In accordance with the requirements of Article 26 Regulation (EU) No 648/2012 of the European Parliament and the Council on OTC derivatives, central counterparties and trade repositories (EMIR) in conjunction with Article 8 Commission Delegated Relation (EU) No 153/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (RTS), CCP.A shall adopt, implement and maintain a Remuneration Policy.
The Remuneration Policy is primarily aimed at the staff engaged in risk management, compliance and internal audit functions, who shall be remunerated in a manner that is independent of the business performance of the CCP. In this context, it should be noted that CCP.A's internal audit is outsourced and therefore does not subject to this Remuneration Policy.
The Remuneration Policy of CCP.A is consistent with its business strategy, goals, values and long-term interests. The determination and application of the Remuneration Policy and its application is based on principles appropriate to the size, internal organisation and complexity of the business as well as the impact of the respective employee's activities on the risk profile.
These key elements of the Remuneration Policy shall be published in accordance with Article 10 para. 1 lit. a ii) RTS.
In accordance with the Business Rules of the Supervisory Board of CCP.A, a Remuneration Committee has been set up. It is responsible for all matters relating to the Remuneration Policy, in particular the creation, supervision and further development of the Remuneration Policy, its implementation by the General Management and the regular review of the practical application.
The Remuneration Committee ensures that the Remuneration Policy, its application and remuneration-related incentive structures within CCP.A are constantly monitored. The Remuneration Policy is documented and reviewed at least once a year by the Remuneration Committee, which monitors compliance with the Remuneration Policy.
Key elements of the Remuneration Policy
CCP.A is part of the Austrian capital market infrastructure. Its business model and risk management framework are sustainably oriented and should contribute to securing the stability of the Austrian financial market.
The Remuneration Policy of CCP.A takes due account of this special position and is aimed at implementing a simple, clearly structured remuneration system that ensures fair and performance-based remuneration and is transparent to employees.
For the purposes of remuneration, CCP.A divides all employees and members of the General Management into the following categories:
- General Management
Have a paid management contract and may additionally be paid a remuneration (premium) which is commensurate with the achievement of the objectives (qualitative and quantitative) agreed with the Remuneration Committee, provided that a corresponding resolution of the Remuneration Committee is reached.
- Authorised Signatories
Have an authorized signatory agreement and may receive a one-time remuneration (premium) independent of the business success of CCP.A, following a corresponding resolution of the Remuneration Committee.
- Chief Officers and other employees
CCP.A complies with the collective agreement for employees of banks as of 21 October 1949 as amended from time to time with regard to the remuneration of its Chief Officers and other employees. In any case, the remuneration does not depend on the business success of CCP.A and depends on the function as well as the professional qualification, whereby a collective agreement overpayment is possible. However, it may grant a one-time remuneration (premium) independent of the business performance of CCP.A, following a corresponding resolution of the Remuneration Committee.