Consultation to the European Banking Authority (EBA) (2015)
Response – EBA Consultation Paper on Sound Remuneration Policies (CRDIV) – forthcoming link to EBA
Category: Documents
Banks’ Remuneration Rules (CRD III) Are They Implemented and Do They Work in Practice
January 30, 2012, Brussels
In 2010 the European Parliament adopted ‘CRD III’ (i.e. Directive 2010/76/EU amending the Capital Requirements Directives) which included some of the strictest rules in the world regarding bankers’ bonuses. These rules took effect in January 2011. After one year of application, the ECON Committee felt that the time has come to check if these tough new rules on bonuses are properly implemented and have indeed effectively transformed the bonus culture and ended incentives for excessive risk-taking.
This workshop on the Implementation of Banks’ Remuneration Rules (CRD III) seeks to gather information on the state of play of implementation, in particular diverging application and the effects thereof, and will try to gain views as to the efficiency of the new framework for bankers’ bonuses. The views of the European Commission, as well as the current work of the Financial Stability Board (FSB), the European Banking Authority (EBA) and scientific experts in the area are properly taken into account for this evaluation.
Maria Cristina Ungureanu discussed ‘Bankers’ pay in EU banks after CRD III: Application of the rules in the EU and analysis of the effects’. In particular, she addressed the implementation of the CRD III remuneration rules in the European Union with examples from several Member States, showing the development of bonuses before and after implementation, highlighting positive developments and difficulties (of European/cross-border relevance), mentioning the influences of relevant developments in general company law and current work in the area of corporate governance.
Categories
Consultations
Consultation to CONSOB (2011)
Response – Amendments to the Issuers Regulations on the Subject of Transparency of Remuneration – download document from CONSOB consultation page
Consultation to the European Commission (2011)
Response paper – Green Paper on the EU Corporate Governance Framework – download from EC Consultation page
Consultation to the Committee of European Banking Supervisors (CEBS) (2010)
Response – CEBS Consultation Paper on Guidelines on Remuneration Policies and Practices – download document
Consultation to the European Parliament (2010)
Response – European Commission: Green Paper Corporate Governance in Financial Institutions and Remuneration Policies – download document
Consultation to the Italian Ministry of Economy and Finance (2010)
Response – Ministero dell’Economia e Finanza, Dipartimento del Tesoro: Consultazione sullo schema di decreto legislativo di attuazione delle sezioni II e III della Raccomandazione della Commissione 2004/913/CE del 14 dicembre 2004 e della sezione II, paragrafi 5 e 6 della Raccomandazione della Commissione 2009/385/CE del 30 aprile 2009 – download document