Amendments to the Capital Requirements Directive
The Commission has adopted a proposal to further amend the CRD. The proposed amendments will address inter alia remuneration policies of credit institutions.
The Commission reports one year after the adoption of Recommendation 2009/384/EC and of Recommendation 2009/385/EC on measures taken by Member States to promote the application of these Recommendations. The two reports are complemented by two staff working documents which provide detailed analysis of the measures taken by Member States:
Communication and Recommendations on Remuneration issues
The importance of the current financial crisis raised serious questions about the adequacy of the existing corporate governance practices (including on the setting of compensation policies) in financial institutions. Taking into account the lessons of the crisis, the Commission has adopted a Communication and two complementary recommendations on remuneration policies.
Communication accompanying Commission Recommendation complementing Recommendations
2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors
of listed companies and Commission Recommendation on remuneration policies in the
financial services sector.
Roundtable on Directors´ Remuneration
The European Commission services (DG Internal market & Services) organised a Roundtable discussion on Directors´ remuneration (including in the financial services sector) on 23 March 2009 in Brussels, in order to consult the relevant stakeholders on this file. The event featured four panels in which different aspects of the issue were discussed: the socio-economic aspects of directors´ remuneration, the realisation and structure of a directors´ remuneration package, the possible content of new EU provisions addressing directors´ remuneration and strengthening the application of the existing and future provisions on directors´ remuneration. Discussions will take place in English.
Documents and Presentations:
Recommendation on Directors’ Pay of December 2004
The Commission Action Plan on modernising company law and enhancing corporate governance in the European Union recognised the need for shareholders to be able to appreciate fully the relationship between the performance of the company and the level of remuneration of directors, both ex ante and ex post, and to make decisions on the remuneration items linked to the share price. The Commission recommended the adoption in the short term of a Commission recommendation which should promote the swift application of an appropriate regulatory regime for directors’ remuneration.
Application of the Recommendation by Member States