Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
BPD and Bouwfonds Investment Management employs
approximately 650 people outside the Netherlands.
Each international division has its own remuneration policy and
own PCM system.
Performance management
Rabo Real Estate Group's system of Performance Competence
Management (PCM), with which the group focuses on
achieving results and developing employees. This instrument
contributes to the following goals:
Regular discussions between manager and employee about
employee's performance,
Employee's personal development,
Clear mutual expectations (of manager and employee),
Direction with regard to the realisation of business goals, and
Transparency in evaluation.
As part of the annual PCM process, the manager and employee
have a number of meetings each year: the target-setting
meeting, the progress interview and the evaluation interview.
Specific developments to remuneration policy in
reportingyear
FGH integration into Rabobank
In the reporting year, Rabo Real Estate Group made
agreements with trade unions De Unie and FNV concerning
measures it is taking to ensure that FGH Bank is successfully
integrated into Rabobank, and that employees who end up
moving to Rabobank as a result of the transition are properly
compensated. These agreements were set out in an addendum
to Rabo Real Estate Group's 2013-15 Social Plan - a part of Rabo
Real Estate Group's CLA. A separate implementation agreement
was also drawn up, to which Rabobank is also a signatory, in
which the bank commits to implementing the provisions of
the addendum.
The first wave of FGH staff migration to Rabobank took place on
1 October 2016. The migration is expected to be completed by
1 July 2017.
Rabo Real Estate Group CLA
The CLA of Rabo Real Estate Group is negotiated with the
trade unions CNV, FNV and De Unie. The current Rabo Real
Estate Group CLA expires on 1 January 2017. In the light of
organisational developments, Rabo Real Estate Group decided
in September 2016 to terminate the CLA when it expires
and to devote attention to developing the most suitable
CLA scenario for the future. Parties responsible for the CLA
began negotiations in Q4 2016 with the aim of settling a new
agreement before 2017.
During the negotiations, the parties exchanged views
and sought agreement on the various CLA themes.
The consultations focused mainly on their scope, fixed and
variable remuneration and the social plan. It appears that the
parties' positions are too far apart to be able to finalise a new
collective agreement for Rabo Real Estate Group to be reached
by 1 January 2017. The uncertainty about future developments
in the various divisions also plays a role in this. As the employer
expects more clarity in the first half of 2017, the parties decided
to suspend discussions until after the summer of 2017.
Supplementary remuneration policy for Bouwfonds
Investment Management
Legislation under the Alternative Investment Fund Managers
Directive (AIFMD) applies to Bouwfonds IM. This investment
management division is not subject to the Dutch law
Wbfo1. Therefore, Rabo Real Estate Group has implemented
a remuneration policy specific to Bouwfonds IM (to supplement
the CLA and terms of employment that apply to Rabo Real
Estate Group as a whole). This supplementary policy complies
with AIFMD legislation.
1 Wbfo; 20% bonus cap; Wbfo is an amendment and an addition to the
Dutch law Wet op het Financieel Toezicht, Wft
115 Our output and impact: responsible remuneration
