The Group remuneration process is governed by the Board Remuneration Committee with the Board holding the overall responsibility.
The Remuneration Policy sets out key aspects and components of the remuneration of the Executive Management and other employees. The Group follows a consistent approach in applying the Remuneration Policy.
The Remuneration Policy stipulates the linkage to the Group’s long-term strategic objectives and its risk- taking. The Group differentiates between remuneration of Senior Management, Material Risk-Takers and Control Functions. These are linked to key performance indicators subject to risk-adjusted approach.
The Group applies a deferment approach up to three years (final vesting of the variable component). Vesting of the variable component is subject to achieving the long-term performance targets and risk materialisation. Claw back applies on the vested portions in case of not meeting long-term targets or risk materialisation.