Movements in the loans, advances and guarantees provided to members of the Executive Board
in office on 31 December 2014 were as follows:
in millions of euros
Amount outstanding at beginning of year
Granted during the year
Repaid during the year
Decrease due to members ceasing to hold office
Increase due to new members joining
Outstanding at 31 December
2014
-0.2
-1.1
3.4
4.9
2.8
2013
-0.3
-3.6
3.4
4.8
2.5
These transactions, with Executive Board members personally, have been entered into on
employee terms and/or at market rates. The level of the rates depends in part on the currency,
the agreed fixed-interest period and the timing of entering into the transaction or the
commencement of a new fixed-interest period.
Certificates per member of the Executive Board
One member of the Executive Board has, personally and/or via a pension B.V. (private limited
liability company), invested in Rabobank Certificates. At year-end 2014, the number of
certificates totalled 12,166.
Benchmark
In 2014, the remuneration of the Executive Board was again compared by an external firm
(Hay Group) with the external market on the basis of two reference markets, one financial and
one non-financial. It was decided not to use a single combined group, as there are too many
differences in the underlying dynamics within those two groups. Both reference groups include
listed and non-listed companies. The financial, sector-specific reference market was defined
within an international/European context. This reference group consists of the following
companies: Crédit Agricole, Banco Santander, Société Générale, Groupe BPCE, UniCredit,
ING Bank, Nordea Bank, Intesa Sanpaolo, BBVA, Commerzbank, Danske Bank, DZ Bank,
ABN AMRO and Caixabank.The group of'cross industry'companies in the Netherlands was
determined by selecting companies in the Netherlands that are comparable in terms of their
size and complexity. This cross-industry reference group consists of the following companies:
ABN AMRO, AEGON, Ahold, Akzo Nobel, DSM, FrieslandCampina, Heineken, ING Bank,
ING Verzekeringen, KPN, Philips, Randstad, SHV Holding and TNT Express.
The benchmark results show that the aggregate remuneration of all the members of the
Executive Board is within the bottom 25% of both reference groups, and is well below the median
of the reference market. The Executive Board is not eligible for short-term or long-term variable
remuneration; these are elements of remuneration that are customarily offered in the rest of
the market. The current scale maximums for the Executive Board were set on the basis of a
representative peer group in 2008 and have not been changed since that time. The Supervisory
Board saw no reason in the results of the benchmarking in 2014 to adjust the levels of
remuneration of the Executive Board. As a cooperative bank, Rabobank feels comfortable
with the current remuneration of the Executive Board and will continue to take account of
developments in the market in future decisions concerning levels of remuneration.
Number of Rabobank Certificates
A. Bruggink
12,166
117 Remuneration
