Linkage between compensation for members of the highest governance body, senior managers, and executives (including departure arrangements), and the organization's performance (including social and environmental performance)

Linkage between compensation for members of the highest governance body, senior managers, and executives (including departure arrangements), and the organization's performance (including social and environmental performance)

• Reference Number: 4.5
• Related Status: Reported
• GRI Status: Core GRI Indicator

● Governors receive no remuneration from the Bank. As they are ministers, their participation in the Board of Governors is considered to be part of their ministerial duties.
● Directors, Alternates and Experts on the Board of Directors are not remunerated by the EIB and receive no bonus. They receive EUR 600 as an attendance fee per meeting day and a subsistence allowance to cover for expenses if they stay overnight at the place of the meeting. The Bank also reimburses the travel expenses incurred by the members of the Board of Directors. The allowance is decided by the Board of Governors.
● According to a rule established in 1958 by the Board of Governors, the President of the EIB receives the same remuneration as the President of the EU Commission and the Vice-Presidents of the European Investment Bank receive the same remuneration as the Vice-Presidents of the EU Commission. The President and Vice-Presidents of the EIB receive no bonus.
● Audit Committee members do not receive remuneration from the Bank. For each meeting they attend, Audit Committee members and observers receive an indemnity of EUR 1050 per meeting day. In addition, the Bank pays a subsistence allowance of EUR 200 as a lump-sum reimbursement for hotel and related expenses to be covered by individual Audit Committee members, and reimburses travel expenses incurred.
->  As a consequence, there is no linkage between the remuneration of the EIB’s governing bodies and the organisation’s performance.
● The salaries of senior management, but also of EIB employees, are fixed on the basis of their grade.  The EIB may, under certain conditions, award an annual bonus, which is based on the individual performance and the performance of the Bank and which is reviewed during an annual performance appraisal. The Board of Directors decides every year about salary increases and the performance award envelope for EIB employees, following a review of the matter by the Board Committee on Staff Remuneration.