Remuneration plays a vital role in personnel recruitment and retention. Under this remuneration policy the right performance incentives are set for individual employees and for management, thereby helping VP Bank to achieve its strategic objectives. Remuneration-based conflicts of interest between the involved functions and/or individuals are avoided.
The Nomination & Compensation Committee submits proposals regarding the underlying remuneration policy principles and remuneration levels to the Board of Directors and the General Executive Management. The Board of Directors approves the proposed principles and sets the remuneration levels for itself and the members of the General Executive Management in line with VP Bank regulations.
VP Bank subscribes to a fair, performance-based, balanced approach to remuneration which reconciles the long-term interests of shareholders, employees and clients. The remuneration policy that VP Bank has operated for many years is in line with its business model as an asset manager and private bank. The principles applied are set out in the remuneration policy.
Performance differentiation and linking pay to performance are major elements of the remuneration policy, acting as the link between the variable component of remuneration and attainment of the company's strategic objectives.
Our remuneration policy is both compatible with and conducive to sound, effective risk management. It ensures that no conflicts of interest between the involved functions and/or individuals arise as a result of remuneration considerations. It also incorporates incentives in such a manner as to ensure wherever possible that employees do not take excessive risks for the sole purpose of boosting their remuneration in the short run.
Under our remuneration policy we offer fair, attractive compensation in line with market conditions, allowing us to attract highly qualified and talented employees, to motivate them and bond them to VP Bank Group. We conduct regular reviews to ensure that our remuneration policy is in line with market rates.
Because our method for calculating remuneration is not purely formulaic, it has sufficient in-built flexibility to take proper account of the performance of VP Bank Group or its subsidiaries over the relevant period.
Our remuneration policy adheres to the principle of equal treatment. The fixed salary level is based on the employee's function. The size of the variable component reflects the performance of the Group as a whole, of the business area or team and/or of the individual concerned.
The remuneration policy undergoes regular review. All relevant provisions are applied and implemented in our remuneration practices. All functional specifications, especially with regard to identified employees, are duly observed.
Your contact person is Rudolf Seuhs, Senior Corporate Communications Manager.