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28. Co-worker and other administrative expenses

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Amounts in thousands of EUR

2013

2012

 

 

 

Co-worker costs:

 

 

• salary expenses

45,625

39,536

• pension expenses

4,850

4,520

• social security expenses

7,863

6,826

• temporary co-workers

4,040

4,988

• other staff costs

5,016

4,459

• capitalised co-worker costs

–514

–1,075

 

 

 

 

 

 

 

66,880

59,254

 

 

 

Other administrative expenses:

 

 

• office costs

4,274

4,316

• IT costs

5,439

4,282

• external administration costs

4,166

3,556

• travel and lodging expenses

3,034

2,696

• fees for advice and auditor

3,527

2,631

• advertising charges

7,061

7,142

• accommodation expenses

7,084

7,044

• other expenses

2,712

2,773

 

 

 

 

 

 

 

37,297

34,440

 

 

 

 

 

 

 

104,177

93,694

 

 

 

Average number of co-workers on a full-time basis

789.8

697.7

 

 

 

Pension expenses

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Amounts in thousands of EUR

2013

2012

 

 

 

Pension expenses, defined contribution schemes

2,540

2,266

Pension expenses, defined benefit pension schemes

2,310

2,254

 

 

 

 

 

 

 

4,850

4,520

 

 

 

The pension expenses for the defined contribution schemes and the defined benefit pension schemes are based on the contributions owed for the financial year.

Pension scheme per country

Triodos Bank’s pension scheme in The Netherlands is a combination of a defined benefit pension scheme and a defined contribution scheme. For the part of the gross annual salary up to EUR 50,065, a defined benefit pension scheme applies; the obligation vis-à-vis the participating co-workers consists of the granting of the accrued pension. For the part of the gross annual salary above EUR 50,065, a defined contribution scheme applies; the commitment to the participating co-workers consists of paying the outstanding contribution.

In The Netherlands, co-workers of related parties also participate in the pension scheme. The total pension commitment and the resulting expenses are reported within the Notes to the consolidated Annual Accounts of Triodos Bank NV. Part of the expenses are charged to the respective related parties, based on their share of the total salaries of the participating co-workers.

The Triodos Bank pension schemes in Belgium, the United Kingdom, Spain and Germany are defined contribution schemes that have been placed with life insurance companies in those countries. The commitment to the participating co-workers consists of paying the outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium and Spain. In Belgium, the co-workers’ contribution is 2% of the salary and the employer’s contribution is 6%. In Spain, the pension contribution is 1.5% of the salary, paid in full by the employer.

In the United Kingdom and Germany, participation in the pension scheme is voluntary. In the United Kingdom, the co-workers’ contribution varies between 0% and 15% of the salary. The employer’s contribution amounts to 3% or 10% of the salary. 85% of the co-workers in the United Kingdom participate in the pension scheme. In Germany, the co-workers’ contribution is 3.33% of the salary and the employer’s contribution is 6.67%. 95% of the co-workers in Germany participate in the pension scheme.

Other expenses

The other expenses includes a positive adjustment regarding the estimated loss from the deposit guarantee scheme based on information from the Dutch Banking Accociation in the amount of EUR 0.8 million (2012: positive adjustment of EUR 0.6 million).

Remuneration policy

The remuneration system employed by Triodos Bank is based on the principle that the income is generated by the joint efforts of all co-workers.

The remuneration paid to the members of the Executive Board is set by the Supervisory Board upon advice of the Nomination and Compensation Committee. The basic principles of the Triodos Bank remuneration system are taken into account.

The remuneration paid to Supervisory Board members and members of the Foundation for the Administration of Triodos Bank Shares (SAAT) Board of Trustees is set at the Annual General Meeting of Shareholders and the annual Meeting of Depository Receipt Holders respectively, whereby modest remuneration is offered in so that sufficient qualified members can be attracted and retained.

