About BRE Bank
Remuneration
The Management Board Remuneration
The Executive Committee of the Supervisory Board determines the rules and levels of remuneration
of Members of the Management Board. The rules of the incentive programme for the Management Board and rules on awarding bonuses to Members of the Management Board have been adopted by resolutions of the Supervisory Board.
Total remuneration of Management Board Members includes a fixed and a variable part. The fixed part includes basic remuneration of which amount is set for each Member of the Management Board. The second component is the annual cash bonus for the previous financial year. The final third component is the bonus in shares of BRE Bank and cash equivalent of Commerzbank shares which serves as a long-term incentive.
Both the annual cash bonus and the value of shares and cash equivalent of Commerzbank shares granted to each Member of the Management Board are determined by the following three factors:
Total remuneration of the Management Board for the last two years is presented below:
Information on remuneration received by particular Management Board Members divided into the fix part and the variable part is presented in explanatory note no. 44 to the Financial Statements of BRE Bank SA Group for 2010 pursuant to the International Financial Reporting Standards.
of Members of the Management Board. The rules of the incentive programme for the Management Board and rules on awarding bonuses to Members of the Management Board have been adopted by resolutions of the Supervisory Board.
Total remuneration of Management Board Members includes a fixed and a variable part. The fixed part includes basic remuneration of which amount is set for each Member of the Management Board. The second component is the annual cash bonus for the previous financial year. The final third component is the bonus in shares of BRE Bank and cash equivalent of Commerzbank shares which serves as a long-term incentive.
Both the annual cash bonus and the value of shares and cash equivalent of Commerzbank shares granted to each Member of the Management Board are determined by the following three factors:
- net return on equity (ROE) of BRE Bank Group or of the supervised area
- total budget performance or budget performance in the supervised area
- individual assessment of the Management Board Member made by the Supervisory Board
Total remuneration of the Management Board for the last two years is presented below:
|
Year |
Basic remuneration |
Other profits |
Cash |
Cash settlement of the incentive program based on Commerzbank shares |
Total |
|
2010 - Members of the Management Board as of 31 December 2010 |
8,295.2 |
928.7 |
1,167.3 |
907.0 |
11,298.2 |
|
2010 – former Members of the Management Board |
1,179.4 |
4.525.0 |
225.0 | 263.3 |
6,192.7 |
|
Total 2010 |
9,474.6 |
5,453.7 |
1,392.3 | 1,170.3 |
17.490,9 |
|
2011 - Members of the Management Board as of 31 December 2011 |
9,886.7 |
1,198.0 |
6,977.8 |
934.0 |
18,996.5 |
|
2011 - former Members of the Management Board |
0 |
0.1 |
1,098.1 |
462.7 |
1,560.9 |
|
Total 2011 |
9,886.7 |
1,198.1 |
8,075.9 |
1,396.7 |
20,557.4 |
Information on remuneration received by particular Management Board Members divided into the fix part and the variable part is presented in explanatory note no. 44 to the Financial Statements of BRE Bank SA Group for 2010 pursuant to the International Financial Reporting Standards.
The Supervisory Board Remuneration
The amount of monthly remuneration of the Members of the Supervisory Board paid in 2011 was set in Resolution No. 27 adopted by the 17th General Meeting of BRE Bank held on April 21, 2004.
Additional monthly remuneration was granted for participation in standing committees: 50% of monthly basic remuneration for the first committee and 25% for participating in every other committee. Total remuneration for the participation in committees cannot exceed 75% of the basic remuneration.
Total remuneration of the Supervisory Board paid in 2011 amounted to PLN 2,057.9 thousand, up by PLN 202.3 M YoY.
Detailed information about the remuneration amounts paid to individual Members of the Supervisory Board is included in explanatory note no. 44 to the Financial Statements of BRE Bank SA Group for 2011 in accordance with the International Financial Reporting Standards, available on BRE Bank website.
XXV Ordinary General Meeting of BRE Bank SA on 30 March 2012 accepted the Resolution No. 26, coming into effect on 1 April 2012, changing remuneration of the Members of the Supervisory Board of the Bank. The text of Resolution is available on BRE Bank website.
Additional monthly remuneration was granted for participation in standing committees: 50% of monthly basic remuneration for the first committee and 25% for participating in every other committee. Total remuneration for the participation in committees cannot exceed 75% of the basic remuneration.
Total remuneration of the Supervisory Board paid in 2011 amounted to PLN 2,057.9 thousand, up by PLN 202.3 M YoY.
| Year | 2010 | 2011 |
| Remuneration paid in PLN thousand | 1 855,6 |
2 057,9 |
Detailed information about the remuneration amounts paid to individual Members of the Supervisory Board is included in explanatory note no. 44 to the Financial Statements of BRE Bank SA Group for 2011 in accordance with the International Financial Reporting Standards, available on BRE Bank website.
XXV Ordinary General Meeting of BRE Bank SA on 30 March 2012 accepted the Resolution No. 26, coming into effect on 1 April 2012, changing remuneration of the Members of the Supervisory Board of the Bank. The text of Resolution is available on BRE Bank website.