EN    EN EN 
EN    EN  COMMISSION OF THE E UROPEAN COMMUNITIES 
Brussels, 2.6.2010 
SEC(2010) 671 
  
COMMISSION STAFF WORKING DOCUMENT 
Report on the application by Member Stat es of the EU of the Commission 2009/384/EC 
Recommendation on remuneration policies in  the financial services sector (2009 
Recommendation on remuneration policies in the financial services sector) 
  
Accompanying document to the 
  
REPORT FROM THE COMMISSION TO  THE EUROPEAN PARLIAMENT, THE 
COUNCIL, THE EUROPEAN ECONOMIC  AND SOCIAL CO MMITTEE AND THE 
COMMITTEE OF THE REGIONS 
 
Report on the application by Member Stat es of the EU of the Commission 2009/384/EC 
Recommendation on remuneration policies in  the financial services sector (2009 
Recommendation on remuneration policies in the financial services sector) 
  
{COM(2010) 286 final} 
EN 2   EN This Commission staff working document review s the implementation by Member States of 
the Commission 2009/384/EC Recommendation on remuneration policies in the financial 
services sector. It supplements, in a table format, the Report from the Commission on the 
implementation by Member States of  the aforementioned Recommendation. 
The Recommendation on remuneration policies in  the financial servi ces sector invites 
Member States to adopt measures in four main areas: 
(i) Structure of remuneration policy  
 To remedy the absence of linkage betw een risk and remuneration schemes, the 
Commission invited Member Stat es to adopt a set of princi ples on the structure of the 
remuneration policy in financial instituti ons. The overarching principle of the 
recommendation was that remuneration policies s hould be consistent with sound and effective 
risk management. To give effect to th is, the Commission recomme nded that financial 
institutions should strike an appropriate balance between fixed and variable components of 
remuneration with a sufficiently high level of fi xed component so as to ensure that staff 
(which has a material impact on the risk profil e of their financial institution) do not rely 
exclusively on bonus payments. In this context it is important to reca ll that bonuses in the 
banking industry typically make up more than a substantial portion of an employee's pay, 
sometimes more than 75 percent of the tota l (as fixed salary can be relatively low).  
The Commission further indicated that the vari able component of the remuneration should be 
linked to actual performance and a major part of it should be de ferred in order to take into 
account the risk horizon of th e underlying performance. To remedy the short-termism of 
remuneration policies in place, the Commission recommended that variable payments should 
also be subject to a multi-year performance assessment framework. Performance measurement criteria chosen should privil ege longer-term performance of financial 
institutions, include non-financia l criteria and be adjusted to  the underlying performance for 
risk, cost of capital and liq uidity. Finally, the Commission also recommended a "clawback" 
mechanism to claim back unjustified variable remuneration' payments.  
(ii) Governance 
The current economic and financial crisis ha s exposed significant (c orporate) governance 
deficiencies of remuneration policies' decision -making in financial institutions. Effective 
governance is a prerequisite condition for putting into place sound remuneration policy. 
(Supervisory) Boards of financial institutions, in consultation with shareholders and employee representatives where appropriate
1, must take responsibility for establishing the remuneration 
policy for the whole financial institution and monitoring its implementation, as it is boards 
that will ultimately determine and validate th e strategy and risk prof ile of their financial 
institutions. Ensuring that the (supervisory) board has overall responsibility for the design and 
operation of remuneration policy backed by exper tise of human resources and internal control 
functions increases the likelihood of having remuneration polic ies consistent with effective 
risk management. In this regard, the role of human resources department is essential: 
remuneration policy in the financial sector must  not be decided without  their involvement. 
                                                 
1  It should be noted that the Recommendation does not prejudice in any way the autonomy of social 
partners in their collective bargaining. 
EN 3   EN Furthermore and fully recognising the role of  remuneration committees in this matter, 
Commission recommended that its  members should have releva nt expertise and thus be 
capable of forming an independent judgement on the suitability of the remuneration policy, 
including the implications fo r risk and risk management. 
