Remuneration
At Rabobank, remuneration means much more than just payment. In addition to salary and a set of
employment conditions aligned with responsibilities and performance, each employee is given ample
room for personal growth and developing their talents. Rabobank is also an organisation that fosters
personal accountability in an inspiring working environment, where employees are encouraged to
collaborate and give each other feedback. Furthermore, we are committed to current issues and
concerns in our society, both as an organisation and as an employer of individuals who want to
make a difference. Within the legislation and regulations framework, Rabobank navigates its own,
comparatively moderate, strategy in determining remunerations.
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Over the past few years, Rabobank has implemented
various retrenchment measures in the remuneration policy,
bringing remuneration levels in the bank's Collective Labour
Agreement (CLA) further in line with general market levels in
the Netherlands. For example, no inflation adjustment or other
increase in the remuneration package has been applied for the
Executive Board members or other executives since 2008, no
employee pay rises were allowed between 2012 and 2016, and
career growth percentages were reduced in 2013.
Also in 2013, variable pay was discontinued for all employees
subject to the Rabobank CLA as well as the Executive Board.
In 2014, variable pay for executives (the layers immediately
below the Executive Board) was likewise eliminated, as were
employee discounts for insurance and consumer financing
in the banking domain in the Netherlands, while employee
discounts for mortgage loans were scaled back as of 2015.
Austerity measures will continue to be applied to our
employment conditions in 2016 and the years that follow.
Remuneration policy
Within the framework of Rabobank's Vision on Remuneration
and Group Remuneration Policy, several entities pursue
a remuneration policy of their own.The Rabobank CLA serves
as remuneration policy for most employees within Rabobank
Group. However, there is a separate remuneration package for
the Executive Board and other executives, and DLL and Rabo
Real Estate Group have each adopted remuneration policies
of their own. A separate CLA is in place for most employees of
Rabo Real Estate Group. Remuneration policies for Wholesale,
Rural Retail (WRR), DLL and Rabo Real Estate Group entities
located outside the Netherlands are partly based on local
legislation and regulations, and market conditions.
Vision on Remuneration
The remuneration policy's basic principles are laid out in Vision
on Remuneration.The policy is designed to promote fair and
consistent employee compensation, based on an effective
position classification system. Variable remuneration is no
longer offered to most employees. In areas where Rabobank
Group still awards variable remuneration, it has been maximised
and guaranteed variable remuneration is not permitted.
The annual performance appraisal and remuneration cycle is
a stimulus for putting customer interests first and for acting in
the interest of Rabobank's long-term continuity and financial
strength. Setting and assessing result and competency targets
is part of this cycle.
An external benchmark is regularly used to compare the level
of remuneration with that of the relevant market. In conducting
this kind of study, Rabobank deliberately selects a benchmark
- in principle, we aim to set our remuneration on or just shy of
the median1 paid in the relevant market for comparable work.
1 This is the middle value.
101 Remuneration
