Remuneration policy
1. Introduction
This policy applies to W.A. Hienfeld B.V. (hereinafter referred to as Hienfeld) and sets out the tasks and responsibilities related to remuneration.
1.1 Reflection of policy
The compensation policy encourages behavior in line with our core values and corporate social responsibility. The long-term interest of customers is always central, and the compensation policy should stimulate and support that.
The following matters serve as the basis for our compensation policy:
- We have a healthy balance between intrinsic motivation and setting clear goals, so that these can be assessed.
- The remuneration is market-conform and is aimed at attracting the right and good people so that the customer's interest can be well served.
- The policy does not lead to taking unacceptable risks.
- The policy promotes behaviors that align with our core values.
- We measure performance on both financial and non-financial goals.
- The policy applies to all our employees.
- The policy is in accordance with applicable laws and regulations and is evaluated periodically.
2. Rewarding employees
The remuneration of employees can be divided into fixed and variable compensation. Various forms of compensation are possible within this, which will always fall under one of these types of compensation. This classification is important because the ratio between fixed and variable compensation is subject to restrictions.
All decisions regarding employee compensation are made by management. In certain cases, management may also decide to deviate from the usual system as an exception if there is reason to do so. This will then be documented.
2.2 Fixed reward
The basis for the fixed remuneration of employees primarily reflects relevant work experience, the individual qualities of the employee, and the (organizational) responsibility that the respective employee holds.
The fixed remuneration of employees is granted on the basis of:
- a predetermined profile;
- experience and seniority;
- transparency: the amount of the reward is clear in advance;
- irrevocability: the reward is fixed and can only be adjusted after approval by the respective employee and Hienfeld;
- independence: the reward is not dependent on objectives.
At least once a year, the supervisor assesses how an employee has performed, among other things, in relation to previously made agreements. This assessment forms the basis for the question of whether an increase can be granted.
2.2.1 13th month and vacation allowance
In principle, Hienfeld pays its employees a 13th month. In addition, we pay an annual holiday allowance amounting to 8.33% of the annual salary (excluding the 13th month).
2.2.2 Jubilee Celebration
From the employee who has been employed for 12 1/2, 25, or 40 years based on an employment contract at Hienfeld, the anniversary is celebrated with a financial contribution.
2.3 Variable compensation
Hienfeld does not have variable compensation in the form of bonuses or other types of performance-related rewards for executives, management, or other positions. However, if it is assessed that there has been extraordinary effort or extraordinary performance by the employee, management may later propose individual employees for an occasional reward under the title of a gratuity. It is ensured that these fit within the established controlled compensation policy and are not excessive.
Hienfeld may know a net reimbursement of travel expenses according to tax regulations based on the tax allowable maximum amount. Additionally, there is also a reimbursement for working from home according to tax regulations.
2.3.1 Allowances
Hienfeld does not grant any additional allowances to employees other than:
- premium health insurance (gross reimbursement)
- premium-free pension
2.3.2 Departure Allowances
Hienfeld does not grant predetermined severance payments to employees. Any compensation upon dismissal will need to be determined based on applicable Dutch law.
2.3.3 Rewards Board of Directors and Supervisory Board
The Supervisory Board determines the remuneration and further employment conditions of the management. The management remuneration is established annually. The Supervisory Board takes into account the achievement of objectives and agreements in the past period, the income level of comparable functions within the financial sector, and the relation to the remuneration policy of the (other) employees. The remuneration and further employment conditions of the management are in accordance with relevant laws and regulations.
3. Publication
Through this publication, all stakeholders can become aware of Hienfeld's remuneration policy. Pursuant to art. 1:120 Wft, it must be explicitly stated how many individuals working under its responsibility receive a total annual remuneration of €1 million or more and what amount the company has paid out in total as variable remuneration. In the case of Hienfeld, neither are applicable.