The financial crisis also exposed  the lack of sufficient authorit y of staff members engaged in 
control processes as compared to the sales an d trading business. In some banks, the lower 
prestige and status of  risk management/control functions  staff vis-à-vis operational units 
played an important role in co ntributing to excessive risk-tak ing. This imbalanced situation 
between business units and the control functions led the latt er to be unable to properly 
exercise the necessary oversight  attached to their functions2. To remedy this situation, the 
Commission recommended that control functions  should be independent from the business 
units they oversee, have appropriate authorit y, and be compensated in accordance with the 
achievement of the objectives linked to their f unctions, independent of the performance of the 
business areas they control. 
(iii) Disclosure of remuneration policy  
The Commission considered that making rem uneration policy internally transparent and 
enhancing the scrutiny role of shareholders and ot her external stakeh olders by providing 
adequate disclosure requirements would further strengthen the objectivit y of the remuneration 
policy's decision-making process. As a c onsequence, the Commission recommended a non-
exhaustive list of information items on remune ration policy to be externally disclosed.  
(iv) Supervision 
Commission considered necessary to recomm end a supervisory oversight of financial 
institutions' remuneration policies. As past  experience showed a nd notwithstanding the 
existence of remuneration policy principles/stand ards self-elaborated by the financial industry 
(such as the IIF principles), fina ncial institutions are unlikely, mainly because of a first mover 
disadvantage, to effectively implement principles on sound re muneration policy. Furthermore, 
supervisors have at their disp osal a wide range of measure in order to make financial 
institutions compliant with such  principles. If the supervisors consider that the remuneration 
policies conflict w ith sound underwriting practice, ade quate risk management or are 
systematically encouraging short-term risk-tak ing, they may require the institutions concerned 
to reassess their remuneration policies. If superv isors are not satisfied by the measures taken 
they could use the range of tools which are av ailable to them (fines, sanctions, possibility 
capital add-on). 
The tables below indicate the extent to which Member States have followed the requirements 
of the Recommendation. 
                                                 
2 See Senior Supervisor Group, observations on risk management practices during the recent market 
turbulence, 2008. 
EN 4   EN Table 1 
Scope 
Recommendation 1.1  
Member States should ensure that the Recommendation applies to all financial undertakings which have their 
registered office or their head office in their territory  
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies and 
not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N. CZ has similar rules for supervision in general but not related to remuneration 
policy in FS Reg. 
DE Y Supervisory Act. 
DK N*  
EE N*. Though EE has similar rules for supervision in general but not linked to this 
Rec  
EL N. Though EL has similar rules for supervision in general but not linked to this 
Rec Supervisory Act. 
ES Y* Supervisory Act. 
FI N* Supervisory Act. 
FR Y Reg. 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
+ C 
PL N*  
PT N*  
EN 5   EN RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI N. Rules referred to by SI relate to company law in general  L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation, i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption  
EN 6   EN Table 2 
Scope 
Recommendation 1.2  
Member States should ensure that the principles contained in the Recommendation apply to the remuneration of 
those categories of staff whose professional activities have a material impact on the risk profile of the financial 
undertaking. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred to by AT relate to CG code and not to prudential supervision. 
They would only apply to (supervisory) board members and executive 
management of listed companies in a different context  
BE Y. Supervisory Act. 
BG Y*. BG rules apply to all categories of staff with a special emphasis on senior 
employees and other risk takers Supervisory Act. 
CY Y. CY rules apply to all categories of staff with a special emphasis on senior 
employees and other risk takers Supervisory Act. 
CZ N   
DE Y  Supervisory Act. 
DK N*  
EE N*  
EL N. Though EL has some general rules for board members and senior executive Supervisory Act. 
ES Y* Supervisory Act. 
FI Y*. Rules apply to all staff Supervisory Act. 
FR Y Reg. 
HU Y. Rules apply to all categories of st aff with a special emphasis on senior 
employees and other risk takers Supervisory Act. 
IE N*  
IT Y. Rules apply to all categories of staff Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y. MT rules apply to all categories of staff with a special emphasis on senior 
employees and other risk takers Supervisory Act. 
NL Y. Rules apply to all categories of staff Supervisory Act. 
+ C 
EN 7   EN PL N. Though PL has some general rules for board members and senior executive L 
PT N*  
RO Y. Rules apply to all categories of staff Supervisory Act. 
SE Y. Rules apply to all categories of staff Supervisory Act. 
SI N. Though SI has some general rules for board members and senior executive L 
SK N  
UK Y. Rules apply to all categories of staff Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
NA: no information available 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 8   EN Table 3 
Scope 
Recommendations 1.3, 9 & 10.  
