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About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
period of four years. Their individual remuneration is determined
forthat specific period. Managing Board members are not eligible
for variable pay. The remuneration policy forthe Managing Board
was approved by the General Members Council in 2017.
The remuneration policy forthe Managing board consists of two
clusters of functions: Chair of the Managing Board, and Member
of the Managing Board. Regularly, the positions within the
Managing Board are benchmarked against a cross-industry and a
financial peer group and salary ranges might be adjusted based
on the outcomes. Based on the 2017 benchmark, salary ranges
were setto those two function levels.The remuneration structure
and salary ranges of the Managing Board are as follows:
Salary Ranges of Managing Board
Salary Ranges Minimum Maximum
Chairman of the Managing Board 884,000 1,154,400
Member of the Managing Board €477,000 €884,000
With the installation of the Managing Board in 2017, reference
points perfunction weredefined. Individual proposals forthe new
Managing Board members were based on the external value of
the function (based on the benchmark), as well as on the
members' personal capabilities and their leadership profile. The
remuneration packages reflect the values of Rabobank's
remuneration policy. In 2018, two members of the Managing
Board were re-appointed foranotherfouryears. No changes were
made in their individual remuneration packages. These packages
corresponded to the applicable salary range.
Apart from their salary, the members of the Managing Board
receive secondary employment conditions such as a pension
scheme. The members' individual pension contribution is, part
of the total fixed annual salary, along with the remuneration on
the basis of the salary ranges. There is no entitlement to a car
lease arrangement, but a company car policy is in place for all
members of the Managing Board forthe purpose of commuting
and business travels.
In 2017, the aim of the transition of the Board of Directors to the
Managing Board was - among others - the creation of less
hierarchical levels, and as a result thereof, a decrease of total
salary costs within the Executive levels. Recently, a cost analysis
showed that between May 2017 and December 2018 the number
of Executive level positions decreased. In addition, a decrease of
total salary costs over all Executive levels in the Netherlands was
noted.
Individual Remuneration
The individual remuneration in 2018 of the members of the
Managing Board were as follows:
Remuneration Managing Board
In thousands of euros
Salary
Pension
Scheme
Individual
Pension
Contribution
Other
Total
Wiebe Draijer
980
26
211
1,217
Bas Brouwers
884
26
188
3
1,101
Petra van Hoeken
884
26
188
1,098
Kirsten Konst
800
26
168
2
996
Bart Leurs
650
26
132
23
831
Mariëlle Lichtenberg
750
26
156
11
943
Berry Marttin
884
26
188
75
1,173
Jan van Nieuwenhuizen
884
26
188
1,098
leko Sevinga
750
26
156
932
Janine Vos
650
26
132
50
858
Total 2018
8,116
260
1,707
164
10,247
Total 2017
6,895
209
1,468
22
8,594
Petra van Hoeken, member of the Executive Board, resigned from
her role as Chief Risk Officer (CRO) on February 12019. Els de
Groot took over her activities as CRO. Petra will step down from
her remaining tasks and her employment relationship with
Rabobank will be terminated in summer 2019. Petra will receive
a severance payequivalenttooneyear's salaryofEUR884,000and
her regular individual pension contribution.
Individual Loans
The outstanding loans of the members of the Managing Board in
office and the average interest rates on December 312018 were
as follows:
Annual Report 2018 - Corporate Governance
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