Key elements of Triodos Bank’s international remuneration policy are:

  • Triodos Bank continues not to offer bonus or share option schemes to either its Board members or co-workers. Financial incentives are not considered an appropriate way to motivate and reward co-workers in a values-based bank. In addition, sustainability is by its very nature the result of a combined effort by team members aimed at both the short and long term.
  • Triodos Bank may provide additional individual “tokens of appreciation” to co-workers to a maximum of one months’ salary. These contributions are for extraordinary achievements and are at the discretion of management after consultation with Human Resources. Such a token is not based on pre-set targets, and always offered in retrospect.
  • An annual, collective token of appreciation can be paid for the overall achievements and contribution of all co-workers. This very modest amount is the same, for all co-workers with a maximum of € 500 for each co-worker. This can be paid in cash or in Triodos Bank NV depository receipts. In 2013 co-workers were granted a collective token of appreciation of € 300 per person. This amount is equal for all co-workers whether they work full-time or parttime and pro-rata for the year.
  • Fixed salaries should be aligned with the median of the financial market to attract and retain the right quality of co-workers.
  • The factor by which the maximum salary in the lowest scale and the maximum salary for senior management differs, will be monitored carefully in each country (the ratio in The Netherlands was 9.41 in 2013, as it was in 2012), to ensure the discrepancy between the highest and lowest remunerated co-workers is not excessive.
  • Severance payments should be modest. If in a country legislation or generally accepted norms are available, these should be followed. Severance payments should, at all times, avoid rewarding underperformance.

The table below provides the loans that have been granted to the members of the Executive Board.

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Amounts in thousands of EUR

2013

2013

2013

2012

2012

2012

Amount outstanding

Average interest rate

Repayments

Amount outstanding

Average interest rate

Repayments

 

 

 

 

 

 

 

Pierre Aeby

125

3.6%

125

3.6%

 

 

 

 

 

 

 

No other loans, advances or guarantees have been granted to members of the Executive Board, Supervisory Board members or members of SAAT’s Board of Trustees. For reasons of principle, no share option scheme is offered to members of the Executive Board, Supervisory Board members or members of SAAT’s Board of Trustees.

Remuneration paid to the Executive Board

The remuneration paid to the members of the Executive Board is as follows:

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Amounts in thousands of EUR

2013

2012

1

In 2013, all Triodos Bank co-workers, including the members of the Executive Board, received an collective end-of-year Token of Appreciation of EUR 300 per person.

 

 

 

Fixed salary expenses

657

537

Variable salary expense1

1

Pension expenses

169

161

Private use company car

41

35

Social expenses

28

24

Crisis tax

27

31

 

 

 

 

 

 

 

923

788

 

 

 

The salary expenses of the Executive Board may be broken down as follows:

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Amounts in thousands of EUR

2013

2012

*

Statutory director

**

Michael Jongeneel was appointed as director of Triodos Investment Management from January 1, 2012.
He stepped down from the Executive Board on April 1, 2012 and was appointed as acting Chief Operating Officer (COO) till March 1, 2013. Jellie Banga was appointed as COO from March 1, 2013.

 

 

 

Pierre Aeby*

231

223

Peter Blom*

272

272

Jellie Banga**

154

Michael Jongeneel**

42

 

 

 

 

 

 

 

657

537

 

 

 

Remuneration paid to the Supervisory Board

The remuneration paid to the Supervisory Board is as follows:

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Amounts in EUR

2013

2013

2013

2013

2012

 

Remuneration

Fees for Committees

Compensation for travel time

Total

Total

 

 

 

 

 

 

David Carrington

16,458

1,750

3,500

21,708

16,958

Marcos Eguiguren Huerta

16,458

4,000

3,000

23,458

21,458

Marius Frank (until 17th May 2013)

6,250

1,771

500

8,521

18,208

Mathieu van den Hoogenband

16,458

2,479

1,000

19,937

13,958

Jan Lamers

16,458

3,500

19,958

17,458

Margot Scheltema

16,458

5,000

500

21,958

18,958

Hans Voortman (Chair)

23,750

3,000

2,000

28,750

23,542

Carla van der Weerdt

16,458

4,000

500

20,958

17,958

 

 

 

 

 

 

 

 

 

 

 

 

 

128,748

22,000

14,500

165,248

148,498

 

 

 

 

 

 

The fees paid to Supervisory Board members were adjusted in the Annual General Meeting held on 17 May 2013.

