Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Consolidated Financial Statements Company Financial Statements Pillar 3
Performance management objectives are set, taking strategie
and year plans into account. Targets for Identified Staffat Group
level are set top-down. Any deviation from the above must be
fully described and then approved by the Supervisory Board in
accordance with the exceptions procedure.
In 2013 Rabobank stopped paying variable pay completely
forthe members of the executive board without offering any
compensation in fixed pay or otherwise. For most Executives,
variable pay was stopped in 2014. Payment of variable
remuneration to other Identified Staff takes place over a period
long enough to adequately take risks, related to the underlying
business activities, into account.Therefore, a significant
proportion of at least 50% of the variable remuneration is
conditional and deferred for all Identified Staff, with the
exception of Identified Staff working in Leasing in de US, where
40% of the variable remuneration is conditional and deferred.
The deferred part of the variable pay vests for all Identified Staff
three years after the end of the relevant performance period,
provided that (i) the participant is still employed by Rabobank
Group at that time, and (ii) the ex-post evaluation does not give
cause to adjust the deferred part of the variable pay (malus).
With respect to the application of malus the following
assessment framework is applied to all Identified Staff:
proof of material errors by the employee;
award of the variable pay on the basis of incorrect, misleading
information or as a result of fraudulent conduct by the
participation in or responsibility for conduct that has led to
considerable loss and/or damage to the reputation of the
proof of the employee not meeting the applicable standards
with respect to ability and correct conduct;
overall financial performance.The minimum requirement is
that after award and payment of variable pay, Rabobank's
CET1 capital ratio must be at or above the threshold laid
down under the applicable legislation (Basel). If and to the
extent that this minimum requirement is not met, variable
pay will not be awarded or paid (in full);
a significant breach in risk management;
a significant negative change in the CET1 capital of Rabobank.
50% of both the direct part and the deferred part of the variable
pay of Identified Staff, is awarded in cash (cash component).
The other 50% is awarded in the form of an instrument
(instrument component), (i.e. the Deferred Remuneration
Note (DRN)). The value of a DRN is linked to the price of
a Rabobank Certificate, registered at NYSE Euronext.
Rabobank offers no fixed or variable pay in the form of options
or shareholding rights to employees.
Table 58 discloses the remuneration awarded to Identified Staff
relating to 2016.
Table 58: Remuneration identified staff.
For all Identified Staff variable pay is no more than 100% of fixed
pay, where 208 Identified Staff received no variable pay at all.
The members of the supervisory board was paid 1 in cash, in
the form of a fixed fee. As the Supervisory Board receives no
variable pay this category Identified Staff is not included in
Remuneration Identified Staff relating to 2016
Retail, incl. RN
in thousands of euros
Instruments - - - - - - - - -
367 11. Remuneration