852019 Universal registration document and annual financial report - BNP PARIBAS
2CorPorate GovernanCe and internal Control
2
Corporate governance report
In euros
Financial performance criteria
CSR performance
criteria Qualitative
criteria
Variable with respect to
2019
Reminder of target variable
remuneration
BNPA(2)
Gross Operating Income(3)
Group Group
Jean-Laurent Bonnafé Weighting(1) 37.50% 37.50% 10.00% 15.00%
Measurement(1) 40.64% 37.53% 10.00% 15.00% 1,611,515 1,562,000
Philippe Bordenave Weighting(1) 37.50% 37.50% 10.00% 15.00%
Measurement(1) 40.64% 37.53% 10.00% 15.00% 1,031,700 1,000,000
(1) As a percentage of target variable remuneration. (2) Ratio of earnings per share (EPS) for the year to earnings per share for the previous year. (3) Percentage achievement of target gross operating income (GOI).
Terms and conditions of payment a) The payment terms for variable remuneration of BNP Paribas Group
executive corporate officers in respect of 2019, in accordance with the provisions of the French Monetary and Financial Code and the EBA s 21 December 2015 Guidelines on remuneration policy are:
■ 60% of variable remuneration is deferred over five years, at the rate of one-fifth per year;
■ half of the non-deferred portion of the variable remuneration is paid in May 2020, subject to the approval of the Shareholders Annual General Meeting under the terms provided for by article L.225-100 of the French Commercial Code; and half in March 2021, indexed to the performance of the BNP Paribas share;
■ the deferred portion of the variable remuneration will be paid in fifths starting in 2021. Each payment will be made half in March every year, and half in March of the following year, indexed to the performance of the BNP Paribas share since the award. The last payment in respect of 2019 will be made in March 2026.
b) In addition, the annual payment of the deferred variable remuneration is subject to the condition that the ROE before tax of the Group for the year preceding the payment is greater than 5%.
The Board found that this performance condition was met in 2019; accordingly, deferred remuneration payable in 2020 in respect of previous plans will be paid out.
Details relating to the conditional long-term incentive plan (LTIP) covering a five-year period LTIP amounts awarded in 2020 In accordance with the remuneration policy and on the proposal of the Remuneration Committee, the Board of directors set the LTIP amounts to be awarded in 2020.
The amount awarded under the LTIP is equal to the target annual variable remuneration for 2019.
LTIP awarded on 4 February 2020 (amounts in euros) Total awarded(*) Fair value of the amount
awarded(**)
Jean-Laurent Bonnafé 1,562,000 617,927
Philippe Bordenave 1,000,000 395,600
(*) See explanation above. (**) Fair value in accordance with the IFRS standards of 39.56% of the amount awarded. The calculation is carried out by an independent expert.
The result in respect of each criterion is set out in the following table:
