Remuneration Advisory Board
The Remuneration Advisory Board (“Remuneration Advisory Board”) is set up for Clearstream Holding AG by the Executive Board and, in order to involve the control units in the design and monitoring of compensation systems as per the requirements of §3 of the InstitutsVergV, it includes at least one member from each of Human Resources, Compliance, Risk Management, Legal, Finance and the Compensation Officer. The Audit function is included within the framework of its duties.
The Remuneration Advisory Board is involved in the design and development of Clearstream Group compensation systems covering the remuneration of the employees, the executive employees and the Executive Boards of the Clearstream regulated companies, before the systems are cascaded through the Group and in particular in Clearstream Banking AG and Clearstream Banking S.A.. The Remuneration Advisory Board supports the Company’s efforts to ensure compliance of its compensation system with regulatory requirements and applicable law.
Clearstream Banking AG, Germany and Clearstream Banking S.A., Luxembourg have each established a Remuneration Committee. Each Remuneration Committee is composed of at least three Supervisory Board members including, if applicable, one of whom is an employee representative of the Supervisory Board.
The main tasks and competencies of the Remuneration Committees are to provide independent support to the respective Supervisory Board upon matters related to the remuneration, for example assessment of remuneration policy and system of the respective employees. Furthermore, the committee provides advice in matters related to the remuneration of members of the Executive Management, Senior Management in (control) functions and Risk Takers under contract with the respective institution. To do so, it meets on demand and at a minimum once a year.
Members of the Remuneration Committee of Clearstream Banking AG, Germany
Members of the Remuneration Committee of Clearstream Banking S.A., Luxembourg
Further information on the mandates of the Remuneration Committee members in the respective entities can be found here.