Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 165

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 6
Chunk 165
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 variable remuneration if both of the performance hurdles are met. This is in line with all employees who are eligible for discretionary variable remuneration. For more, see Step 2 of the 'Variable Remuneration Accrual Model'. 
•Risk and regulatory adjustments – Performance against risk and regulatory targets within the core performance target cards are made, including an assessment of financial risk and non-financial risk targets measured on an ex-ante basis. The targets and ranges are set at the beginning of the financial year, taking into account ING’s risk appetite statement framework. Performance against these risk and regulatory targets may lead to a downward or upward adjustment in variable remuneration.
•Additional risk adjustments – Further downward risk adjustments may also be made to variable remuneration based on broader risk management performance not within risk appetite, including additional ex-ante risk performance that needs to be considered and/or ex-post risk events that may lead to a financial or reputational impact on ING. Finally, the Risk function assesses individual risk requirements that apply to identified staff, including EB members, who are considered risk takers, which can also lead to a downward adjustment in variable remuneration, also known as a risk modifier. In the most serious of incidents, additional risk adjustments in the form of holdbacks or clawbacks1 can also impact individual variable remuneration in line with regulatory requirements. 
The CRO is responsible for recommending any risk adjustments to variable remuneration awards for the CEO and CFO. The Risk Committee is responsible for recommending this for the CRO. The SB, based on the advice of the Remuneration Committee and Risk Committee, decides on any risk adjustments to variable remuneration (potentially to zero) for EB members. As a final step in the process, in exceptional circumstances, the SB may apply its discretion to adjust upwards or downwards the variable remuneration of EB members.

1    A holdback is the forfeiture of up to 100 percent of the awarded and unvested variable remuneration, and a clawback is an arrangement under which staff have to return ownership of up to 100 percent of the paid and/or vested variable remuneration. 
ING Group Annual Report 2024 on Form 20-F 95

Contents       Part I         Part II        Part III       Additional information        Financial statements    
2024 Executive Board performance and remuneration
This section outlines the implementation of the Executive Board remuneration policy for 2024. 
This section provides more details on the financial