7 Amendments of Udo BULLMANN related to 2009/0099(COD)
Amendment 79 #
Proposal for a directive – amending act
Recital 4 a (new)
Recital 4 a (new)
(4a) By December 2012, the Commission should review the principles on remuneration policy with particular regard to the need to close any loopholes and to the efficiency, implementation, and enforcement of the principles, taking into account international developments. The Commission should also examine in detail bonus pools and the link between the formulas used to build them and excessive risk-taking behaviour.
Amendment 84 #
Proposal for a directive – amending act
Recital 8
Recital 8
(8) In order to ensure fast and effective enforcement, competent authorities should also have the power to impose either financial or non-financial measures or penalties for breach of a requirement under Directive 2006/48/EC, including the requirement to have remuneration policies that are consistent with sound and effective risk management. Those measures and penalties should be effective, proportionate and dissuasive. In order to ensure consistency and a level playing field, the Commission should review the implementation of that provision with regard to the consistency between the measures and penalties across the Union and, where appropriate, come forward with proposals, including as regards the need for introducing stricter penalties.
Amendment 91 #
Proposal for a directive – amending act
Recital 11
Recital 11
(11) Since poorly designed remuneration policies and incentive schemes are capable of increasing to an unacceptable extent the risks to which credit institutions and investment firms are exposed, prompt remedial action and, if necessary, appropriate corrective measures should be taken. Consequently, it is appropriate that competent authorities have the power to impose qualitative or quantitative measures on the relevant entities that are designed to address problems that have been identified in relation to remuneration policies in the Pillar 2 supervisory review. Qualitative measures available to competent authorities include requiring credit institutions or investment firms to reduce the risk inherent in their activities, products or systems, including structureintroducing changes to their structures of remuneration or freezing the variable parts of remuneration to the extent that they are inconsistent with effective risk management. Quantitative measures include a requirement to hold additional own funds.
Amendment 136 #
Proposal for a directive – amending act
Article 1 – point 10 a (new)
Article 1 – point 10 a (new)
Directive 2006/48/EC
Article 156 – paragraph 3 a (new)
Article 156 – paragraph 3 a (new)
(10a) In Article 156, the following paragraph is inserted after the third paragraph: "In order to ensure consistency and a level playing field, the Commission shall review the implementation of Article 54 with regard to the consistency between the measures and penalties across the Union and, if appropriate, put forward proposals, including as regard the need for introducing stricter penalties."
Amendment 158 #
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point b a (new)
Annex V – section 11 – point 22 – point b a (new)
(ba) the remuneration policy introduces a degree of fairness between the highest and lowest remunerations within the same institution;
Amendment 165 #
Proposal for a directive – amending act
Annex I – point 1
Annex I – point 1
Directive 2006/48/EC
Annex V – section 11 – point 22 – point e a (new)
Annex V – section 11 – point 22 – point e a (new)
(ea) the variable remuneration pool is strictly limited as a percentage of total net revenues in order to maintain a sound capital base and, where necessary to maintain this sound capital base, no variable remuneration is paid;
Amendment 187 #
Proposal for a directive – amending act
Annex I – point 1 a (new)
Annex I – point 1 a (new)
Directive 2006/48/EC
Annex V – section 11 – point 22 a (new)
Annex V – section 11 – point 22 a (new)
(1a) In Section 11 of Annex V, the following point is inserted: "22a. Credit institutions that are significant in terms of their size, internal organisation and the nature, the scope and the complexity of their activities shall establish a remuneration committee. The remuneration committee shall be constituted in such a way as to enable it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital and liquidity. The remuneration committee shall be responsible for the preparation of decisions regarding remuneration, including those which have implications for the risk and risk management of the credit institution concerned and which are to be taken by the management body in its supervisory function. The Chair and the members of the remuneration Committee shall be members of the management body who do not perform any executive functions in the credit institution concerned. When preparing such decisions, the remuneration committee shall take into account the long-term interests of shareholders, investors and other stakeholders in the credit institution."