Additional information Triodos SICAV I

FATCA

The Foreign Accounting Tax Compliance Act (FATCA) is a law enacted by the United States of America (US). This law is aimed at ensuring that income earned and assets held by US persons in offshore accounts or indirectly through ownership of foreign entities is reported to the US tax authorities (IRS). FATCA achieves this via the requirement that US and foreign persons – including entities and therefore financial institutions such as investment funds – identify and document payees and ultimately disclose information to the IRS. To mitigate foreign legal impediments due to FATCA compliance, intergovernmental agreements (IGA) with the US are being negotiated. Luxembourg has agreed an IGA with the US. Consequently and due to the specific nature of the IGA, which can be qualified as a model I, FATCA has become Luxembourg domestic legislation.

As a Foreign Financial Institution (FFI), Triodos SICAV I qualifies as a participating FFI (PFFI). Triodos SICAV I is registered with the IRS as a PFFI, as a result of which a Global Intermediary Identification Number (GIIN) has been issued. FATCA became effective on July 1, 2014 and on-boarding procedures are in place to identify (new) investors and debt providers.

CRS

Similar to FATCA, the Organisation for Economic Cooperation and Development (OECD) has developed the Common Reporting Standard (CRS). CRS requires financial institutions, such as investment funds, in participating CRS jurisdictions to identify and report the tax residency and account details of investors and debt providers to the relevant authorities. The respective authorities automatically exchange the aforementioned information with the authorities of other participating CRS jurisdictions on an annual basis. On October 29, 2014, 51 jurisdictions, including Luxembourg, signed the first-ever multilateral competent authority agreement to automatically exchange information. As a Financial Institution (FI), Triodos SICAV I is qualified as a participating FI. CRS is in force as of January 1, 2016, and on-boarding procedures are in place to identify (new) investors and debt providers.

UCITS V

In relation to the entry into force of the UCITS V regulation, the fund has appointed RBC Investor Services Bank as its depositary.

Remuneration policy

Management companies of UCITS funds are required to at least disclose information about their remuneration practices for employees whose professional activities have a material impact on its risk profile (so-called “identified staff”).

All of the staff members of Triodos Investment Management are employed by Triodos Bank. Triodos Bank believes good and appropriate remuneration for all its employees is very important. The core elements of the international remuneration policy are set out in the annual report of Triodos Bank, which can be accessed via www.triodos.com.

The wage system of Triodos Bank does not include bonuses or option share schemes. Triodos Bank considers financial incentives as an inappropriate way to motivate and reward employees. The Management Board of the management company annually assesses the remuneration policy. Identified staff is all staff that may influence the risk profile of the fund. Besides the members of the Management Board, these are also the fund manager and the managers of support departments.

The table below contains the total remuneration, broken down into fixed and variable remuneration, and the remuneration of the senior management and the identified staff. The cost allocation model of the management company is used for the allocation of staff to Triodos SICAV I. In this model, allocations are based on activities of the co-workers (activity based costing, or the ABC-method). As this table aims to show the remuneration of employees, all other costs of the management company such as housing, workplace, travelling, outsourced activities, and external consultants are excluded. The amounts shown in the tables include income tax, social premiums, pension fees and tokens of appreciation.

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(amounts in EUR, numbers italic)

Co-workers directly involved in Triodos SICAV I

Identified staff in senior management positions

All other identified staff

2016

2015

2016

2015

2016

2015

 

 

 

 

 

 

 

Number of staff involved

25

16

4

4

5

4

Average FTEs

14.8

9.5

0.8

0.7

1.9

1.5

 

 

 

 

 

 

 

Remuneration

 

 

 

 

 

 

Fixed remuneration

1,385,080

895,716

171,156

144,675

242,952

171,213

Variable remuneration

10,968

30,121

629

23,926

1,063

1,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total remuneration

1,396,048

925,838

171,785

168,601

244,015

172,272

 

 

 

 

 

 

In 2015, the largest part of the variable remuneration was related to severance payments. Triodos Bank may provide additional individual tokens of appreciation to co-workers to a maximum of one month salary. These tokens of appreciation are for extraordinary achievements and are at the discretion of management in consultation with Human Resources. Such a token is not based on pre-set targets and always offered on retrospect.

An annual, collective token of appreciation may 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. In 2015 a collective end-of-year token of appreciation of EUR 300 was awarded. End of 2015, the collective end-of-year token of appreciation was determined at EUR 500 and has been made available in 2016. The largest part of the variable remuneration in 2016 was related to the collective token of appreciation.

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