7 Amendments of Jürgen KLUTE related to 2009/0099(COD)
Amendment 74 #
Proposal for a directive – amending act
Recital 4
Recital 4
(4) Because excessive and imprudent risk- taking may undermine the financial soundness of financial institutions and destabilise the banking system, it is important that the new obligation concerning remuneration policies and practices should be implemented in a consistent manner. It is therefore appropriate to specify core principles on sound remuneration to ensure that the structure of remuneration does not encourage excessive risk-taking by individuals and is aligned with the risk appetite, values and long-term interests of the institution and with the demands placed on the financial sector by society. In order to ensure that the design of remuneration policies is integrated in the risk management of the financial institution, the management body (supervisory function) of each credit institution or investment firm should establish the general principles to be applied, and the policies should be subject to at least annual independent internal review. .
Amendment 88 #
Proposal for a directive – amending act
Recital 9 a (new)
Recital 9 a (new)
(9a) In order further to enhance transparency as regards the remuneration practices of credit institutions and investment firms, the competent authorities of Member States have an obligation to collect information on remuneration to benchmark institutions in accordance with the categories of quantitative information that those institutions are required to disclose under this Directive. The competent authorities have an obligation to provide the European Banking Authority (EBA) with such information to enable the EBA to conduct similar benchmarking at Union level.
Amendment 93 #
Proposal for a directive – amending act
Recital 12
Recital 12
(12) In order to ensure adequate transparency to the market of their remuneration structures and the associated risk, credit institutions and investments forms shouldhave an obligation to disclose information on their remuneration policies and practices for those staff whose professional activities have a material impact on the risk profile of the institution. However, this obligation should be without prejudice to Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with the regard to the processing of personal data and the free movement of such data..
Amendment 109 #
Proposal for a directive – amending act
Recital 26 a (new)
Recital 26 a (new)
(26a) The measures in this Directive are steps in the reform process in response to the financial crisis. In line with the conclusions of the G-20, the Financial Stability Board and the Basel Committee on Banking Supervision further reforms may be necessary, including to the building of counter-cyclical buffers, ‘dynamic provisioning’ and the rationale underlying the calculation of capital requirements in Directive 2006/48/EC. In order to counteract the build-up of leverage, lending by banks to alternative investment funds must be prohibited. In order to ensure appropriate democratic oversight of the reform process, the European Parliament and the Council must be involved in a timely and effective manner.
Amendment 156 #
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point b
Annex V – section 11 – point 22 – point b
b) the remuneration policy is in line with the business strategy, objectives, values and long-term interests of the credit institution and with the demands placed on the financial sector by society, and incorporates measures to avoid conflicts of interest;
Amendment 169 #
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point f
Annex V – section 11 – point 22 – point f
f) Fixed and variable components of total remuneration are appropriately balanced; the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible bonus policy, including the possibility to pay no bonus; bonuses (variable remuneration components) may not exceed 40% of a staff member’s total remuneration;
Amendment 180 #
Proposal for a directive – amending act
Annex I – Point 1
Annex I – Point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point i
Annex V – section 11 – point 22 – point i
i) payment of the major part of a significant bonusa substantial proportion of the variable remuneration component is deferred for a sufficient period; the size of the deferred proportion and the length of the deferral period is established in accordance with the business cycle, the nature of the business, its deferred for arisks and the activities of the member of staff in question; remuneration payable under deferral arrangements vests no faster than on ap propriate period and is linked to the future performance of-rata basis; at least 50 % of the variable remuneration component is deferred; in the case of a variable remuneration component of a particularly high amount at least 60 % of the amount is deferred and the deferral period is no less thean firm.ve years;