The following fees apply:

  • EUR 17,500 per annum for an ordinary member;
  • EUR 25,000 per annum for the Chair;
  • EUR 4,000 per annum for a member of the Audit & Risk Committee;
  • EUR 5,000 per annum for the chair of the Audit & Risk Committee;
  • EUR 3,000 per annum for members of the Nomination and Compensation Committee;
  • EUR 4,250 per annum for the chair of the Nomination and Compensation Committee;
  • EUR 500 per return travel (to a maximum of EUR 10,000 per annum) as compensation for travelling time for those Supervisory Board members who travel to a meeting outside their home country.

Mr. Eguiguren Huerta, Ms. Van der Weerdt and Ms. Scheltema (Chair) are the members of the Audit & Risk Committee. Mr. Frank (Chair until May 2013), Mr. Van den Hoogenband (Chair since May 2013), Mr. Carrington (since May 2013) and Mr. Voortman are the members of the Nomination and Compensation Committee.

Remuneration of the Board of Trustees of SAAT

The remuneration for the members of the Board of Trustees of the Foundation for the Administration of Triodos Bank Shares, is as follows (amounts in EUR):

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Amounts in EUR

2013

2013

2013

2012

 

Remuneration

Compensation for travel time

Total

Total

 

 

 

 

 

Marjatta van Boeschoten

6,479

3,000

9,479

8,167

Sandra Castaneda Elena (since May 17, 2013)

4,083

500

4,583

Frans de Clerck

6,479

3,500

9,979

7,667

Luis Espiga (until May 17, 2013)

2,396

1,500

3,896

8,667

Jan Nijenhof

6,479

2,000

8,479

5,667

Max Rutgers van Rozenburg
(Chair, until May 17, 2013)

3,500

1,500

5,000

9,192

Josephine de Zwaan
(Chair since May 17, 2013)

8,229

3,000

11,229

6,167

 

 

 

 

 

 

 

 

 

 

 

37,645

15,000

52,645

45,527

 

 

 

 

 

The fees paid to members of the SAAT Board of Trustee were adjusted in the Annual General Meeting held on 17 May 2013.

The following fees apply:

  • EUR 7,000 per annum for an ordinary member;
  • EUR 10,000 per annum for the chairperson;
  • EUR 500 per return travel (with a maximum of 10 return travels per annum) as compensation for travelling time for those Board members who travel to a meeting outside their home country.

Auditor’s fees

The table below specifies the fees of the KPMG audit firm that relates to services concerning the financial year.

The column Other KPMG network specifies the fees that were invoiced by KPMG units with the exception of KPMG Accountants NV. The comparable figures for 2012 have been adjusted to reflect the change in the specified fees.

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2013
Amounts in thousands of EUR

KPMG
Accountants NV

Other
KPMG network

Total
KPMG network

*

This relates to contractual agreements agreed and signed in 2012.

 

 

 

 

Audit of the financial statements

343

146

489

Other audit-related engagements

55

136

191

Tax-related advisory services

70

70

Other non-audit services

15*

15

 

 

 

 

 

 

 

 

Total

398

367

765

 

 

 

 

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2012
Amounts in thousands of EUR

KPMG
Accountants NV

Other
KPMG network

Total
KPMG network

 

 

 

 

Audit of the financial statements

300

147

447

Other audit-related engagements

53

108

161

Tax-related advisory services

55

55

Other non-audit services

15

15

 

 

 

 

 

 

 

 

Total

353

325

678