Company: INGVF
Filing Date: 2025-03-06
Form Type: 20-F
Source: 0001628280-25-010764
Chunk: 181

Company: ING GROEP NV
Filing Date: 2025-03-06
Form: 20-F
Item: Item 6
Chunk 181
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 of the unvested variable remuneration awards) and/or clawback sanctions (i.e. repayment of up to 100 percent of the paid or vested variable remuneration) for employee significant incidents.    
    ING also operates collective variable remuneration based on collective labour agreements that are driven by regulation, law and/or works council agreements in various countries, and this represents to 20/25 percent of the total spend on variable remuneration.
    Identified Staff reporting hierarchically to a business line and not working in a control function. 
ING Group Annual Report 2024 on Form 20-F 

Contents       Part I         Part II        Part III       Additional information        Financial statements    
The SB used its judgement to establish the right balance between annual variable remuneration outcomes that reflect the performance and risk adjustments of the Group, while supporting ING’s ability to attract, retain, and reward employees who will drive the delivery of the Group’s strategy and long-term sustainable growth for shareholders in the future, in line with our remuneration principles. 
On this basis, the SB approved a Group VR pool for 2024 performance of €421.6 million (2023: €401.0 million), up by 6% compared to the target variable remuneration baseline ('starting point') and 5.1% up against the final VR pool for 2023. The risk and conduct adjustments to the 2024 VR pool are slightly less than those for 2023. 
Overall, the total actual amount of both discretionary and collective variable remuneration awarded to all eligible employees globally for 2024 was €522.7 million (€101.1 million in collective variable remuneration), compared to the total staff expenses of €7,184 million. For 2023, the total amount was €514.9 million (€113.8 million in collective variable remuneration) on €6,725 million staff expenses. Collective variable remuneration is based on collective labour agreements that are driven by regulation, law and/or workers council agreements in various countries. 
In 2024, 22 employees, excluding members of the Management Board Banking, were awarded total annual remuneration (including employer pension contributions and excluding severance payments made) of €1 million or more. For more information on our CRR disclosure (including a breakdown by each group of employees), see the section ‘Annual reports’ on ing.com.

ING Group Annual Report 2024 on Form 20-F