BETA

26 Amendments of Carl HAGLUND related to 2010/2009(INI)

Amendment 3 #
Motion for a resolution
Recital A
A. whereas inappropriate remuneration structures of some financial institutions that incentivise excessive and imprudent risk- taking have been one of the main causes ofplayed a role in the accumulation of risks that led to the current financial, economic and social crisis, and are therefore a major issue of concern for policy-makers and regulators,
2010/05/11
Committee: ECON
Amendment 6 #
Motion for a resolution
Recital B
B. whereas numerous initiatives have been launched at the global, European and national levels to address the issue of problematic remuneration practices, and whereas a globally coordinated approach is importantessential in order not only to guarantee a level playing field, but also to ensure the global competitiveness of Europe and promote sustainable and fair competition between market places,
2010/05/11
Committee: ECON
Amendment 7 #
Motion for a resolution
Recital C
C. whereas the FSB Principles for Sound Compensation Practices which were endorsed by the G20 leaders set out five elements for sound remuneration practices, underlines the importance of promoting simultaneous implementation of these principles,
2010/05/11
Committee: ECON
Amendment 8 #
Motion for a resolution
Recital C a (new)
Ca. whereas the principles agreed upon and the measures taken on various levels with regards to remuneration policies must be evaluated and reviewed on a continuous basis in light of their impact and of global developments in the field of remuneration,
2010/05/11
Committee: ECON
Amendment 9 #
Motion for a resolution
Recital D
D. whereas several scientific studies and practice have demonstrated the limited impact of non-binding recommendations on remuneration policies, which underlines the need to put in place a stronger instrument in order to ensure respect for the principles,deleted
2010/05/11
Committee: ECON
Amendment 11 #
Motion for a resolution
Recital E
E. whereas it is necessary to set up an insurance fund fed by a financial fee paid by financial institutions in order to avoid a new financial crisis,deleted
2010/05/11
Committee: ECON
Amendment 16 #
Motion for a resolution
Paragraph 2
2. Fully supportsTakes into consideration the proposals of the rapeporteur on the capital requirements directives putting forward binding principles on remuneration policies in the financial sector;
2010/05/11
Committee: ECON
Amendment 18 #
Motion for a resolution
Paragraph 3
3. Stresses that every financial institution and listed companyies that are significant in terms of their size, internal organisation and the nature, scope and complexity of their activities should have a remuneration committee which should determine the remuneration policy, which must be independent and accountable to shareholders and supervisors and should work closely with the firm's risk committee in the evaluation of the incentives created by the compensation system as well as with the trade unions' representatives;
2010/05/11
Committee: ECON
Amendment 24 #
Motion for a resolution
Paragraph 5
5. Is of the opinion that, where appropriate, shareholders should be given the opportunity to contribute towards the determination of sustainable remuneration policies and shcould therefore be given the opportunity to express their views on the remuneration policies through a non- binding vote on the remuneration report at the general meeting of the firm;
2010/05/11
Committee: ECON
Amendment 26 #
Motion for a resolution
Paragraph 6
6. Stresses that non-executive board members' compensation should only comprise fixed pay and should not include performance or share-based paynot include share options as part of their remuneration in order to avoid conflicts of interest;
2010/05/11
Committee: ECON
Amendment 27 #
Motion for a resolution
Paragraph 7
7. Underlines that members engaged in risk control should be independent from the business units they control, have appropriate authority and be compensated independently of the performance of these business units;
2010/05/11
Committee: ECON
Amendment 28 #
Motion for a resolution
Paragraph 8
8. Underlines that remuneration should be risk-sensitive and that risk adjustments should take into account all types of current and potential risksadjusted for all types of risks, symmetric with risk outcomes, and sensitive to the time horizon of current and potential risks that have an impact on the overall performance and stability of the firm;
2010/05/11
Committee: ECON
Amendment 32 #
Motion for a resolution
