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HR policy

Fair remuneration and the regulation on sound remuneration

Triodos Bank believes good and appropriate remuneration for all its co-workers is very important. Differences in remuneration between co-workers, locally and internationally, are carefully monitored.

In 2011 the “Regulation of De Nederlandsche Bank N.V. of 16 december 2010 on Sound Remuneration Policies pursuant to the Financial Supervision Act (Regeling beheerst beloningsbeleid Wft 2011) was implemented.

The aim of this regulation is to ensure that the remuneration policy of co-workers in senior management, control or risk-taking positions, promotes sound and effective risk management and shall not encourage risk-taking in excess of the financial institution’s risk tolerance level. Triodos Bank fully endorses this, but in order to be fully compliant Triodos Bank needs to design and implement formal, sometimes even bureaucratic processes, controls and procedures. This can mean that more controls and procedures create the risk of checking boxes instead of taking responsibility for materially reflecting the intent of the regulations.

The number of days per co-worker spent on development and training increased from 3.3 to 4.5 days. (impact statistic)


Triodos Bank believes that a moderate remuneration policy without bonuses creates a healthy and simple system where there’s limited need for control. With this in mind it has established an international remuneration policy. In 2012 the policy was further refined to fully comply with the “Regulation on Sound Remuneration”.

Key elements of this policy are:

  • 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. 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 awards 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. Contributions are not based on pre-set targets, and are always offered in retrospect. These are referred to as “Tokens of Appreciation” (TOA).
  • An annual, collective financial award 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 EUR 500 for each co-worker.
  • Fixed salaries should be broadly aligned with market rates to attract and retain the right quality of co-workers. As Triodos Bank operates in the financial market its remuneration needs to be mindful of pay in the wider sector to allow for a healthy in and outflow of co-workers. As a relatively small and fast-growing player in its market Triodos Bank has to be able to recruit excellent co-workers at all levels. Although Triodos Bank strives to stay close to the market, it maintains a relatively flat remuneration structure. This can be challenging when recruiting for more senior positions, where salaries in the market are higher and bonuses more common.
  • The factor by which the maximum salary in the lowest scale and the maximum salary for senior management differ in each country, will be monitored carefully to ensure the discrepancy between the highest and lowest remunerated co-workers is not excessive. In The Netherlands in 2012 the ratio was 9.4 (2011: 9.8). This ratio was lower in other countries due to the smaller size of the offices and because the Triodos Bank Executive Board is based at the head office in The Netherlands.
  • 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. In 2012 9 times a severance payment was paid. On average the severance payments accounted for 5.8 months of salary and all were below one year.


Present 31.12.2012

Avg of ft yearly salary 2012 in EUR

Max of ft yearly salary 2012 in EUR

Min of ft yearly salary 2012 in EUR

Avg of salary increase

Max of salary increase

# TOA in 2012

Avg of TOA of salary 2012

Max of TOA of salary 2012

Factor highest-lowest paid

Categories are according to the Regulation on Sound Remuneration. The category “other” has been eliminated as the number of co-workers in this group was too limited, which would harm their privacy.












Executive director











Senior management











Responsible for control functions











Remuneration bracket of Board/Senior management/Other risktakers






















Works councils

Triodos Bank believes in the principle that the interests of co-workers and the organisation should be aligned. A works council, made up of representatives of the co-worker body, helps to make sure that this happens. In countries where there is no works council the involvement of co-workers happens through formal and informal meetings between management and co-workers.

The Dutch works council has five members plus an appointed secretary, all of whom were in place throughout 2012. The works council was involved in various changes in the organisation structure, and the effects of the adapted international remuneration policy in the Netherlands.

In the UK a co-worker forum, made up of elected representatives from across the business, meet quarterly to discuss a range of subjects, from business updates and structural changes, to policy amendments and culture.

In Belgium works councils are strongly regulated and linked to the unions. Works council elections did not go ahead in the Belgian branch because of a lack of candidates from the unions. Co-worker involvement in the branch’s development is organised through different working groups convened as a result of an annual Belgian co-worker meeting.

The German branch does not have a formal works council. It has however appointed a team as a sparring partner for senior management to address subjects such as work-life balance, business banking processes, and innovations to connect co-workers more closely with Triodos Bank.

In Spain the works council’s term of office ended in December 2010, and no candidates have run for election since.