights to individual components of
114
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the annual statement of the company.
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information in the proxy statement Listing Standards…7KHQHZUXOHV
were considered necessary to announce the role and powers of the remuneration
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disclosed information concerning the form of arrangement and recommended
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disclose this information if the consultant of the organization only dealt with
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which may lead to a conflict of interest, should be disclosed. It was necessary
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ļ information concerning the independence of the members of the committee,
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to all committees apart from limited partnerships, enterprises in bankruptcy and
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the members of the committee for remuneration with the company is connected
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stated that each member of the remuneration committee should sit on the board
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of banks and linking remuneration with the results of the institution.
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need for the annual publication of a document on the remuneration policy of
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the annual remuneration and the implementation of other benefits from working
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Such a document should be published by a remuneration commission in the form
of an annual activity report of the committee.
Abstract
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in financial institutions. However, these recommendations were only an outline
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regulations and presents some recommendations.
Key words: Remuneration of bank managers, regulation of financial remunera
tions
References
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sation.
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appropriate regime for the remuneration of directors of listed companies.
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the financial services sector.
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remuneration of directors of listed companies.
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