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28. Co-worker and Other Administrative Expenses

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in thousands of EUR

2015

2014

 

 

 

 

 

 

Co-worker costs:

 

 

• salary expenses

58,580

51,394

• pension expenses

7,327

5,839

• social security expenses

11,391

9,377

• temporary co-workers

9,602

6,802

• other staff costs

8,138

6,230

• capitalised co-worker costs

–2,672

–1,970

 

 

 

 

 

 

 

92,366

77,672

 

 

 

Other administrative expenses:

 

 

• office costs

5,096

4,653

• IT costs

7,916

7,139

• external administration costs

6,607

5,550

• travel and lodging expenses

3,676

3,567

• fees for advice and auditor

6,177

5,771

• advertising charges

8,187

6,767

• accommodation expenses

6,192

7,850

• other expenses

6,170

12,222

 

 

 

 

 

 

 

50,021

53,519

 

 

 

 

 

 

 

142,387

131,191

 

 

 

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

979.1

887.8

 

 

 

Pension expenses

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in thousands of EUR

2015

2014

 

 

 

 

 

 

Pension expenses, defined contribution schemes

3,088

2,725

Pension expenses, defined benefit pension schemes

4,239

3,114

 

 

 

 

 

 

 

7,327

5,839

 

 

 

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 51,417 a defined benefit 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 51,417, a defined contribution scheme applies; the commitment to the participating co-workers consists of paying the outstanding contribution.

In The Netherlands, co-workers of related parties also participate in the pension scheme. The total pension commitment and the resulting expenses are reported within the Notes to the consolidated Annual Accounts of Triodos Bank NV. Part of the expenses are charged to the respective 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 any outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium, Spain and the United Kingdom. In Belgium, co-workers’ contribution is 2% of salary and the employer’s contribution is 6%. In Spain, the pension contribution is 1.5% of salary, paid in full by the employer. In the United Kingdom, the co-workers’ contributions are optional with those who opt to do so contributing between 1% and 15% of their salary, and the employer’s contribution amounts to 5% or 10% of salary depending on length of service.

In Germany, participation in the pension scheme is voluntary. The co-workers’ contribution is 3.33% of the salary and the employer’s contribution is 6.67%. 98% 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 based on information from the Dutch Banking Accociation in the amount of EUR 1.8 million (2014: positive adjustment of EUR 0.8 million).

International Remuneration and Nomination policy

The International Remuneration & Nomination Policy is based on the principle of human dignity and aims to enhance social coherence within the organisation. The policy incorporates the CEBS Guidelines on Remuneration Policies and Practices and the Regulation of De Nederlandsche Bank on Sound Remuneration Policies. In our view remuneration enables co-workers to earn a decent living and to contribute to the organisation and society at large. Triodos Bank believes in the intrinsic motivation of its co-workers to contribute to our mission and to work according to our corporate values. The richness of the contribution of each co-worker cannot be translated into a linear, financial incentive. Triodos Bank operates in the financial sector. Therefore its remuneration practice needs to be within the scope of what is expected in the financial sector. It allows for a healthy in- and outflow of co-workers. At the same time Triodos Bank maintains a relatively low ratio between the lower and higher level of salaries paid. Variable components are modest and discretionary. This all contributes to a strong sense of being jointly responsible for realising the mission of Triodos Bank.

This International Remuneration and Nomination Policy has been revised in 2015 and was approved by the Supervisory Board on 5 November 2015.

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 is set at the Annual General Meeting of Shareholders and the annual Meeting of Depository Receipt Holders respectively, whereby modest remuneration is offered so that sufficient qualified members can be attracted and retained.

Key elements of Triodos Bank’s international remuneration and nomination policy are:

  • Triodos Bank continues not to offer bonus or share option schemes to either members of the Executive Board, the Supervisory Board, the Board of SAAT 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 with a maximum of EUR 10,000 gross a year. 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. The Tokens of Appreciation are subject to claw back arrangements. The members of the Executive Board are excluded from these awards.
  • 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 € 500 for each co-worker. This can be paid in cash or in Triodos Bank NV depository receipts. For 2015 a collective end-of-year token of appreciation of EUR 500 was awarded. This amount is equal for all co-workers whether they work full-time or part time and pro-rata if not in service throughout the whole year.
  • 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 ratio in The Netherlands was 9.8 in 2015 (it was 9.6 in 2014)), to ensure the discrepancy between the highest and lowest remunerated co-workers is not excessive.
  • Severance payments should be modest and should never reward failure or misconduct. Severance payments to members of the Executive Board do not exceed one year’s salary.

More details on the Triodos Bank remuneration policy ar available on the www.triodos.com website.

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

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2015

2015

2015

2014

2014

2014

in thousands of EUR

Amount outstanding

Average interest rate

Repay­ments

Amount outstanding

Average interest rate

Repay­ments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pierre Aeby

125

3.5%

125

3.6%

Jellie Banga

579

2.0%

 

 

 

 

 

 

 

No other loans, advances or guarantees have been granted to members of the Executive Board, Supervisory Board members or members of SAAT's Board. 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.

