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Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
intends to strengthen the cooperation within the team, which
means that the vice chairman will be more closely involved in
the chairperson's activities. By increasing the involvement of
the team members, allows for a downward adjustment in the
chairperson's fee. The General Members Council approved to
the adjustment. The new fee structure is more transparent and
still within the bandwidth of the external market.
The fee structure as of 1 October 2016 is as follows:
As of 10ctober 2016 the fee structure
in euros
Fee
Member
90,000
Chairman of Audit Committee, Risk Committee,
Cooperative Issues Committee, additional
20,000
Chairman of Appointments Committee together with
HR Committee, additional
20,000
Vice chairman, additional
30,000
Chairman
220,000
Executive Board
Remuneration package
The primary remuneration package of the members of the
Executive Board consists of fixed pay and pension entitlements.
In addition, Executive Board members receive a management
supplement that serves as a fixed reimbursement of expenses.
They are eligible for a package of fringe benefits in line with
market standards. Executive Board members became ineligible
for variable remuneration in 2013.
Fixed income
As with employees subject to the CLA, salary scales have been
set for the Executive Board, including a scale minimum and
maximum. The scales (including holiday and thirteenth month)
as of 31 December 2016 are as follows:
Executive Board salary scales
in euros
Minimum
Maximum
Chairman of the Executive Board
923,500
1,154,400
Members of the Executive Board
707,200
884,000
Pension
The Rabobank pension scheme applies to members of
the Executive Board and qualifies as a collective defined
contribution scheme. As of 1 January 2016, the maximum
income on which Executive Board members may accrue
pension was EUR 96,000, which means Executive Board
members now receive an individual pension contribution (IPC)
of 24% of their fixed annual income above the threshold for
pension accrual.
Fringe benefits
Members of the Executive Board are eligible for a package of
fringe benefits, such as a car lease arrangement, in line with
market standards.
Expense allowance
Members of the Executive Board are eligible for a fixed expense
allowance to cover costs relating to the performance of
their duties. These costs cannot be claimed separately as the
underlying principle of the allowance is that the amount of
the expense allowance is based on customary practice in the
market for similar positions.
Severance payments
Rabobank complies with all existing laws and regulations
concerning severance payment levels, meaning Executive Board
members would receive a maximum of one year's salary.
Individual remuneration
In 2016, the remuneration of members and former members of
the Executive Board totalled EUR 7.6 million (6.4 million).
Remuneration per member of the Executive Board
In thousands of euros
Total Pension
salaries contributions
Individual pension
contribution
Other
Total
R.J. Dekker
884
25
189
3
1,101
B.J. Marttin
884
25
189
1,098
J.L. van Nieuwenhuizen
884
25
189
1,098
H. Nagel
884
25
189
1,098
W. Draijer
980
25
212
1,217
B.C. Brouwers
884
25
189
1,098
P.C. van Hoeken
663
19
142
824
Total 2016
6,063
169
1,299
3
7,534
Members Executive Board
4,257
128
908
5
5,298
Formers Members Executive Board
884
26
189
1
1,100
Total 2015
5,141
154
1,097
6
6,398
108 Rabobank Annual Report 2016