When taking measures to ensure that financial undertakings implement those principles, Member States should 
take into account the nature, the size as well as the specific scope of activities of the financial undertakings 
concerned. 
Member State  Endorsement of recommendation Nature of the rule 
AT N. Similar rule on proportionality of the supervision exists in AT but not 
related to rules on remuneration policy L 
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N. Similar rule on proportionality of the supervision exists in CZ but not 
related to rules on remuneration policy Reg. 
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI Y* (rule adopted before th e EU Rec.) Supervisory Act. 
FR Y Reg. 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
+C 
PL N  
PT N*  
EN 9   EN RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 10   EN Table 4 
Scope 
Recommendation 1.4  
Member States should apply the principles contained in the Recommendation to financial undertakings on an 
individual basis and on a consolidated basis. Principles on sound remuneration policy should apply at group 
level to the parent undertaking and to its subsidiaries, including those estab lished in offshore financial centres. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. It only covers listed companies and not from a prudential oversight 
view. C 
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N. Similar rule of supervision exists but not related to rules on 
remuneration policy Reg. 
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N. Similar rule of supervision exists but not related to rules on 
remuneration policy  
ES P. It does not include subsidiaries in third countries   
FI N* Similar rule of supervision exists but not related to rules on 
remuneration policy Supervisory Act. 
FR Y Reg. 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
+ C 
PL N  
EN 11   EN PT N*  
RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI N  
SK N  
UK Y  Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 12   EN Table 5 
Scope 
Recommendation 1.5  
This Recommendation does not apply to  fees and commissions received by intermediaries and external service 
providers in case of outsourced activities. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT Y. AT referred to specific le gislation on commission and fees. L 
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N* Supervisory Act. 
FR Y Reg. 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
PL N  
PT N*  
RO No. Ro also adopted rules on this issue. Supervisory Act. 
SE Y Supervisory Act. 
EN 13   EN SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 14   EN Table 6 
Scope 
Recommendation 2.1  
"Financial undertaking" means any undertaking, irrespective of its legal status, whether regulated or not, which 
performs any of the following activities on a professional basis : 
(a) It accepts deposits and other repayable funds; 
(b) It provides investment services and/or performs investment activities within the meaning of Directive 
2004/39/EC; 
(c) It is involved in insurance or reinsurance business; (d) It performs business activities similar to those set out in points (a), (b) or (c). A financial undertaking includes, but is not limited to, credit institutions, investment firms, insurance and 
reinsurance undertakings, pension fund s and collective investment schemes. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. AT CG rules cover only listed financial undertaking and not from a 
prudential oversight  
BE Y Supervisory Act. 
BG P*. Only to credit ins titutions. Supervisory Act. 
CY P. Only credit institutions. Supervisory Act. 
CZ P. Only apply to credit institutions (rul es adopted before the Commission Rec.). Reg. 
DE P. Rules apply to credit institutions , investment firms and the insurance sector 
(including insurance and reinsurance undertakings, insurance holding companies, insurance special purpose entities and pension funds) Supervisory Act. 
DK N*  
EE N*  
EL N  
ES P*. Only credit institu tions Supervisory Act. 
FI P*. Only Credit institutions, investment fi rms, UCITS (rules adopted before the 
Commission Rec.). Supervisory Act. 
FR Y. Regulation covers only credit institutions and investment firms. Professional 
guidelines cover all financial undertakings independent of the legal status. Reg + C 
HU Y Supervisory Act. 
IE N*  
IT P. Only credit institutions  Supervisory Act. 
LV Y. Supervisory Act. 
EN 15   EN LT Y Supervisory Act. 
LU P. (all financial institutions ex cept insurance) Supervisory Act. 
MT P. Only credit institutions Supervisory Act. 
NL Y Supervisory Act. 
+ C 
PL N. Though there are some rules on executives and boards in company law L 
PT N*  
RO P. Only credit institutions. Supervisory Act. 
SE Y Supervisory Act. 
SI N. Though there are some rules on executives and boards in company law L 
SK N  
UK P. Only +/- 26 of the larger banks, building societies and broker dealers 
incorporated in the UK, both UK-owned and foreign owned. Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 16   EN Table 7 
Remuneration Policy 
General 
Do national measures taken contain stricter principles or requirements than those of the Commission 
Recommendation on remuneration policy in the financial services sector? 
