December 16, 2009
Commerzbank concludes reform of remuneration models
The Supervisory Board of Commerzbank has decided on a new remuneration system for the Board of Managing Directors. In the new model the weighting of the sustainable result has increased. In contrast, the portion of the short-term oriented variable remuneration has been reduced significantly. The long-term variable component depends on the share price and the financial performance of the bank, as certified by the auditor of the annual accounts. Compensation for members of the Board of Managing Directors is subject to an upper limit and a bonus-malus-system.
"We are thus concluding the reform of the remuneration models for key positions. We meet all of the G20 guidelines for manager remuneration", says Klaus-Peter Müller, Chairman of the Supervisory Board of Commerzbank. "For 2010 applies: If the silent participation provided by SoFFin will not be served, payments for each member of the Board of Managing Directors will be limited to a total of EUR 500,000.” For the 2008 and 2009 business years the remuneration for the members of the Board of Managing Directors was limited to EUR 500,000 in accordance with the SoFFin agreement.
As previously announced, the new remuneration system will take effect for the bank’s first and second management levels, other non pay-scale employees and the capital market segments Corporates & Markets and Treasury beginning January 2010. The regulations in these cases also meet the G20 requirements. The review of remuneration models was part of the agreements made with SoFFin and the EU.
Press contact:
Reiner Roßmann +49 (0) 69 136 4 66 46
