32. To calculate the gender pay gap, institutions and investment firms should determine the total …

To calculate the gender pay gap, institutions and investment firms should determine the total gross annual remuneration as the sum of fixed and variable remuneration before tax, considering the following:

• a. The full variable remuneration awarded for all performance periods that ended during the financial year should be used. This should include variable remuneration based on non-revolving multiannual performance periods. Amounts paid out in the financial year (e.g. on a pro rata basis) that have been awarded in preceding financial years should not be taken into account.
• b. Guaranteed variable remuneration (e.g. sign-on bonus), remuneration packages awarded for the buy out from previous contracts and severance payments (e.g. where the contract of staff has not yet ended at the end of the financial year) should not be taken into account in the calculation.
• c. Non-monetary benefits (e.g. company car, interest-free loans, free company kindergarten etc.) should be taken into account at their taxed monetary equivalent.
• d. Regular payments into the pension system and health insurance for all staff should not be considered. Discretionary pension benefits should be considered.
• e. Fees for the participation in meetings of the management body should be taken into account, limited to members of the management body in the supervisory function where they also receive elements listed under points (a) to (d) of this paragraph. Where no other payments are made paragraph 33 applies. Participation fees for the participation in committees of the management body should not be taken into account.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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