Commerzbank AG / Strategic Company Decision
10.11.2009
Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Commerzbank introduces new compensation system
- Sustainable business success to determine variable compensation
- Malus model for employees in capital markets business and for the
management of the bank
- Sieber: 'We offer competitive incentives schemes, and are attractive to
top performers'
In January 2010, Commerzbank is introducing a new compensation model for
the first and second management levels, as well as all other non pay-scale
employees. At the same time, new rules will apply for Corporates & Markets
and Treasury, the businesses most closely involved with the capital
markets. The compensation models for the subsidiaries are currently under
review. 'The variable remuneration will depend on individual performance
and on the bank's sustainable success. Thus, the system offers competitive
incentives for top performers', said Ulrich Sieber, responsible for Human
Resources and Integration within the Board of Managing Directors of
Commerzbank. 'The performance focus in the variable compensation leads to
increased payments in good, and reduced payments in bad times'. The review
of the compensation model was also part of the agreement with the Special
Fund Financial Market Stabilisation (SoFFin).
Under the new compensation scheme, the fixed salary component will be paid
out in twelve monthly instalments. Fixed components previously made as
special payments will be included. This will harmonise the fixed salary
payment systems of Commerzbank and Dresdner Bank. The amount of the fixed
salaries, however, will not change. Employees from the first and second
management levels, in particular, will receive part of their salaries as
Share Awards, to be paid out after three years. The final payment will
depend on the medium-term share price development of the bank. If employees
have taken undue risks, for instance, entitlements may also be forfeited.
The compensation is thus subject to a bonus malus system.
The capital market segments Corporates & Markets and Treasury have a higher
variable component percentage than other business segments. Two-thirds of
the variable component will comprise deferred payments; half of this will
be paid in Share Awards and half will be allocated to a Bonus Bank, which
will apply an additional malus system. If goals are not met, some or all of
the payments held in the Bonus Bank will be forfeited. 'Our model provides
incentives to work long-term for the sustainable success of our bank', said
Sieber.
Press contact:
Reiner RoÃmann: +49 69 136 46646
Simone Fuchs: +49 69 136 44910
Melanie Loriz: +49 69 136 43246
Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations@commerzbank.com
10.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Deutschland
Phone: +49 (069) 136 20
Fax: -
E-mail: ir@commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
Indices: DAX, CDAX, HDAX, PRIMEALL
Listed: Regulierter Markt in Berlin, Frankfurt (Prime
Standard), München, Hannover, Düsseldorf, Hamburg,
Stuttgart; Terminbörse EUREX; Foreign Exchange(s)
London, SWX
Category Code: MSC
LSE Ticker: CZB
Sequence Number: 326
Time of Receipt: Nov 10, 2009 11:29:28
End of News DGAP News-Service
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DGAP-UK-Regulatory: Commerzbank introduces new compensation system
| Source: EQS Group AG