2020 Universal registration document and annual financial report - BNP PARIBAS 89
2CorPorate GovernanCe and internal Control
2
Report on Corporate governance
➤ STRUCTURE OF THE PAYMENT OF THE REMUNERATION OF CORPORATE OFFICERS IN RESPECT OF 2020 AFTER TAKING INTO ACCOUNT THE EBA GUIDELINES
Cash
2020
May 2021 (1)
March 2022
Cash indexed to the BNP Paribas share price
Cash indexed on the performance of the BNP Paribas share compared to the performance of the EURO STOXX Banks index
March 2022 (2)
March 2023
March 2024
March 2024
March 2025
March 2023
Multi-annual variable
remuneration(3)
Fixed remuneration
A nn
ua l v
ar ia
bl e
re m
un er
at io
n
Non-deferred portion (40%)
Amounts paid subject to condition that the consolidated pre-tax ROE for the year preceding the payment is greater than 5%
Amounts subject to clawback
February 2026
1/10 March 20251/10
1/10
1/2
1/2
March 2026
1/10 March 2026
1/10 March 2027
1/10
1/10
1/10
1/10
1/10
1/2
1/2
(1) Awarded in March 2021 and payment deferred until May 2021 subject to the approval of the Shareholders Annual General Meeting under the terms pursuant to article L.22-10-34 II of the French Commercial Code. (2) Payment at the end of a one-year holding period starting on the date of the annual variable remuneration award. (3) The LTIP is a ve-year plan, payment will be made at the end of the ve-year period.
Deferred portion (60%)
February 2026
Relative proportion of fixed and variable remuneration of corporate officers The cap on total variable remuneration provided for by article L.511-78 of the French Monetary and Financial Code was not exceeded. Pursuant to article L.511-79 of the French Monetary and Financial Code, a discount rate may in addition be applied to no more than 25% of total variable remuneration inasmuch as the payment is made in the form of instruments deferred for at least 5 years.
After applying the discount rate to the variable remuneration amounts awarded in the form of instruments deferred for five years (39.46% discount in accordance with European Banking Authority guidelines on the application of the notional discount rate for variable remuneration, published on 27 March 2014), the ratio between total variable remuneration and fixed remuneration is 1.75 for the Chief Executive Officer and the Chief Operating Officer for 2020.
Use of malus and claw-back clauses The Board of directors has not been called upon to apply the malus and claw-back clauses, provided for in the remuneration policy defined above.
Remuneration paid or granted by a company included in the consolidation scope No remuneration has been paid or granted to directors and corporate officers by a company included in the scope of consolidation of BNP Paribas within the meaning of article L.233-16 of the French Commercial Code.
Remuneration multiples and changes In accordance with the provisions of Article L.22-10-9 of the French Commercial Code and the Afep guidelines on remuneration multiples updated in February 2021, the level of remuneration of the Chairman of the Board of directors, the Chief Executive Officer and the Chief Operating Officer, with respect to the average remuneration and the median remuneration based on full-time equivalent employees of BNP Paribas (SA), as well as changes in this remuneration, these ratios and the Company s performance criteria, are shown below.
This information is provided over a five-year period.
The employees considered are those of BNP Paribas (SA) in France and its branches, continuously present over a financial year. Remuneration due or
