Remuneration
Remuneration is more than just pay. That is what Rabobank firmly believes.
We aim to be an attractive employer, but the salary we offer is only one
element of this. We set high standards in other areas: an inspiring working
environment, the opportunity to assume personal responsibility, develop
talents and work for an organisation in which employees work productively
with each other and give each other feedback. As an organisation we are
involved in society directly, but also as an employer of employees who are
keenly aware of topical issues and concerns in society. When it comes to
Rabobank's remuneration policy, the bank pursues its own - relatively
moderate - policy in determining the amount of employee pay.
Remuneration policy
A Vision on Remuneration and the Group Remuneration Policy have been in place at the
Rabobank Group for several years. Most employees working within the Rabobank Group are
subject to the scope of the Rabobank Collective Labour Agreement. The Executive Board and
the executives have their own remuneration package. DLL and Rabo Real Estate Group have
adopted remuneration policies of their own, within the frameworks of the Vision on
Remuneration and the Group Remuneration Policy. Rabo Real Estate Group also has its own
Collective Labour Agreement. The remuneration policy abroad is based in part on local laws
and regulations and market conditions.
Vision on Remuneration
The basic principles of the remuneration policy are set out in the Vision on Remuneration
document.The policy is designed to promote fair and consistent employee compensation,
based on an effective employment position classification system. Variable remuneration has
been discontinued for the large majority of employees. In areas where Rabobank Group does still
award variable remuneration, it is capped. Guaranteed variable remuneration is not permitted.
The annual performance appraisal and remuneration cycle is designed to select the appropriate
objectives that both put customer interests first and help ensure Rabobank's long-term continuity
and financial strength. Setting and measuring result and competency targets is part of this cycle.
We regularly use an external benchmark to compare the level of remuneration with that of the
relevant market. Rabobank deliberately chooses a target position for the purposes of this kind
of benchmarking. In principle, we aim to set our remuneration on or just shy of the median1
1 This is the middle value. paid in the relevant market for comparable work.
Group Remuneration Policy
The principles and guidelines of the Vision on Remuneration are detailed in the Group
Remuneration Policy.This also sets out the requirements under external legislation and
regulations, including the Dutch Banking Code, the Regulations on Restrained Remuneration
Policy, and the Capital Requirements Directives (CRD IV).
112 Annual Report 2014 Rabobank Group
