Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 173

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 6
Chunk 173
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4              3.4%                 6              5.4%                 2              2.0%               -21   -17.4%            -                 -              
Company’s performance                                                                                                                                                                                                                                       
Retail primary relationships (in mln)                               16.2               0.9                6%               0.7                5%               0.3                2%               0.4   3%                0.6               5%             
Profit before tax ING Group (in mln)                               9,300            -1,192              -11%             4,990               91%            -1,280              -19%             2,973   78%               -3,025            -44%           
Return on equity based on IFRS-EU equity                             13%             -1.8%              -12%              7.6%              106%               -2%              -22%              4.4%   92%               -4.6%             -49%           
Average employee remuneration                                                                                                                                                                                                                               
Average fixed and annual variable remuneration                        81               3.8              4.9%               4.8              6.5%               2.4              3.5%               2.7   4.0%              -                 -              
For consistency reasons, this table only makes a comparison between two full financial years in which the respective EB or SB member served in their role as board member. 
The remuneration of the EB consists of base salary and variable remuneration (total direct compensation). 
Variable remuneration for the EB is included in the year in which the performance was delivered i.e. prior to the year in which it is paid out. 
Fixed remuneration for EB members is not linked to company performance but is predominantly based on a benchmark exercise. Total direct compensation of EB members should stay below the median of the benchmark, in line with the Dutch Banking Code. This has a mitigating effect on the correlation with company performance. 
The relative total compensation increase from 2020 to 2021 is mainly caused by the fact that no variable remuneration was awarded for the performance year 2020. 
There is no correlation between SB remuneration and company performance. SB members do not receive any variable remuneration. This remuneration is based on