Remuneration paid to the Executive Board

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

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in thousands of EUR

2015

2014

 

 

 

1)

In 2015 a collective end-of-year Token of Appreciation of EUR 500 (2014: EUR 300) per person was granted to all Triodos Bank co-workers.

 

 

 

Fixed salary expenses

754

713

Variable salary expense1)

2

1

Pension expenses

68

154

Pension allowance for salary above € 100.000

96

Private use company car

43

28

Social expenses

35

35

 

 

 

 

 

 

 

998

931

 

 

 

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

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in thousands of EUR

2015

2014

 

 

 

 

 

 

Pierre Aeby

245

236

Peter Blom

291

280

Jellie Banga

218

197

 

 

 

 

 

 

 

754

713

 

 

 

Remuneration paid to the Supervisory Board

The remuneration paid to the Supervisory Board is as follows:

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2015

2015

2015

2015

2014

Amounts in EUR

Remuneration

Fees for Committees

Compen­sation for travel time

Total

Total

 

 

 

 

 

 

 

 

 

 

 

 

Ernst-Jan Boers
(as from 23 May 2014)

17,500

4,000

1,500

23,000

14,834

David Carrington

17,500

3,583

12,000

33,083

24,500

Marcos Eguiguren Huerta
(until 22 May 2015)

7,292

1,667

4,000

12,959

26,500

Aart Jan de Geus (Chair)
(as from 23 May 2014)

25,000

3,000

4,000

32,000

18,667

Mathieu van den Hoogenband

17,500

4,250

4,000

25,750

24,750

Jan Lamers
(until 23 May 2014)

8,292

Udo Philipp
(as from 22 May 2015)

10,208

1,750

3,000

14,958

Margot Scheltema
(until 22 May 2015)

7,292

2,083

9,375

23,000

Hans Voortman (Chair)
(until 23 May 2014)

13,167

Carla van der Weerdt

17,500

4,583

22,083

22,500

 

 

 

 

 

 

 

 

 

 

 

 

 

119,792

24,916

28,500

173,208

176,210

 

 

 

 

 

 

The following fees apply:

  • EUR 17,500 per annum for an ordinary member;
  • EUR 25,000 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 1,000 per return travel (to a maximum of EUR 12,000 per annum) as compensation for travelling time for those Supervisory Board members who travel to a meeting outside their home country.

Mr. Carrington (as from 22 May 2015), Mr. Eguiguren Huerta (until 22 May 2015), Ms. Van der Weerdt (Chair as from 22 May 2015), Ms. Scheltema (Chair until 22 May 2015) and Mr. Boers are the members of the Audit & Risk Committee. Mr. Van den Hoogenband (Chair), Mr. Carrington (until 22 May 2015), Mr. Philipp (as from 22 May 2015) and Mr. De Geus are the members of the Nomination and Compensation Committee.

Remuneration of the Board of SAAT

The remuneration for the members of the Board of the Foundation for the Administration of Triodos Bank Shares, is as follows (amounts in EUR):

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2015

2015

2015

2014

Amounts in EUR

Remuneration

Compen­sation for travel time

Total

Total

 

 

 

 

 

 

 

 

 

 

Marjatta van Boeschoten

7,000

5,000

12,000

10,000

Sandra Castaneda Elena

7,000

5,000

12,000

10,000

Frans de Clerck

7,000

9,000

16,000

12,000

Mike Nawas (as from 23 May 2014)

7,000

10,000

17,000

6,667

Jan Nijenhof (until 23 May 2014)

4,917

Josephine de Zwaan (Chair)

10,000

4,000

14,000

12,500

 

 

 

 

 

 

 

 

 

 

 

38,000

33,000

71,000

56,084

 

 

 

 

 

The following fees apply:

  • EUR 7,000 per annum for an ordinary member;
  • EUR 10,000 per annum for the chairperson;
  • EUR 1,000 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.

Auditor’s fees

The table below specifies the fees of the KPMG audit firm that relates to services concerning the financial year.

The column Other KPMG network specifies the fees that were invoiced by KPMG units with the exception of KPMG Accountants NV.

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2015
in thousands of EUR

KPMG
Accountants NV

Other
KPMG network

Total
KPMG network

 

 

 

 

*

This relates to contractual agreements agreed and signed in 2012.

**

These are allowed review activities.

 

 

 

 

Audit of the financial statements

646

263

909

Other audit-related engagements**

95

95

Tax-related advisory services

7*

7

Other non-audit services

 

 

 

 

 

 

 

 

Total

741

270

1,011

 

 

 

 

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2014
in thousands of EUR

KPMG
Accountants NV

Other
KPMG network

Total
KPMG network

 

 

 

 

*

This relates to contractual agreements agreed and signed in 2012.

**

These are allowed review activities.

 

 

 

 

Audit of the financial statements

478

244

722

Other audit-related engagements**

127

15

142

Tax-related advisory services

40*

40

Other non-audit services

 

 

 

 

 

 

 

 

Total

605

299

904