Do national measures taken contain principles or requirements that are not included in the Commission 
Recommendation on remuneration policy in  the financial services sector?  
Member 
State   Nature of the 
rule 
AT N  
BE N. However in the forthcoming legislation remuneration committees will be 
made mandatory for listed companies L 
BG Y. Stricter rules concern claw back in certain circumstances L 
CY N  
CZ N  
DE Y. Following implementation of the FSB standards Supervisory Act. 
DK N*  
EE N*  
EL N  
ES N  
FI N*  
FR Y. Following implementation of the FSB standards. Reg. and C 
HU N.  
IE N*  
IT Y. Stricter or additional measures concer n: i) the more prominent shareholders’ 
meeting role; ii) the remuneration of co ntrol functions; iii) the adoption of the 
FSB Implementation Standards by the 6 significant financial institutions. 
 L + Supervisory 
Act. 
LV Y. On bailed-out financial institutions  Supervisory Act. 
LT N  
LU Y. For instance external auditor is asked to make an assessment of the 
conformity of the remuneration policy  Supervisory Act. 
MT N Supervisory Act. 
NL Y. More stringent rules on CG derived from Codes and control functions Supervisory 
EN 17   EN Act+ C 
PL Y. Rules mentioned deal with co mpany law and corporate governance L 
PT N*  
RO Y. Provisions regarding the NBR power to impose restrictions on the 
distribution of profit in certain situations; provisions regarding the remuneration of members of the board of directors/ supervisory board, of members of the bodies having management function and of the key executives Supervisory Act. 
SE Y. Following the FSB standards Supervisory Act. 
SI Y. Rules mentioned deal with comp any law and corporate governance  L 
SK N  
UK Y. Stricter requirements on deferment, vesting, performance adjustment 
(clawback) + guaranteed bonuses  (following FSB standars). Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 18   EN Table 8 
Remuneration policy  
General 
Recommendation 3.1  
Financial undertakings establish, implement and maintain a remuneration policy which is consistent with and 
promotes sound and effective risk management and  which does not induce excessive risk taking.  
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT P .There are rules on risk management but they are not linked to remuneration 
policy L 
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL P. Only cover executives of cr edit institutions Supervisory Act. 
ES Y Supervisory Act. 
FI P* Supervisory Act. 
FR Y Reg.+ C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory 
Act+ C 
PL N  
PT N*  
EN 19   EN RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 20   EN Table 9 
Remuneration policy  
General 
Recommendation 3.2.  
Remuneration policy should be in line with the business strategy, objectives, values and long-term interests of 
the financial undertaking, such as sustainable growth prospects, and be consistent with the principles relating to the protection of clients and investors in the course of services provided. 
Member State  Endorsement of recommendation Nature of the rule 
AT N. Only limited to board member s and executive management in the 
context of CG and not from a prudential view. C 
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL P. Only limited to executives of credit institutions and avoiding short 
term profits Supervisory Act. 
ES P*. For executive and board members C 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act+ 
C 
PL N  
EN 21   EN PT N*  
RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI P. Only limited to management and board members. L 
SK N  
UK P (indirectly) Supervisory Act. 
 
Evaluation criteria: Y: national measure taken. N: No na tional measure taken. P: Partial or incomplete national 
measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 22   EN Table 10 
Structure of remuneration policy 
Recommendation 4.1.  
Where remuneration includes a variable  component or a bonus, remuneration policy should be structured with 
an appropriate balance of fixed and variable remuneration components. The appropriate balance of remuneration components may vary across staff members, according to market conditions and the specific 
context in which the financial undertaking operates. Member States should ensure that remuneration policy of a 
financial undertaking sets a maximum limit on the variable component.  
Member 
State  Endorsement of recommendation Nature of the rule 
AT N (only limited to board members and executive management in the context 
of CG and not from a prudential view)  
BE Y Supervisory Act. 
BG P* (no maximum limit on the variable component ) Supervisory Act. 
CY P (no maximum limit on the variable component but a reasonable proportion 
is required)  Supervisory Act. 
CZ N  
DE P (there is no specific ratio of fixed and variable remuneration but an 
appropriate balance is required) Supervisory Act. 
