Addendum to DLL International BV's global remuneration policy on variable pay in De Lage Landen Finans AB
De Lage Landen Finans AB (DLL) is subject to the DLL International BV global remuneration policy that is in line with Rabobank Group's renumeration policy. DLL International BV Global remuneration policy is based on the following principles:
- A direct link between performance and pay.
- To encourage and reward behavior that is in line with the DLL values that will help members to act as one to drive success.
- Pay levels in line with the market so that good members can be attracted and retained.
- To supports the development of members within the existing job and, where possible, towards other jobs.
- The scheme is transparent and must be consistently applied.
This addendum to DLL International BV's global remuneration policy for variable pay in DLL follows the Swedish Financial Supervisory Authority regulations on remuneration in banks, securities companies and fund management companies with permits for discretionary portfolio management.
All employees in DLL are in scope of the company's variable remuneration programs. The variable remuneration is based on commercial, quantitative and qualitative targets depending on the employee's position. The size of the possible variable pay is based on the content and responsibility of the position and the employee's performance against the targets set in line with DLL International BV's remuneration policy. DLL makes an annual risk analysis to identify employees whose work has a material impact on the company's risk profile. For these employees DLL defers 40% (60% for employees in the Regional Management Team) of the variable remuneration over and above SEK 100 000, for a period of three years. Payment of the deferred amount will be done on a pro rata basis as of the year following that the variable remuneration was determined. The deferred compensation can be cancelled or adjusted downwards in the event of loss or increased risks and costs during the deferment period or in case the payment would be judged indefensible in view of the company´s financial situation. DLL only defers variable pay that has been decided in accordance with DLL International BV´s renumeration policy.