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Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
In addition to the measures mentioned above, the prohibitions
below apply to all employees:
It is not possible to award guaranteed variable remuneration
to employees.1
Personal hedging strategies are not permitted under any
circumstances whatsoever.
A severance payment must reflect the quality of
an employee's performance. An employee will not be
rewarded for failure or misconduct.
In the event the termination of the employment relationship
is the initiative of the employee, no severance pay will be
awarded, unless this termination is the result of serious
imputable acts or culpable omissions committed by
the employer.
Identified Staff
Employees who could have a significant impact on Rabobank's
risk profile are designated as 'Identified Staff'.There are over
four hundred such employees distributed across all entities
of Rabobank Group, with only a portion eligible for variable
remuneration under strict rules to minimise the risks involved.
The most important of these risk-mitigating measures are briefly
discussed below.
Balanced mix of performance targets
As is the case for all other employees, Identified Staff must
meet a proper balance of performance objectives. Any variable
remuneration is awarded based on a minimum of 50 percent
non-financial objectives. Identified Staff are specifically subject
to performance measurements at the Group, business unit and
individual levels.
Deferred variable remuneration and use of financial
instrument
A minimum of 50% of the variable remuneration for eligible
Identified Staff is awarded conditionally and paid on a deferred
basis after a period of at least three years. Half of the variable
remuneration is awarded in the form of Deferred Remuneration
Notes (DRNs), which are linked directly to the price of Rabobank
Certificates. A retention period of one year applies to DRNs
awarded unconditionally.This means that payments are
1 Awarding compensation for the discontinuation of (deferred) variable
remuneration an employee received from a previous employer is
only possible when recruiting new employees, and only for the first
year of employment. The full cycle of risk management is applied in
this process.
made on DRNs one year after they have vested. The Executive
Board can withdraw or reclaim this variable remuneration in
accordance with the applicable legislation and regulations.
Rabobank Supervisory Board
Fee structure
Supervisory Board directors are not employed by Rabobank
and therefore receive a predetermined fee commensurate with
their position on one of various committees in place of a salary.
Membership of these committees is set out in the section
Report of the Supervisory Board.The remuneration structure
for 2015 (exclusive of VAT and other charges) is outlined in the
figure below.
Fee structure for Supervisory Board
in euros
Chairman
Vice
chairman
Member
Supervisory Board
288,750
71,500
55,000
Audit Committee
32,500
15,000
15,000
Risk Committee
32,500
15,000
15,000
Appeals Committee
7,500
7,500
Cooperative Issues Committee
15,000
15,000
Appointments Committee
3,750
3,750
HR committee
3,750
3,750
Part of the total fee received by the Chairman ofthe Supervisory
Board relates to his participation in the various committees of
the Supervisory Board.The rest ofthe fee is for ensuring the
effective representation of cooperative members'influence that
is unique to Rabobank's cooperative structure.
Individual payments
Expenses related to members and former members ofthe
Supervisory Board totalled EUR 1.2 million (2014:1.6), including
the VAT and employer's contributions.The table below shows
the remuneration (excluding VAT and other charges) for
individual members ofthe Supervisory Board.
Payments to individual members ofthe Supervisory Board
in thousands of euros Remuneration
W. Dekker 341
I.P. Asscher-Vonk 100
C.H. van Dalen (temporarily stepped down on 6-11 -2015) 66
L.N. Degle 85
S.L.J. Graafsma 110
E.A.J, van de Merwe 103
R. Teerlink (Vice Chairman as of 1 -4-2015) 99
C.P. Veerman (in office until 7 March 2015) 17
A.A.J.M. Kamp 85
M.Trompetter (in office as of 23 September 2015) 24
Total 2015 1,030
Total 2014 1,084
103 Remuneration