DK N*  
EE N*  
EL N  
ES N*  
FI N*  
FR P (no maximum limit on the variable component) C 
HU P (no maximum limit on the variable component ) Supervisory Act. 
IE N*  
IT P (no maximum limit on variable component) Supervisory Act. 
LV P (no maximum limit on the variable component) Supervisory Act. 
LT P (no maximum limit on the variable component for banks) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act + 
C 
PL N  
EN 23   EN PT N*  
RO P (no maximum limit on the variable component)  Supervisory Act. 
SE P (no maximum limit on the variable component) Supervisory Act. 
SI N  
SK N  
UK P (no maximum limit on the variable component) Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 24   EN Table 11 
Structure of remuneration policy 
Recommendation 4.2.  
The fixed component of the remuneration should represent a sufficiently high proportion of the total 
remuneration allowing the financial undertaking to operate a fully flexible bonus policy. In particular, the 
financial undertaking should be able to withhold bonuses entirely or partly when performance criteria are not met by the individual concerned, the business unit concerned or the financial undertaking. The financial 
undertaking should also be able to withhold bonuses where its situation deteriorates significantly, in particular 
where it can no longer be presumed that it can or will continue to be able to carry out its business as a going concern. 
Member State  Endorsement of recommendation Nature of the rule 
AT N  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N.  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU P (no mention that bonuses could be entirely withheld) Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act + 
C 
PL N  
EN 25   EN PT N*  
RO N  
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 26   EN Table 12 
Structure of remuneration policy 
Recommendation 4.3.  
Where a significant bonus is awarded, the major part of the bonus should be deferred with a minimum deferment 
period. The amount of the deferred part of the bonus should be determined in relation to the total amount of the 
bonus as compared to the total amount of the remuneration. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG P* (no minimum deferment period) Supervisory Act. 
CY P (no minimum deferment period) Supervisory Act 
CZ N.  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU P (no minimum deferment period) Supervisory Act. 
IE N*  
IT P (no minimum deferment period for banks except for 6 significant FI) Supervisory Act. 
LV P (no minimum deferment period) Supervisory Act. 
LT P (not for insurance companies) Supervisory Act. 
LU Y Supervisory Act. 
MT P (no minimum deferment period) Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
EN 27   EN RO P (no minimum deferment period) Supervisory Act. 
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 28   EN Table 13 
Structure of remuneration policy 
Recommendation 4.4.  
The deferred element of the bonus should take into account the outstanding risks associated with the 
performance to which the bonus relates and may consist of equity, options, cash, or other funds the payment of 
which is postponed for the duration of the deferment period. The measures of future performance to which the deferred element is linked should be risk adjusted as set out in point 5. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N.  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (not for insurance companies) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
EN 29   EN RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 30   EN Table 14 
Structure of remuneration policy 
Recommendation 4.5.  
Payments related to the early termination of a contract which are awarded on a contractual basis, should be 
related to performance achieved over time and de signed in a way that does not reward failure. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y  Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act 
FI N*  
FR P (national measures apply only to directors and managers of listed companies) L +C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (not for insurance companies)  
LU Y Supervisory Act. 
MT N (no specific rules on severance pay) Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
RO N  
EN 31   EN SE Y Supervisory Act. 
SI P (provisions only cover executive directors and members of the management 
board. It is not clear whether specific cases where severance pay may not be paid include failure to meet long-term performance criteria) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 32   EN Table 15 
Structure of remuneration policy 
Recommendation 4.6.  
Member States should ensure that the (supervisory) board of a financial undertaking can require staff members 
to repay all or part of bonuses that have been awarded for performance based on data which has subsequently 
proven to be manifestly misstated. 
Member State  Endorsement of recommendation Nature of the rule 
AT N. Rules referred by AT relate to app lication of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG P* (for fraudulent activities only) Supervisory Act. 
CY P (for fraudulent activitie s only) Supervisory Act. 
CZ N  
DE Y L + Supervisory 
Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR N  
HU P (only for fraude) Supervisory Act. 
IE N*  
IT P (only for 6 significant FI) Supervisory Act. 
LV N  
LT P (not for credit institutions) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act + 
C 
PL N  
PT N*  
EN 33   EN RO N  
SE N  
SI P (only applies to members of management board or executive directors) L 
SK N  
UK N  
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 34   EN Table 16 
Structure of remuneration policy 
Recommendation 4.7.  
