| Remuneration | means all forms of fixed and variable remuneration and includes payments and benefits, monetary or non-monetary, awarded directly to staff by or on behalf of institutions in exchange for professional services rendered by staff, carried interest payments within the meaning of Article 4(1)(d) of Directive 2011/61/EU6 , and other payments made via methods and vehicles which, if they were not considered as remuneration, would lead to a circumvention7 of the remuneration requirements of Directive 2013/36/EU. means payments or benefits for staff which comply with the |
| Fixed remuneration | conditions for its award set out in section 7. |
| Variable remuneration | means all remuneration which is not fixed. means ancillary components of remuneration that are obtainable for a wide population of staff or staff in specified functions based |
| Routine employment packages | on predetermined selection criteria, including, for example, healthcare, child care facilities or proportionate regular pension contributions on top of the mandatory regime and travel allowance. means variable remuneration awarded on the condition that staff |
| Retention bonus | stay in the institution for a predefined period of time. means all employees of an institution and its subsidiaries, including of undertakings referred to in paragraph 9 and all |
| Staff | members of the respective management bodies in its management function and in its supervisory function. means staff whose professional activities have a material impact on the institution ’ s individual or the group’s risk profile in accordance with the criteria set out in Article 92(3) of Directive 2013/36/EU, the Commission Delegated Regulation adopted |
| Identified staff | under the empowerment within the last subparagraph of Article 94(2) of this Directive (RTS on identified staff) and, where appropriate to ensure the complete identification of staff whose professional activities have a material impact on the risk profile, additional criteria defined by the institution. means the application of the prudential rules set out in Directive 2013/36/EU and Regulation (EU) No 575/2013 on a consolidated |
| Prudential consolidation | or sub-consolidated basis, in accordance with Part 1, Title 2, Chapter 2 of Regulation (EU) No 575/2013.8 |
| Underrepresented gender | means the less represented male or female gender. means the difference between the average gross hourly earnings |
| Gender pay gap | of men and women expressed as a percentage of the average gross hourly earnings of men. means the institution which is required to abide by the prudential |
| Consolidating institution | requirements on the basis of the consolidated or a sub-consolidated situation in accordance with Part One, Title II, Chapter 2 of Regulation (EU) No 575/2013 and Article 109 of Directive 2013/36/EU. means the maximum amount of variable remuneration which can |
| Bonus pool | be awarded in the award process set at the level of the institution or an institution ’ s business unit. means the period of time for which the performance is assessed |
| Accrual period | and measured for the purposes of determining an award of variable remuneration. |
| Non-revolving multi-year accrual period | means a multi-year accrual period that does not overlap with other multi-year accrual periods. means the granting of variable remuneration for a specific accrual |
| Award | period, independently of the actual point in time where the awarded amount is paid. means the effect by which the staff member becomes the legal owner of the variable remuneration awarded, independent of the |
| Vesting | instrument which is used for the payment or if the payment is subject to additional retention periods or clawback arrangements. means payments which are made immediately after the accrual |
| Upfront payments | period and which are not deferred. means the period of time between the award and the vesting of |
| Deferral period | the variable remuneration during which the staff member is not the legal owner of the remuneration awarded. means those financial instruments or other contracts that fall |
| Instruments | within one of the two categories referred to in Article 94(1)(l) of Directive 2013/36/EU. means a period of time after the vesting of instruments that have |
| Retention period | been awarded as variable remuneration during which they cannot be sold or accessed. means an arrangement that permits the institution to reduce the |
| Malus | value of all or part of deferred variable remuneration based on ex post risk adjustments before it has vested. means an arrangement under which the staff member has to return ownership of an amount of variable remuneration paid in |
| Clawback | the past or which has already vested to the institution under certain conditions. means institutions referred to in Article 131 of Directive 2013/36/EU (global systemically important institutions or ‘ G-SIIs ’ , and other systemically important institutions or ‘ O-SIIs ’ ), and, as |
| Significant institutions | appropriate, other institutions determined by the competent authority or national law, based on an assessment of the institutions ’ size, internal organisation and the nature, the scope and the complexity of their activities. means those instruments whose value is based on the value of the |
| Share-linked instruments | stock and that have the share value as a reference point, e.g. stock appreciation rights, types of synthetic shares. means a person who owns shares in an institution or, depending |
| Shareholders | on the legal form of an institution, other owners or members of the institution. means payments to staff relating to the early termination of a contract, i.e. in the case of temporary contracts, termination |
| Severance payments | before the end date of the contract and in the case of indefinite contracts, before the contractual or legal retirement, by an institution or its subsidiaries. |