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27. Co-worker and other administrative expenses

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Amounts in thousands of EUR

2012

2011

 

 

 

Co-worker costs:

 

 

• salary expenses

39,536

36,482

• pension expenses

4,520

3,653

• social security expenses

6,826

5,803

• temporary co-workers

4,988

3,342

• other staff costs

4,459

4,191

• capitalised co-worker costs

–1,075

–810

 

 

 

 

 

 

 

59,254

52,661

 

 

 

Other administrative expenses:

 

 

• office costs

4,316

3,893

• IT costs

4,282

3,689

• external administration costs

3,556

3,732

• travel and lodging expenses

2,696

2,480

• fees for advice and auditor

2,631

2,313

• advertising charges

7,142

7,039

• accommodation expenses

7,044

5,392

• other expenses

2,773

3,165

 

 

 

 

 

 

 

34,440

31,703

 

 

 

 

 

 

 

93,694

84,364

 

 

 

Average number of co-workers on a full-time basis

697.7

639.6

 

 

 

Pension expenses

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Amounts in thousands of EUR

2012

2011

 

 

 

Pension expenses, defined contribution schemes

2,266

1,708

Pension expenses, defined benefit pension schemes

2,254

1,945

 

 

 

 

 

 

 

4,520

3,653

 

 

 

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 49,297 a defined 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 49,297, a defined contribution schemes applies; the commitment to the participating co-workers consists of paying the outstanding contribution.

In The Netherlands, co-workers of related parties participate in the pension scheme, too. The total pension commitment and the resulting expenses are reported with Notes in the consolidated Annual Accounts of Triodos Bank N.V. Part of the expenses are charged on to 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 the outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium and Spain. In Belgium, the co-workers’ contribution is 2% of the salary and the employer’s contribution is 6%. In Spain, the pension contribution is 1.5% of the salary, paid in full by the employer.

In the United Kingdom and Germany, participation in the pension scheme is voluntary. In the United Kingdom, the co-workers’ contribution varies between 0% and 15% of the salary. The employer’s contribution amounts to 3% or 10% of the salary. 80% of the co-workers in the United Kingdom participate in the pension scheme. In Germany, the co-workers’ contribution is 3.33% of the salary and the employer’s contribution is 6.67%. 95% of the co-workers in Germany participate in the pension scheme.

Other expenses

The other expenses includes a positive adjustment regarding the estimated loss from the deposit guarantee scheme in the amount of EUR 0.6 million (2011: expense of EUR 0.5 million).

Remuneration policy

The remuneration system employed by Triodos Bank is based on the principle that the income is generated by the joint efforts of all co-workers.

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 of Trustees is set at the Annual General Meeting of Shareholders and the annual Meeting of Depository Receipt Holders respectively, whereby modest remuneration is offered 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 its Board members 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. 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.
  • 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 depository receipts of Triodos Bank N.V.
  • Fixed salaries should be aligned with the median of the financial market to attract and retain the right quality of co-workers.
  • 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 same ratio in The Netherlands was 9.4 in 2012), to ensure the discrepancy between the highest and lowest remunerated co-workers is not excessive.
  • Severance payments should be modest. If in a country legislation or generally accepted norms are available, these should be followed. Severance payments should, at all times, avoid rewarding underperformance.

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

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Amounts in thousands of EUR

2012

2012

2012

2011

2011

2011

Amount outstanding

Average interest rate

Repayments

Amount outstanding

Average interest rate

Repayments

 

 

 

 

 

 

 

Pierre Aeby

125

3.6%

125

3.6%

 

 

 

 

 

 

 

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

Remuneration paid to the Executive Board

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

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Amounts in thousands of EUR

2012

2011

 

 

 

Salary expenses

538

677

Pension expenses

161

143

Social expenses

55

27

 

 

 

 

 

 

 

754

847

 

 

 

In the social expenses a crisis tax of EUR 31,000 is included.

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

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Amounts in thousands of EUR

2012

2011

*

Statutory director

**

Michael Jongeneel was appointed as director of Triodos Investment Management from January 1, 2012.
He stepped down from the Executive Board on April 1, 2012 and was appointed as acting COO.

 

 

 

Pierre Aeby*

223

217

Peter Blom*

272

265

Michael Jongeneel**

43

195

 

 

 

 

 

 

 

538

677

 

 

 

Remuneration paid to the Supervisory Board

The remuneration paid to the Supervisory Board is as follows:

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Amounts in EUR

2012

2012

2012

2012

2011

 

Remuneration

Fees for Committees

Compensation for travel time

Total

Total

 

 

 

 

 

 

David Carrington

13,958

3,000

16,958

14,958

Marcos Eguiguren

13,958

4,000

3,500

21,458

18,958

Marius Frank

13,958

4,250

18,208

14,979

Mathieu van den Hoogenband

13,958

13,958

11,458

Jan Lamers

13,958

3,500

17,458

15,625

Margot Scheltema

13,958

5,000

18,958

16,458

Hans Voortman (Chair)

20,542

3,000

23,542

19,625

Carla van der Weerdt

13,958

4,000

17,958

14,791

 

 

 

 

 

 

 

 

 

 

 

 

 

118,248

20,250

10,000

148,498

126,852

 

 

 

 

 

 

The fees paid to Supervisory Board members were changed in the Annual General Meeting held on 25 May 2012.

The following fees apply:

  • EUR 15,000 per annum for an ordinary member;
  • EUR 22,000 per annum for the Chair;
  • EUR 4,000 per annum for a member of the Audit & Risk Committee;
  • EUR 5,000 per annum for the chair of the Audit & Risk Committee;
  • EUR 3,000 per annum for members of the Nomination and Compensation Committee;
  • EUR 4,250 per annum for the chair of the Nomination and Compensation Committee;
  • EUR 500 per return travel (to a maximum of EUR 10,000 per annum) as compensation for travelling time for those Supervisory Board members who travel to a meeting outside their home country.

Mr. Eguiguren, Ms. Van der Weerdt and Ms. Scheltema (Chair) are the members of the Audit & Risk Committee. Mr. Frank (Chair) and Mr. Voortman are the members of the Nomination and Compensation Committee.

Remuneration of the Board of Trustees of SAAT

The remuneration for the members of the Board of Trustees of the Foundation for the Administration of Triodos Bank Shares, is as follows:

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Amounts in EUR

2012

2012

2012

2011

 

Remuneration

Compensation for travel time

Total

Total

 

 

 

 

 

Marjatta van Boeschoten

5,167

3,000

8,167

6,788

Frans de Clerck

5,167

2,500

7,667

6,788

Luis Espiga

5,167

3,500

8,667

7,288

Jan Nijenhof

5,167

500

5,667

3,788

Max Rutgers van Rozenburg (Chair)

7,692

1,500

9,192

5,992

Josephine de Zwaan

5,167

1,000

6,167

3,788

 

 

 

 

 

 

 

 

 

 

 

33,527

12,000

45,527

34,432

 

 

 

 

 

The fees paid to members of the SAAT Board of Trustee were changed in the Annual General Meeting held on 25 May 2012.

The following fees apply:

  • EUR 5,570 per annum for an ordinary member;
  • EUR 8,400 per annum for the chairperson;
  • EUR 500 per return travel (with a maximum of 10 return travels per annum) as compensation for travelling time for those Board members who travel to a meeting outside their home country.