The structure of the remuneration policy should be updat ed over time to ensure t hat it evolves to meet the 
changing situation of the financial undertaking concerned. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG N*  
CY Y Supervisory Act. 
CZ P Supervisory Act. 
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT N  
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
RO N  
EN 35   EN SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 36   EN Table 17  
Performance measurement 
Recommendation 5.1.  
Where remuneration is performance related, its total amount should be based on a combination of the 
assessment of the performance of the individual and of the business unit concerned and of the overall results of 
the financial undertaking. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
RO Y Supervisory Act 
EN 37   EN SE Y Supervisory Act. 
SI P (only applies to members of management board and executive directors) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation  
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 38   EN Table 18  
Performance measurement 
Recommendation 5.2.  
The assessment of performance should be set in a multi-year framework in order to ensure that the assessment 
process is based on longer term performance and that the actual payment of bonuses is spread over the business 
cycle of the company. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG P* (no specific multi-year fr amework provided for performance measurement) Supervisory Act. 
CY P (no specific multi-year frame work provided for performance measurement) Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU P (no specific multi-year frame work provided for performance measurement) Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y (however, there is an exemption for contracts which are shorter than the 
period for performance measurement) Supervisory Act. 
LT P (no specific multi-year frame work provided for performance measurement) Supervisory Act. 
LU Y Supervisory Act. 
MT P (no specific multi-year frame work provided for performance measurement) Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
EN 39   EN RO N  
SE Y Supervisory Act. 
SI P (no multi-year framework provid ed for performance measurement) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision Reg: Regulation i.e. secondary legislation 
Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption  
EN 40   EN Table 19  
Performance measurement 
Recommendation 5.3.  
The measurement of performance, as a basis for bonus or bonus pools, should include an adjustment for current 
and future risks related to the underlying performance and should take into account the cost of the capital 
employed and the liquidity required. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N  
EE N  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (not for insurance companies) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL P (no specific reference to cost of capital and liquidity) Supervisory Act.  
PL N  
PT N*  
RO Y Supervisory Act. 
EN 41   EN SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 42   EN Table 20  
Performance measurement 
Recommendation 5.4.  
When determining individual performance, non-financial criteria, such as compliance with internal rules and 
procedures, as well as compliance with the standards governing the relationship with clients and investors 
should be taken into account. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
RO Y Supervisory Act. 
EN 43   EN SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 44   EN Table 21  
Governance 
Recommendation 6.1.  
The remuneration policy should include measures to avoid conflicts of interest. The procedures for determining 
remuneration within the financial undertaking should be clear and documented and should be internally 
transparent. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ P (general policy on conflicts of interest applicable to credit institutions and 
investment firms only) Reg. 
DE Y Supervisory Act. 
DK N*  
EE N  
EL N  
ES N  
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT P (no specific rules on conflicts of interest) Supervisory Act. 
NL P (no specific rules on conflicts of interest) Supervisory Act. 
PL N  
PT N*  
RO Y Supervisory Act. 
EN 45   EN SE Y Supervisory Act. 
SI P (applies only to members of management board and executive directors) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. 
L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation Rec: Recommendation 
Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available * Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 46   EN Table 22  
Governance 
Recommendation 6.2.  
The (supervisory) board should determine the remuneratio n of directors. In addition, the (supervisory) board 
should establish the general principles of the remuneration policy of the financial undertaking and be 
responsible for its implementation. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE P (no determination by the board of directors' remuneration) Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ P (applies only for board members and internal audit) Reg. 
DE Y  C + L 
DK N*  
EE N  
EL Y L 
ES Y* Supervisory Act. 
FI N*  
FR P (determination by the board of directors' remuneration only for firms having 
received public assistance) Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT P (no determination by the board of directors' remuneration) Supervisory Act. 
NL Y Supervisory Act 
+ C 
PL N  
PT N*  
EN 47   EN RO Y Supervisory Act 
+ L 
SE Y Supervisory Act. 
SI Y L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 48   EN Table 23  
Governance 
Recommendation 6.3.  
Control functions and, where appropriate, human resources departments and external experts should also be 
involved in the design of the remuneration policy. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y for credit institutions; N for insurance undertakings Supervisory Act. 
DK N*  
EE N  
EL N  
ES Y* Supervisory Act. 
