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28. Co-worker and Other Administrative Expenses

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Co-worker costs:

 

 

• salary expenses

63,832

58,580

• pension expenses

8,242

7,327

• social security expenses

11,602

11,391

• temporary co-workers

10,266

9,602

• other staff costs

7,580

8,138

• capitalised co-worker costs

–3,788

–2,672

 

 

 

 

 

 

 

97,734

92,366

 

 

 

Other administrative expenses:

 

 

• office costs

5,238

5,096

• IT costs

11,105

7,916

• external administration costs

8,713

6,607

• travel and lodging expenses

3,799

3,676

• fees for advice and auditor

6,937

6,177

• advertising charges

6,935

8,187

• accommodation expenses

8,336

6,192

• other expenses

11,835

6,170

 

 

 

 

 

 

 

62,898

50,021

 

 

 

 

 

 

 

160,632

142,387

 

 

 

Average number FTE's during the year

1,094.9

979.1

 

 

Pension expenses

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Pension expenses, defined contribution schemes

3,124

3,088

Pension expenses, defined benefit pension schemes

5,118

4,239

 

 

 

 

 

 

 

8,242

7,327

 

 

The pension expenses for the defined contribution schemes and the defined benefit pension schemes are based on the contributions owed for the financial year.

Pension scheme per country

Triodos Bank's pension scheme in The Netherlands is a combination of a defined benefit pension scheme and a defined contribution scheme. For the part of the gross annual salary up to EUR 51,978 a defined benefit pension scheme applies; the obligation vis-à-vis the participating co-workers consists of the granting of the accrued pension. For the part of the gross annual salary above EUR 51,978, a defined contribution scheme applies; the commitment to the participating co-workers consists of paying the outstanding contribution.

In The Netherlands, co-workers of related parties also participate in the pension scheme. The total pension commitment and the resulting expenses are reported within the Notes to the consolidated Annual Accounts of Triodos Bank NV. Part of the expenses are charged to the respective related parties, based on their share of the total salaries of the participating co-workers.

The Triodos Bank pension schemes in Belgium, the United Kingdom, Spain and Germany are defined contribution schemes that have been placed with life insurance companies in those countries. The commitment to the participating co-workers consists of paying any outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium, Spain and  the United Kingdom. In Belgium, co-workers' contribution is 2% of salary and the employer's contribution is 6%. In Spain, the pension contribution is 1.5% of salary, paid in full by the employer. In the United Kingdom, the co-workers’ contributions are optional with those who opt to do so contributing between 1% and 15% of their salary, and the employer's contribution amounts to 5% or 10% of salary depending on length of service.

In Germany, participation in the pension scheme is voluntary. The co-workers' contribution is 3.33% of the salary and the employer's contribution is 6.67%. 98% of the co-workers in Germany participate in the pension scheme.

International Remuneration and Nomination policy

The International Remuneration & Nomination Policy is based on the principle of human dignity and aims to enhance social coherence within the organisation. The policy incorporates the Regulation of the Dutch Central Bank on Sound Remuneration Policies and the EBA Guidelines on Sound Remuneration Policies. In our view remuneration enables co-workers to earn a decent living and to contribute to the organisation and society at large. Triodos Bank believes in the intrinsic motivation of its co-workers to contribute to our mission and to work according to our corporate values. The richness of the contribution of each co-worker cannot be translated into a linear, financial incentive. Triodos Bank operates in the financial sector. Therefore its remuneration practice needs to be within the scope of what is expected in the financial sector. It allows for a healthy in- and outflow of co-workers. At the same time Triodos Bank maintains a relatively low ratio between the lower and higher level of salaries paid. Variable components are modest and discretionary. This all contributes to a strong sense of being jointly responsible for realizing the mission of Triodos Bank.

This International Remuneration and Nomination Policy has been revised in 2016 and was approved by the Supervisory Board on November 11th, 2016.

