15.3 Vesting of deferred remuneration

The first deferred portion should not vest sooner than 12 months after the start of the deferral period. The deferral period ends when the awarded variable remuneration has vested or where the amount was reduced to zero as malus was applied.

Deferred remuneration should either vest fully at the end of the deferral period or be spread out over several payments in the course of the deferral period in accordance with Article 32(3) of Directive (EU) 2019/2034.

Pro rata vesting means, for example, a deferral period of four years that at the end of years n+1, n+2, n+3 and n+4, one quarter of the deferred remuneration vests, with n being the moment at which the upfront part of awarded variable remuneration is paid.

Vesting should not take place more frequently than on a yearly basis to ensure a proper assessment of risks before the application of ex post adjustments.