non-deferred variable remuneration

Shareholders are given a special responsibility and an appropriate and reasonable maximum ratio is introduced between the fixed salary and the bonus for all risk takers.

24. Underlines that a substantial proportion of the variable remuneration component should be deferred over a sufficient period; the size of the proportion and the length of the deferral period should be established in accordance with the business cycle, the nature of the business, its risks and the activities of the staff member in question; remuneration payable under deferred arrangements should become a vested right no faster than that payable on a pro-rata basis; at least 40% of the variable remuneration component should be deferred; in the case of a variable remunera ...[+++]tion component of a particularly high amount, at least 60% of the amount should be deferred and the deferral period should be no less than 5 years;

4. Suggests including corporate social responsibility targets in the long-term criteria justifying the payment of deferred variable remuneration; stresses that variable remuneration should be calculated in accordance with pre-determined measurable criteria geared to securing corporate policy sustainability; insists that such remuneration must be determined exclusively by the longer-term performance – including social and environmental aspects of performance – of the company concerned; also calls for the payment of a large portion of variable remuneration to be deferred for several years to ens ...[+++]ure that longer-term risks are also taken into account;

§ include corporate social responsibility targets in the long-term criteria justifying the payment of deferred variable remuneration;