The remuneration paid to the members of the Executive Board is set by the Supervisory Board upon advice of the Nomination and Compensation Committee. The basic principles of the Triodos Bank remuneration system are taken into account.

The remuneration paid to Supervisory Board members and members of the Foundation for the Administration of Triodos Bank Shares (SAAT) Board is set at the Annual General Meeting and the annual Meeting of Depository Receipt Holders respectively, whereby modest remuneration is offered so that sufficient qualified members can be attracted and retained.

Key elements of Triodos Bank's international remuneration policy are:

  • Triodos Bank continues not to offer bonus or share option schemes to either members of the Executive Board, the Supervisory Board, the Board of SAAT or co-workers. Financial incentives are not considered an appropriate way to motivate and reward co-workers in a values-based bank. In addition, sustainability is by its very nature the result of a combined effort by team members aimed at both the short and long term.
  • Triodos Bank may provide additional individual "tokens of appreciation" to co-workers to a maximum of one months’ salary with a maximum of EUR 10,000 gross a year. These contributions are for extraordinary achievements and are at the discretion of management after consultation with Human Resources. Such a token is not based on pre-set targets, and always offered in retrospect. The Tokens of Appreciation are subject to claw back arrangements. The members of the Executive Board are excluded from these awards.
  • An annual, collective token of appreciation can be paid for the overall achievements and contribution of all co-workers. This very modest amount is the same, for all co-workers with a maximum of EUR 500 for each co-worker. This can be paid in cash or in Triodos Bank NV depository receipts. For 2016 no collective end-of-year token of appreciation was awarded. This amount is equal for all co-workers whether they work full-time or part time and pro-rata if not in service throughout the whole year. The members of the Executive Board refrain from this award.
  • The factor by which the maximum salary in the lowest scale and the maximum salary for senior management differs, will be monitored carefully in each country (the ratio in The Netherlands was 9.9 in 2016 (it was 9.8 in 2015)), to ensure the discrepancy between the highest and lowest remunerated co-workers is not excessive.
  • Severance payments should be modest and should never reward failure or misconduct. Severance payments to members of the Executive Board do not exceed one year’s salary.

More details on the Triodos Bank remuneration policy ar available on the www.triodos.com website.

The table below provides the loans that have been granted to the members of the Executive Board.

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2016

2016

2016

2015

2015

2015

in thousands of EUR

Amount outstanding

Average interest rate

Repay­ments

Amount outstanding

Average interest rate

Repay­ments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pierre Aeby

125

2.2%

125

3.5%

Jellie Banga

579

2.0%

579

2.0%

 

 

 

 

 

 

No other loans, advances or guarantees have been granted to members of the Executive Board, Supervisory Board members or members of Board of SAAT. For reasons of principle, no share option scheme is offered to members of the Executive Board, Supervisory Board members or members of Board of SAAT.

Remuneration paid to the Executive Board

The remuneration paid to the members of the Executive Board is as follows:

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in thousands of EUR

2016

2015

 

 

 

1

In 2016 no collective end-of-year Token of Appreciation (2015: EUR 500) per person was granted to theTriodos Bank co-workers. We incorrectly stated in the annual report 2015 that an end-of-year Token of Appreciation was also granted to the Executive Board.

 

 

 

Fixed salary expenses

778

754

Variable salary expense1

Pension expenses

74

68

Pension allowance for salary above EUR 100.000

115

96

Private use company car

43

43

Social expenses

34

35

 

 

 

 

 

 

 

1,044

996

 

 

The salary expenses of the Executive Board may be broken down as follows:

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Peter Blom, Chair

300

291

Pierre Aeby

253

245

Jellie Banga

225

218

 

 

 

 

 

 

 

778

754

 

 

Remuneration paid to the Supervisory Board

The remuneration paid to the Supervisory Board is as follows:

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2016

2016

2016

2016

2015

Amounts in EUR

Remuneration

Renumeration Committees

Compen­sation for travel time

Total

Total

 

