‘Allowances’ used as part of the fixed remuneration targeted by the European Commission, co-legislators and the EBA
Often perceived by the media as a tool to circumvent the bonus cap, the practice consisting of introducing so-called ‘position or role-based allowances’ is one of the elements underlined in the detailed analysis on remuneration practices across a sample of EU banks published by the European Banking Authority (EBA).
‘In general, these allowances, which are paid as fixed amounts in addition to the base salary, are considered by institutions as fixed remuneration. However, these allowances are discretionary, as they are paid to selected members of staff and in most cases only for a limited period of time. Under exceptional circumstances, they can also be cancelled,’ stated the EBA…
Click on the link below to read the rest of the Arendt & Medernach briefing.
News from Arendt & Medernach
Briefings from Arendt & Medernach
New set of restrictive measures against the Russian Federation in relation to events in Ukraine entered into force last Friday (12th)
In view of the increasing gravity of the situation in eastern Ukraine, the European Council has reinforced the restrictive measures adopted on 30–31 July 2014.
The Arendter — September 2014: private foundations; MiFID II; cross-border AIF distribution; and more
Discover the second issue of Arendt & Medernach’s magazine The Arendter. This publication will give you a quick overview of key topics related to your daily business.