Retrenchment measures
Rabobank has implemented various retrenchment measures in the remuneration policy in the
past few years. A pay freeze applies to the Collective Labour Agreement from 2012 to the end of
2016, and salary progression percentages were moreover reduced in 2013, further aligning the
remuneration levels in the Collective Labour Agreement with the level in the general market in
the Netherlands. No inflation adjustment or other increase in the remuneration package has
been applied for the Executive Board and the executives since 2008.
In 2013, we discontinued variable income for all employees subject to the Rabobank Collective
Labour Agreement, as well as for the Executive Board. In 2014, variable income for executives
(the layers immediately below the Executive Board) was likewise eliminated. On balance this led
to a retrenchment of the remuneration package. The bonus pool for employees in specialist
positions and abroad has been declining over the past few years.
Lastly, it was decided in 2014 to discontinue the employee discounts for insurances and consumer
financing, and to scale back the employee discounts for mortgage loans for employees in the
banking domain in the Netherlands with effect from 2015.
Read more about the fee structure of the Supervisory Board Rabobank Nederland here.
Remuneration of the Executive Board
Remuneration package
The primary remuneration package of the members of the Executive Board consists of fixed pay
and pension entitlements. Additionally, members of the Executive Board receive a management
supplement that serves as a fixed reimbursement of expenses and they are eligible for an
employee discount on mortgage loans. The members of the Executive Board ceased to be
eligible for variable remuneration in 2013.
Fixed income
As with employees subject to the Collective Labour Agreement, salary scales have been set for
the Executive Board, including a scale minimum and maximum.These are (including holiday
allowance and annual allowance) as follows at 31 December 2014:
In euros
Minimum
Maximum
Chairman of the Executive Board
923,500
1,154,400
Members of the Executive Board
707,200
884,000
New members of the Executive Board start between the scale minimum and maximum
concerned, enabling them to progress to the scale maximum over time.
Pension
The Rabobank pension scheme applies to members of the Executive Board. The pension scheme
qualifies as a collective defined contribution scheme. With effect from 1 January 2015, the
maximum income on which members of the Executive Board can accrue pension has decreased
to EUR 94,600. Therefore, with effect from 1 January 2015, members of the Executive Board will
receive an individual pension contribution.
Remuneration
