11 Amendments of Patrick LE HYARIC related to 2009/2177(INI)
Amendment 11 #
Motion for a resolution
Recital H
Recital H
H. whereas in the context of remuneration several points need to be considered, such as (i) remuneration schemes, including their structure, transparency and symmetry and the link between remuneration and incentive, (ii) the process of determining the remuneration schemes, including the definition of actors, roles and responsibilities, (iii) control over remuneration schemes, with particular attention given to shareholderemployees and their trade union organisations through works councils and group works councils,
Amendment 18 #
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses the need for proportionality of remuneration within companies by linking changes in the overall remuneration and pensions of directors to those of staff and by discouraging excessive risk-taking, and, for reasons of social justice, wishes to see the salaries, bonuses and pensions of the directors of companies receiving aid from the Member States or from the European Union capped and subject to high and progressive taxation; calls, therefore, for a European plan to combat tax havens to be devised in order to flesh out the intentions announced by the G20 in London and Pittsburgh;
Amendment 25 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Recalls the particular social responsibility of undertakings; considers that, in the light of this, a remuneration policy must form part of a multiannual framework covering a minimum of three years, in order to assess the social impact of the decisions taken and not to limit the assessment and setting of remuneration to purely economic criteria;
Amendment 25 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Points out that the soft law approach is however not satisfactory; calls, therefore, for national supervisory authorities to be granted binding powers to enforce the principles of sound financial management;
Amendment 29 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for greater account to be taken of the requirement that differences in remuneration within companies should be proportionate by linking increases in managers' pay and pensions as a whole to those of ordinary employees and discouraging excessive risk-taking; takes the view that, for reasons of social justice and economic sustainability, restrictions must be imposed on the composition, structure and level of the salaries, bonuses, golden handshakes, stock options and pensions of the managers of listed companies and companies which are partly public-owned and/or benefit from assistance from Member States or the European Union and they must be subject to high rates of progressive taxation, with a view to contributing to the funding of social protection measures and public services; calls, in that connection, for a European plan to combat tax havens to be developed in order to put into practice the proposals announced at the G20 summits in London and Pittsburgh;
Amendment 31 #
Draft opinion
Paragraph 5
Paragraph 5
5. Endorses the Commission’s proposal to amend Directive 2006/49/EC1 on capital requirements to make the above-mentioned principles binding on banks and investment companies by making them subject to prudential supervision and by removing provisions for company directors’ salaries fromensuring that the total amount of variable remuneration does not limit their capacity to increase their capital; insists that the entire financial sector, including insurance firms and alternative investment vehicles such as hedge funds and private equity funds, should be subject to stronger EU regulation;
Amendment 31 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3b. Is convinced that, in the context of the definition of remuneration policies for company directors and the subsequent assessment of those policies in the light of the management and development of the company concerned, due account must also be taken of non-financial criteria, such as meeting social and environmental responsibility objectives; suggests three years as the minimum period needed to make such assessments meaningful; emphasises that corporate management and remuneration policies must comply with and foster the principles of wage parity and equal treatment of women and men established by the Treaties and by EU directives;
Amendment 32 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Supports, in keeping with the Commission recommendation of 30 April 2009, the imposition of a ceiling on severance payments for company managers or even of a ban on such payments if a manager's contract has been terminated on the grounds of the company's poor performance;
Amendment 38 #
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Endorses the principles which the Commission put forward in its recommendations of 30 April 2009 concerning, firstly, remuneration regimes and governance arrangements with regard to the remuneration of the directors and managers of listed companies, and, secondly, on remuneration regimes and the process of drafting and implementing remuneration policy (governance), the transparency of remuneration policy and prudential supervision (surveillance) in the financial sector, but emphasises that these recommendations have not been put into practice satisfactorily by the Member States; calls, therefore, for these recommendations to be incorporated into the process of revising Directive 2006/49/EC1 of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions; 1 OJ L 177, 30.6.2006, p. 201.
Amendment 39 #
Draft opinion
Paragraph 8
Paragraph 8
8. Calls for complete transparency for employees and citizens with regard to remuneration policies for directors and a right to information, supervision and consultation for employees and their trade union organisations through works councils and group works councils; to this end, where groups comprise a number of entities, calls for these supervisory and employee consultation structures to have access to the balance sheets of all the financial companies and other holdings of the group, so that they can gain an adequate overview of the group;
Amendment 42 #
Motion for a resolution
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Endorses the Commission's proposal to amend Directive 2006/49/EC in order to make the principles referred to above binding on banks and investment firms by making them subject to prudential supervision and ensuring that the total amount of the variable components of remuneration does not limit their ability to increase their capital; emphasises that strengthened European regulation should apply to the whole financial sector, including insurance companies and alternative investment funds (such as hedge funds and private equity funds);