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (not for banks and insurance companies) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
PL N  
PT N*  
RO N  
SE Y Supervisory Act. 
EN 49   EN SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 50   EN Table 24  
Governance 
Recommendation 6.4.  
Members of the (supervisory) board responsible for remuneration policy and members of the remuneration 
committees and staff members who are involved in the design and implementation of the remuneration policy 
should have relevant expertise and functional independence from the business units they control and thus be capable of forming an independent judgement on the suitability of the remuneration policy, including the 
implications for risk and risk management. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG P* (functional independence of remuneration committee) Supervisory Act. 
CY P (general provisions on qualifications of board members but no specific 
provisions with regard to remuneration) Supervisory Act. 
CZ N  
DE P (general provisions on qualifications and independence of the supervisory 
board in listed companies and independence of control functions in but no specific provisions with regard to remuneration) Supervisory Act. 
DK N*  
EE N  
EL N  
ES P (provisions on independence and expertise of members of remuneration 
committee  in listed companies)  C 
FI N*  
FR Y Reg. + C 
HU N  
IE N*  
IT P (general provisions on expertise and independence of remuneration committee 
members) L + Supervisory 
Act 
LV Y Supervisory Act. 
LT P (not for banks and insurance companies) Supervisory Act. 
LU Y Supervisory Act. 
MT N  
NL Y Supervisory Act. 
EN 51   EN +C 
PL N  
PT N*  
RO N  
SE Y Supervisory Act. 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 52   EN Table 25  
Governance 
Recommendation 6.5.  
Without prejudice to the overall responsibility of the (supervisory) board as set out in point 6.2, the 
implementation of the remuneration policy should, at least on an annual basis, be subject to central and 
independent internal review by control functions for compliance with policies and procedures defined by the (supervisory) board. The control functions should report on the outcome of this review to the (supervisory) 
board. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ P (no specific provision for remuneration policy, only general rules on 
governance arrangement apply) Reg. 
DE Y Supervisory Act. 
DK N*  
EE N  
EL N  
ES N  
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT Y Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
PL N  
PT N*  
EN 53   EN RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI P (no specific provision for remuneration policy, only general rules on review 
by the internal auditor of the operations apply) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption  
EN 54   EN Table 26  
Governance 
Recommendation 6.6.  
Staff members engaged in control pro cesses should be independent from th e business units they oversee, have 
appropriate authority, and be compensated in accordance with the achievement of the objectives linked to their 
functions, independent of the performance of the business areas they control. In particular, with regard to insurance or reinsurance undertakings, the actuarial function and the responsible actuary should be 
remunerated in a manner commensurate with her or his role in the insurance or reinsurance undertaking and 
not in relation to the performance of the undertaking concerned. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y for credit institutions, P for the insurance sector (no explicit provisions in 
national measures that remuneration of control staff should be independent from the remuneration criteria of operational units) Supervisory Act. 
DK N*  
EE N  
EL N  
ES Y Supervisory Act. 
FI N*  
FR Y  Reg. + C 
HU P (no specific provisions on compensation for control functions) Supervisory Act. 
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (not specific enough for insura nce companies) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act. 
PL N  
EN 55   EN PT N*   
RO Y Supervisory Act. 
SE Y Supervisory Act. 
SI P (no specific provisions on compensation for control functions) L 
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 56   EN Table 27  
Disclosure 
Recommendation 7.  
Without prejudice to confidentiality and data protection provisions, relevant information on the remuneration 
policy referred to in section II and any updates in case of po licy changes should be disclosed by the financial 
undertaking in a clear and easily understandable way to relevant stakeholders. Such disclosure may take the form of an independent remuneration policy statement, a periodic disclosure in annual financial statements or 
any other form. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act 
+Reg. 
CY Y Supervisory Act. 
CZ N  
DE Y Supervisory Act. 
DK N*  
EE N*  
EL N  
ES N*  
FI N*  
FR Y Reg. + C 
HU Y Supervisory Act. 
IE N*  
IT Y Supervisory Act 
+ L 
LV Y Supervisory Act. 
LT P (no specific provisions for insurance companies for the time being) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act 
+ L 
PL N  
EN 57   EN PT P* (only members of management and supervisory board) L. 
RO Y  Supervisory Act. 
SE Y Supervisory Act. 
