11 Amendments of Sharon BOWLES related to 2009/2177(INI)
Amendment 1 #
Motion for a resolution
Citation 6 a (new)
Citation 6 a (new)
– having regard to the INI report of the Economic and Monetary Affairs Committee on remuneration of directors of listed companies and remuneration policies in the financial services sector (2010/2009 (INI)),
Amendment 3 #
Motion for a resolution
Recital A
Recital A
A. whereas, irrespective of the type of company or the sector in which it operates, a number of questions related to companies’ management are important in the general context of the deontology of business conduct, such as the duty of care, transparency, risk management, board practices or the exercise of shareholders’ rights; whereas the recent financial crisis showed that those questions need to be considered in the light of preserving financial stability and continuously analysed in order to help find solutions allowing companies to face current challenges,
Amendment 6 #
Motion for a resolution
Recital C
Recital C
C. whereas companies in all sectors share a number of classes of risk, although some types of risk are sector-specific (such as risks facing companies active in the financial sector); whereas failure of effective risk management was one of the most striking features ofand misaligned incentives in remuneration policies played a central role in the recent financial crisis,
Amendment 9 #
Motion for a resolution
Recital G
Recital G
G. whereas the degree of recommendation varies, depending on wthether a company is type of company with due regard to size, internal organisation and complexity of activities; such distinctions can be made between financial (listed or not) orand listed but non- financial, and between different sectors of the financial industry such as banking, insurance and fund management,
Amendment 10 #
Motion for a resolution
Recital H
Recital H
H. whereas in the context of remuneration several points need to be considered, such as (i) remuneration schemes, including their structure, transparency and symmetry and the link between remuneration and incentive, (ii) the process of determining the remuneration schemes, including the definition of actors, roles and responsibilities, (iii) control over remuneration schemes, with particular attention given to shareholders, (iv) total remuneration including salaries and pensions,
Amendment 14 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas there should be benchmarking of remuneration practises within the EU to allow for transparency and effective comparison between companies; whereas a common international structure should be promoted for disclosure of the number of individuals in pay brackets from €1 million upwards inclusive of salary, bonus and pension arrangements,
Amendment 15 #
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas there needs to be greater alignment of incentives in remuneration policy; such methods should include restrictions on variable remuneration, deferral of bonus payments, the use of malus or clawbacks, and payment of bonuses and pension arrangements in the form of non-cash instruments such as shares or subordinated debt of the company,
Amendment 16 #
Motion for a resolution
Recital N
Recital N
N. whereas disclosure of the policy on directors" remuneration in a clear and easily understandable way should in principle benefit the process of taking decisions on remuneration policy, in particular by shareholders; such disclosure could include detailed disclosure in the annual accounts or in the remuneration report of the total remuneration and other benefits granted to individual directors; whereas in financial companies such disclosure should apply to those employees whose professional activities have a material impact on the risk profile of the company including senior management, risk-takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as these categories of staff,
Amendment 17 #
Motion for a resolution
Recital N a (new)
Recital N a (new)
Na. whereas in financial companies, Member State supervisors should be able to conduct thorough and intrusive checks on senior management, risk-takers and control functions, whose professional activities have a material impact on the risk profile of credit institutions and other financial companies, before they can take up their roles in order to ensure their suitability; whereas such procedures should also apply to staff whose total remuneration, including pension provisions, takes them into the same bracket as these categories as staff; supervisors should be notified whenever a credit institution initiates any malus or clawback in order to inform such interviews,
Amendment 37 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Urges the Commission to consider without delay whether other amendments to sectoral legislation in the financial area are necessary, as well as whether somepropose sector-specific amendments to financial services legislation to ensure consistency between banking and non-banking institutions in remuneration policy. Furthermore, calls on the Commission to bring forward legislative instrumentproposals in the field of company law couldto help in addressing the corporate governance issues and ensure consistency in remuneration policy for all types of companies;
Amendment 39 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Calls on the Commission and Member States to promote a common international structure for disclosure of the number of individuals in pay brackets from €1 million upwards including the main elements of salary, bonus, long-term award and pension contribution;