All banks in the Netherlands describe on their websites the ways in which they have applied the Banking Code in the previous year. Where relevant, a bank will state its reasons as to why it has not complied or not fully complied with a provision, in keeping with the ‘comply or explain’ principle.
F. van Lanschot Bankiers N.V. complies with the Banking Code and explains why it partially deviates from the provision that the total income of a member of the Statutory Board should be below the median for similar positions both inside and outside the financial sector. Following the agreement of new remuneration policies for the Statutory Board at the Annual General Meeting of Shareholders of 13 May 2015, the total remuneration of the Chairman of the Executive Board is now equal to the median of similar positions in the financial sector and below the median of similar positions outside the financial sector. Total remuneration of the other members of the Statutory Board is below the median of similar positions both within and outside the financial sector. Given that Van Lanschot has discontinued variable pay for members of the Statutory Board, is paying a comparatively larger proportion of total remuneration in shares as fixed pay and is focusing strongly on the long term, the Supervisory Board feel that it is reasonable not to fully apply this principle to the Chairman of the Statutory Board.
The bank fully complies with all other provisions of the Banking Code.
The attached document reviews, on an article-by-article basis, how F. van Lanschot Bankiers NV applied the Banking Code in 2015.
Implementation by article