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HC-6.1.3

For approved persons and material risk-takers whose total annual remuneration (including all benefits) is in excess of BD100,000:

(a) An appropriate ratio between the fixed and variable components of total remuneration must be set to ensure that fixed and variable components of total remuneration are appropriately balanced and paid on the basis of individual, business-unit and bank-wide measures that adequately measure performance; and
(b) The variable proportion of remuneration must increase significantly along with the level of seniority and/or responsibility. More specifically:
i. at least 40% of the variable remuneration must be payable under deferral arrangements over a period of at least 3 years; and
ii. for the CEO, his deputies and the other 5 most highly paid business line employees, at least 60% of the variable remuneration must be payable under deferral arrangements over a period of at least 3 years.
Added: April 2023