ARTICLE
28 February 2017

Latest EU Report On High Earners Published

SS
Shearman & Sterling LLP

Contributor

Our success is built on our clients’ success. We have a long and distinguished history of supporting our clients wherever they do business, from major financial centers to emerging and growth markets. We represent many of the world’s leading corporations and major financial institutions, as well as emerging growth companies, governments and state-owned enterprises, often working on ground-breaking, precedent-setting matters. With a deep understanding of our clients' businesses and the industries they operate in, our work is driven by their need for outstanding legal and commercial advice.
On February 2, 2017, the EBA published a Report on high earners using data accumulated as at the end of 2015. The CRD, as amended, imposes compensation requirements on banks for staff...
European Union Finance and Banking

On February 2, 2017, the EBA published a Report on high earners using data accumulated as at the end of 2015. The CRD, as amended, imposes compensation requirements on banks for staff who are considered to have a material impact on the bank's risk profile, and there is a cap on the ratio of fixed to variable compensation for identified staff—known as the bonus cap. The EBA is required to publish aggregated data on high earners who earn EUR 1 million or more per financial year. The EBA's report analyzes information for the year 2015 and compares it to 2014 data. The analysis shows, among other things, that the number of high earners awarded EUR 1 million or more in annual remuneration has increased by 33%, largely as a result of changes in the exchange rate between the euro and pound sterling. The number of identified staff was largely unchanged between 2014 and 2015.

In previous years the EBA has published this data at the same time as the benchmarking of remuneration trends. Going forward, the benchmarking information will be published only biannually. The data on high earners will continue to be published annually.

The Report is available at: http://www.eba.europa.eu/documents/10180/1720738/EBA+Final+Report+on+High+Earners+2015.pdf

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More