Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Individual certificates
Some members of the Managing Board have personally
invested in Rabobank Certificates, these are listed below:
Certificates of members of the Managing Board
Number of Rabobank Certificates
On 31 December 2017
Kirsten Konst 800
Mariëlle Lichtenberg 1,770
Domestic Banking
Executive positions
The levels below the Managing Board are referred to as
'executive positions'. At year-end 2017 228 employees were in
an executive position, of which approximately 8% were classed
as expats working abroad on a Dutch contract.This number is
slightly lower than in 2016.
Similar to 2016, the fixed pay remuneration packages for
executives in 2017 were based on job grades, based on Hay
points and accompanying salary ranges, ranging from executive
position scale one to five. We are looking at the potential to
change the (higher) executive remuneration structure. For
instance, we would like to align it more closely with the new
Managing Board remuneration structure, to ensure it reflects
the market value of the position and the contribution to
Rabobank.
Only a select number of the executive positions are eligible for
variable remuneration, dependent on the type of work and the
business they operate in, for example in specific commercial
roles.The majority only receives a fixed salary.
Rabobank also offers an attractive package of secondary
employment conditions, such as the car lease arrangement and
opportunities for learning and development. In 2017 the new
GROW! System was introduced to replace the performance
management system and any corresponding pay increases will
come into effect in 2018.
The Rabobank pension scheme, a collective defined
contribution plan, applies to the executive positions. The
maximum income for pension accrual was EUR 97,736 as
of 1 January 2017. Executives receive an individual pension
contribution according to the level of their position. In
2017 another executive benefit was the option to take paid
sabbatical leave of up to three months. From 2018 onwards the
maximum paid sabbatical period will be two months.
CL employees
At year-end 2017 26442 employees were employed under
the terms of the CLA of Rabobank, including Obvion.The
remuneration package for position scales 1 to 11 and Senior
Staff A and Senior Staff B consists of fixed income, the Employee
Benefit Budget (EBB), pension and fringe benefits.The position
scales in the Rabobank CLA are based on the Hay Group's
system for evaluating jobs. In 2017 there was no collective
salary adjustment. Salary progression is based only on the
PM results over the previous year, based on the individuals
contribution, behaviour and personal development. In 2017 the
new GROW! System was introduced to replace the performance
management system and any corresponding pay increases will
come into effect in 2018.The CLA does not include eligibility for
variable pay since 2013. In October 2017 all employees received
a one-time payment of 1% of fixed annual compensation as
agreed in the CLA.
The median remuneration for Rabobank employees in the
Netherlands end-of-year 2017 was EUR 52,342, which gives a
ratio of 1:18.73 between the median remuneration and the CEO.
In 2016, the median remuneration was EUR 50.837,63 and the
ratio was 1:19.29.
The Rabobank CLA pension scheme is a collective defined
contribution scheme.The maximum income for pension accrual
for full-time employees as of 1 January 2017 was EUR 97,736.
Employees with an income higher than the accrual receive
a personal budget. All CLA employees receive the Employee
Benefit Budget (EBB) as a percentage of their fixed salary. The
EBB gives flexibility and choice of employment terms including
options to buy extra leave, purchase a bicycle in a tax-efficient
way or pay union fees.
DLL
Remuneration policy
DLL has its own remuneration policy based on the Rabobank
Group Remuneration policy.This is a uniform global policy
in which remuneration levels are in line with the local labour
market.The starting point is that the total remuneration
package is approximately at the median of comparable financial
services institutions.
DLL uses a remuneration package that consists of fixed salary
and variable remuneration components for most positions.
Variable remuneration is based on results at individual
and company level and is in line with legal and regulatory
requirements. In 2017 DLL took further steps to moderate
variable remuneration. For instance, from 2017 senior
management was no longer eligible for variable remuneration
and all variable remuneration amounts were capped at
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