financial establishments. (Ref. 100446)
While the Commission is preparing to launch a consultation on corporate governance in financial establishments, it published two reports this week reminding that the recommendations adopted last year on remuneration systems in the sector have yet to be properly applied by the Member States. Since the financial crisis brought a culture of short-term risk in financial establishments, the objective of these two texts was to complete the 2004 system by including remuneration into a more secure framework vis-à-vis the financial viability of these establishments.
Directors. The Commission’s first report comes back on the recommendations adopted in 2009 on the remuneration of directors.
Bonus. The European Commission notes that the Member States have, all in all, applied most recommendations supervising variable pay, even if there are different rhythms and modalities.