SI P (only members of management and supervisory board) L 
SK N  
UK Y* L 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 58   EN Table 28  
Disclosure 
Recommendation 8.  
8. The following information should be disclosed:  
(a) information concerning the decision-making process used for dete rmining the remuneration policy, including 
if applicable, information about the composition and the mandate of a remuneration committee, the name of the external consultant whose services have been used for the determination of the remuneration policy and the role 
of the relevant stakeholders; (b) information on linkage between pay and performance; (c) information on the 
criteria used for performance measurement and the risk adjustment; (d) information on the performance criteria on which the entitlement to shares, options or variable components of remuneration is based; (e) the main 
parameters and rationale for any annual bonus scheme and any other non-cash benefits.  
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG P* (not all information is required) Supervisory Act. 
CY P (only a general provision on disclosure of remuneration policies, no detailed 
content) Supervisory Act. 
CZ N  
DE Y (for the insurance sector, the annual remuneration report shall contain details 
of  the remuneration policy and the remuneration structures, including the proportion accounted for by variable remuneration, however, no further detailed 
disclosure content foreseen) Supervisory Act. 
DK N*  
EE N*  
EL N  
ES N*  
FI N*  
FR Y Reg. + C 
HU N  
IE N*  
IT Y Supervisory Act. 
LV Y Supervisory Act. 
LT P (partially for banks and no provisions for insurance companies for the time 
being ) Supervisory Act. 
LU Y Supervisory Act. 
EN 59   EN MT P (only for listed companies and with regard to directors) C 
NL P (not all information is required) Supervisory Act. 
PL N  
PT P* (not all information is required) Reg. 
RO P (not all information is  required) Supervisory Act. 
SE Y Supervisory Act. 
SI P (not all information is required) L 
SK N  
UK Y* L 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 60   EN Table 29  
Supervision 
Recommendation 11.  
Member States should ensure that financial undertakings are in a position to communicate the remuneration 
policy covered by this Recommendation to their competent authorities, including an indication of compliance 
with the principles set out in this Recommendation, in the form of a remuneration policy statement subject to appropriate updates. 
Member State  Endorsement of recommendation Nature of the 
rule 
AT N. Rules referred by AT relate to application of CG code to listed companies 
and not prudential supervision.  
BE Y Supervisory Act. 
BG Y* Supervisory Act. 
CY Y Supervisory Act. 
CZ N  
DE Y L + Supervisory 
Act. 
DK N*  
EE Y L 
EL N  
ES N  
FI N  
FR Y Reg. 
HU Y Supervisory Act. 
IE N*  
IT Y L + Supervisory 
Act 
LV Y L 
LT P (no specific rules for insurance companies for the time being) Supervisory Act. 
LU Y Supervisory Act. 
MT Y Supervisory Act. 
NL Y Supervisory Act 
+ L 
PL N  
EN 61   EN PT N*  
RO Y Supervisory Act. 
SE Y L 
SI N  
SK N  
UK Y Supervisory Act. 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that legisla tive proposals/drafts are under preparation or in the course of adoption 
EN 62   EN Table 30  
Supervision 
Recommendation 12.  
Member States should ensure that competent authorities may request and have access to all information they 
need to evaluate the extent to which the principles contained in sections II and III are followed. 
Member 
State  Endorsement of recommendation Nature of the 
rule 
AT Y (general rules on supervisory powers) L 
BE Y L 
BG Y L 
CY Y Supervisory Act. 
CZ N  
DE Y L 
DK N*  
EE Y L 
EL Y L 
ES Y L 
FI Y L 
FR Y L 
HU N  
IE N*  
IT Y L 
LV Y L 
LT Y L + Supervisory 
Act 
LU Y L 
MT Y Supervisory Act. 
NL Y L 
PL N  
PT Y L 
RO Y L 
SE Y L 
EN 63   EN SI Y L 
SK N  
UK Y L 
 
Evaluation criteria: Y: Yes national measure taken. N: No national measure taken. P: Partial or incomplete 
national measure taken.  
C: "comply or explain" code at national level or sectoral industry/business code. L: mandatory legislative provision 
Reg: Regulation i.e. secondary legislation 
Rec: Recommendation Supervisory Act: an act emanating from the supervisory authority, whether of a binding nature or not 
NA: no information available 
* Member State indicated that propo sals/drafts are under preparation