 

 

 

 

 

 

 

 

 

 

 

Ernst-Jan Boers

17,500

4,000

2,000

23,500

23,000

David Carrington

17,500

4,000

11,000

32,500

33,083

Marcos Eguiguren Huerta (until 22 May 2015)

12,959

Aart Jan de Geus (Chair)

25,000

3,000

2,000

30,000

32,000

Mathieu van den Hoogenband

17,500

4,250

7,000

28,750

25,750

Udo Philipp (as from 22 May 2015)

17,500

3,000

9,000

29,500

14,958

Margot Scheltema (until 22 May 2015)

9,375

Carla van der Weerdt

17,500

5,000

3,000

25,500

22,083

 

 

 

 

 

 

 

 

 

 

 

 

 

112,500

23,250

34,000

169,750

173,208

 

 

 

 

 

The following fees apply (per annum):

  • EUR 17,500 Member of the Supervisory Board
  • EUR 25,000 Chair of the Supervisory Board
  • EUR 4,000 Member of the Audit & Risk Committee;
  • EUR 5,000 Chair of the Audit & Risk Committee;
  • EUR 3,000 Members of the Nomination and Compensation Committee;
  • EUR 4,250 Chair of the Nomination and Compensation Committee.

Supervisory Board members who travel to a meeting outside their home country receive EUR 1,000 per return travel (to a maximum of EUR 12,000 per annum) as compensation for travelling time.

Remuneration of the Board of SAAT

The remuneration for the members of the Board of the Foundation for the Administration of Triodos Bank Shares, is as follows (amounts in EUR):

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2016

2016

2016

2015

Amounts in EUR

Remuneration

Compen­sation for travel time

Total

Total

 

 

 

 

 

 

 

 

 

 

Marjatta van Boeschoten

7,000

6,000

13,000

12,000

Sandra Castaneda Elena

7,000

5,000

12,000

12,000

Frans de Clerck

7,000

8,000

15,000

16,000

Willem Lageweg (as per 20 May 2016)

4,083

4,083

Mike Nawas

7,000

9,000

16,000

17,000

Josephine de Zwaan (Chair)

10,000

8,000

18,000

14,000

 

 

 

 

 

 

 

 

 

 

 

42,083

36,000

78,083

71,000

 

 

 

 

The following fees apply (per annum):

  • EUR 7,000 Member of the Board of SAAT;
  • EUR 10,000 Chair of the Board of SAAT.

SAAT Board members who travel to a meeting outside their home country receive EUR 1,000 per return travel (to a maximum of EUR 12,000 per annum) as compensation for travelling time.

Auditor’s fees

The table below specifies the fees of the PricewaterhouseCoopers Accountants NV (‘PwC Accountants NV’) audit firm that relates to services concerning the financial year (2015: KPMG).

The column Other PwC network specifies the fees that were invoiced by PwC units with the exception of PwC Accountants NV.

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2016
in thousands of EUR

PwC
Accountants NV

Other
PwC network

Total
PwC network

 

 

 

 

 

 

 

 

Audit of the financial statements

464

287

751

Other audit-related engagements

204

204

Tax-related advisory services

Other non-audit services

 

 

 

 

 

 

 

 

Total

668

287

955

 

 

 

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2015
in thousands of EUR

KPMG
Accountants NV

Other
KPMG network

Total
KPMG network

 

 

 

 

1

This relates to contractual agreements agreed and signed in 2012.

 

 

 

 

Audit of the financial statements

649

305

954

Other audit-related engagements

95

95

Tax-related advisory services

71

7

Other non-audit services

 

 

 

 

 

 

 

 

Total

744

312

1,056

 

 

 

Other expenses

The other expenses for 2015 include a positive adjustment of EUR 0.8 million regarding the estimated loss from the deposit guarantee scheme. In 2016 the Depository Guarantee Scheme costs, included in this category, amounted to EUR 5.9 million.