Paragraph 9
9. Stresses that the operational risk management should therefore be pre- approved by the supervisor;deleted
2010/05/11
Committee: ECON
Amendment 35 #
Motion for a resolution
Paragraph 10
10. Considers that amounts of variable remuneration should be determined according to the achievement of long-term objectives which should be clearly defined in advancebased on predetermined and measurable performance criteria, which should promote the long-term sustainability of the company;
2010/05/11
Committee: ECON
Amendment 38 #
Motion for a resolution
Paragraph 11
11. Stresses that compensation systemsperformance related remuneration should link the size of the bonus pool to the overall performance of the firm, while an employee's incentives should be linked to his/her contribution to such performance, while quantitative and qualitative criteria, as well as human judgment, should play a role in determining this linkdividual performance related remuneration should be based on a combination of the assessment of the performance of the individual, of the business unit concerned and of the overall results of the institution;
2010/05/11
Committee: ECON
Amendment 43 #
Motion for a resolution
Paragraph 13
13. Is of the opinion that not only quantitative measures, but also quality- linked performance criteria and human judgement should be taken into consideration in order to determine the level of the variable compensation; proposes therefore that the 'social added value of companies' performance' should be taken into consideration as one essential criterion, as well as 'sustainability' criteria when applicable;
2010/05/11
Committee: ECON
Amendment 48 #
Motion for a resolution
Paragraph 15
15. Is of the opinion, for ethical reasons, that the difference between the highest and the lowest remuneration in a company should be reasonable;deleted
2010/05/11
Committee: ECON
Amendment 52 #
Motion for a resolution
Paragraph 16
16. Stresses that a procedure should be set up and applied by the internal supervisory body of the company or institution in order to solve any conflict which may occur between the risk management and the operational unit;
2010/05/11
Committee: ECON
Amendment 56 #
Motion for a resolution
Paragraph 18
18. Stresses that there must be an appropriate balance between variable and fixed remuneration and that in particular an individual's bonus must not make up more than 50% of their total annual remuneration;
2010/05/11
Committee: ECON
Amendment 61 #
Motion for a resolution
Paragraph 20
20. Underlines that the deferred proportion of the variable pay 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 member of staff in question;
2010/05/11
Committee: ECON
Amendment 65 #
Motion for a resolution
Paragraph 21
21. Believes that a substantial proportion, i.e. more than 50%, of variable compensation should be awarded in shares or share-linked instruments, as long as these instruments create incentives aligned with long-term value creation and the time horizons of risk;
2010/05/11
Committee: ECON
Amendment 69 #
Motion for a resolution
Paragraph 23
23. Believes that firms should disclose clear, comprehensive and timely information about their compensation practices to facilitate the constructive engagement of all stakeholders, and that supervisory authorities should have access to all information they need to evaluate compliance with applicable principles;
2010/05/11
Committee: ECON
Amendment 71 #
Motion for a resolution
Paragraph 24
24. Calls on the Commission to adopt strong bindipromote strong principles on remuneration policies in the financial sector as suggested in the draft re, stresses that these principles need to be proport ion the CRD and a naming and shaming procedure for listed companies which do not respect these principlal and take into account the different types of companies and entities;
2010/05/11
Committee: ECON
Amendment 78 #
Motion for a resolution
Paragraph 25
25. Calls on the Commission to ensureclarify in its legislation the decisivve proposals the role of the supervisory authorityies in remuneration policy and risk management;
2010/05/11
Committee: ECON
Amendment 80 #
Motion for a resolution
Paragraph 26
26. Calls on the Commission to conduct an impact assessment on the feasibility of instituting a European bonus tax;deleted
2010/05/11
Committee: ECON
Amendment 83 #
Motion for a resolution
Paragraph 27
27. Requests the Commission to set up an insurance system fed by contributions from the financial institutions in order to avoid a new financial crisis;deleted
2010/05/11
Committee: ECON