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| Remuneration Policy |
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The Remuneration Committee, which is elected by the General Meeting, determines the remuneration of the members of BES’s corporate bodies. Every year the Remuneration Committee submits to the General Meeting, for approval, a proposal setting out the remuneration policy of the corporate bodies.
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| The remuneration policy of BES’s corporate bodies in force in 2011 followed the remuneration policy approved by the Annual General Meeting of April 6th, 2010. |
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The proposal to be submitted by the Remuneration Committee to the General Meeting of March 22nd, 2012 is based on the assumptions of the remuneration policy approved in 2010, while already incorporating the new rules on the
remuneration policy of financial institutions introduced by Decree-Law no. 88/2011, of July 20th, and Bank of Portugal Notice no. 10/2011. These are the main changes: |
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- introduction of non financial criteria in the performance assessment of the executive members of the Board of
Directors, which in addition to individual performance also take into account the real growth of the institution and the actual wealth generated for the shareholders, the protection of the interests of clients and investors, its long-term sustainability and the extension of the risks assumed, as well as compliance with the rules applicable to the institution’s activity;
- introduction of a rule whereby 50% at least of any variable remuneration, whether or not deferred, shall be paid in BES shares or equivalent financial instruments;
- introduction of a rule to the effect that the members of the Executive Committee shall hold, until the end of their term of office, up to a minimum of twice the value of the total annual remuneration, the shares that were acquired by 65 virtue of the payment of the variable remuneration, with the exception of those shares that must be sold for the payment of taxes on the gains of said shares.
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| The remuneration policy was approved in March 2012 |
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