UK Regulatory | 16 December 2009 12:41
Commerzbank AG / Miscellaneous
16.12.2009
Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Commerzbank concludes reform of remuneration models
The Supervisory Board of Commerzbank has decided on a new remuneration
system for the Board of Managing Directors. In the new model the weighting
of the sustainable result has increased. In contrast, the portion of the
short-term oriented variable remuneration has been reduced significantly.
The long-term variable component depends on the share price and the
financial performance of the bank, as certified by the auditor of the
annual accounts. Compensation for members of the Board of Managing
Directors is subject to an upper limit and a bonus-malus-system.
'We are thus concluding the reform of the remuneration models for key
positions. We meet all of the G20 guidelines for manager remuneration',
says Klaus-Peter Müller, Chairman of the Supervisory Board of Commerzbank.
'For 2010 applies: If the silent participation provided by SoFFin will not
be served, payments for each member of the Board of Managing Directors will
be limited to a total of EUR 500,000.' For the 2008 and 2009 business years
the remuneration for the members of the Board of Managing Directors was
limited to EUR 500,000 in accordance with the SoFFin agreement.
As previously announced, the new remuneration system will take effect for
the bank's first and second management levels, other non pay-scale
employees and the capital market segments Corporates & Markets and Treasury
beginning January 2010. The regulations in these cases also meet the G20
requirements. The review of remuneration models was part of the agreements
made with SoFFin and the EU.
Press contact:
Reiner Roßmann +49 (0) 69 136 4 66 46
Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations@commerzbank.com
16.12.2009 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Deutschland
Phone: +49 (069) 136 20
Fax: -
E-mail: ir@commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
Indices: DAX, CDAX, HDAX, PRIMEALL
Listed: Regulierter Markt in Berlin, Frankfurt (Prime
Standard), München, Hannover, Düsseldorf, Hamburg,
Stuttgart; Terminbörse EUREX; Foreign Exchange(s)
London, SWX
Category Code: MSC
LSE Ticker: CZB
Sequence Number: 347
Time of Receipt: Dec 16, 2009 12:38:00
End of News DGAP News-Service
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