86 2019 Universal registration document and annual financial report - BNP PARIBAS
2 CorPorate GovernanCe and internal Control
2
Corporate governance report
➤ PAYMENT STRUCTURE OF THE REMUNERATION OF EXECUTIVE CORPORATE OFFICERS WITH RESPECT TO 2019 AFTER CONSIDERATION OF THE EBA GUIDELINES
2019
May 2020(1)
March 2021
Cash indexed to the BNP Paribas share price
Cash
March 2021(2)
March 2022
March 2023
March 2023
March 2024
March 2022
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 2025
1/10 March 20241/10
1/10
1/2
1/2
March 2025
1/10 March 2025
1/10 March 2026
1/10
1/10
1/10
1/10
1/10
1/2
1/2
(1) Awarded in March 2020 and payment deferred until May 2020 subject to the approval of the Shareholders' Annual General Meeting under the terms provided for by article L.225-100 III 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 2025
Cash indexed on the performance of the BNP Paribas share compared to the performance of the EURO STOXX Banks index
Relative proportion of fixed and variable remuneration of executive 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 (42.85% 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 1.81 for the Chief Executive Officer and the Chief Operating Officer for 2019.
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 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.225-37-3 of the French Commercial Code and AFEP guidelines on remuneration multiples dated 28 January 2020, 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
