3A firm must disclose the following information, including regular, at least annual, updates, regarding its remuneration policy and practices for those categories of staff whose professional activities have a material impact on its risk profile:
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(1)
information concerning the decision-making process used for determining the remuneration policy, including if applicable, information about the composition and the mandate of a remuneration committee, the external consultant whose services have been used for the determination of the remuneration policy and the role of the relevant stakeholders;
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(2)
information on the link between pay and performance;
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(3)
the most important design characteristics of the remuneration system, including information on the criteria used for performance measurement and risk adjustment, deferral policy and vesting criteria;
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(4)
information on the performance criteria on which the entitlement to shares, options or variable components of remuneration is based;
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(5)
the main parameters and rationale for any variable component scheme and any other non-cash benefits;
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(6)
aggregate quantitative information on remuneration, broken down by business area;
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(7)
aggregate quantitative information on remuneration, broken down by senior management and members of staff whose actions have a material impact on the risk profile of the firm, indicating the following:
- (a)
the amounts of remuneration for the financial year, split into fixed and variable remuneration, and the number of beneficiaries;
- (b)
the amounts and forms of variable remuneration, split into cash, shares, share-linked instruments and other types;
- (c)
the amounts of outstanding deferred remuneration, split into vested and unvested portions;
- (d)
the amounts of deferred remuneration awarded during the financial year, paid out and reduced through performance adjustments;
- (e)
new sign-on and severance payments made during the financial year, and the number of beneficiaries of those payments;
- (f)
the amounts of severance payments awarded during the financial year, number of beneficiaries and highest such award to a single person.