Remuneration policy
The Dutch Banking Code contains principles for a prudent, restrained and sustainable
remuneration policy that incorporates non-financial performance criteria. The rules governing
remuneration policy focus on the long term and managing risks entailed by variable remuneration
systems. Rabobank endorses these guiding principles and accordingly pursues a prudent,
restrained and sustainable remuneration policy, which is in line with its strategy, chosen risk
profile, cooperative identity and core values. The remuneration policy is in keeping with a
customer-oriented approach and takes account of Rabobank's long-term interests, the
international context of the markets in which Rabobank operates, and acceptance of the
remuneration system by society. The pay outcomes are balanced and the performance criteria
do not encourage employees to take irresponsible risks.
Group Remuneration Policy
The prudent and restrained risk policy pursued by Rabobank in 2013 is reflected in the bank's
remuneration policy. In view of the current developments in society, the members of the
Executive Board will no longer receive variable remuneration with effect from 2013; in addition,
variable pay has been discontinued for all employees covered by the Collective Labour
Agreement. Variable remuneration for specialist positions and international positions is being
increasingly restricted. All Rabobank Group entities are obliged to comply with the Group
Remuneration Policy.To find out more about the Group Remuneration Policy, please consult
the chapter on Employees elsewhere in this Annual Report.
Severance pay
In accordance with the Dutch Banking Code, the maximum severance payment for members
of the Executive Board has been set at one annual salary. For members of the Executive Board
appointed prior to 1 January 2010, a (subdistrict) court could decide, in line with the provisions
of the Dutch Civil Code, to grant a higher severance pay than the maximum under the Dutch
Banking Code.
112 Annual Report 2013 Rabobank Group
