EBA欧洲银行-McLagan-Response_to_the_CEBS_Consultation_Paper_on_Guidelines_on_Remuneration_Policies_and_Practices_CP42_8_November_2010_4页_121kb

McLagan Response to CEBS Consultation Paper on Remuneration Guidelines Summary

核心内容

McLagan has responded to the CEBS Consultation Paper on Guidelines on Remuneration Policies and Practices (CP42), emphasizing the importance of aligning remuneration regulations with the FSB principles and enhancing international consistency among G20 nations. The firm appreciates the CEBS's role in this regulatory effort and supports the development of guidelines that promote prudent risk-taking and sufficient solvency.

主要观点

• 国际一致性：McLagan supports the alignment of the CRD III guidelines with the FSB principles to ensure consistency across G20 regulators, including the EU and the US Federal Reserve Board.
• 风险调整与奖金发放：The FSB principles suggest that bonuses should be adjusted for risk and cost of capital. If these adjustments are made ex ante, deferral periods may not be necessary for most staff.
• 高管特殊性：Executives and senior management should still be subject to deferral and retention periods to align with shareholder interests and ensure long-term value creation.
• 比例性原则：McLagan proposes that the proportionality aspect should be explicitly included in the guidelines to allow for the neutralisation of deferral requirements in certain cases, such as when multi-year performance assessments have been conducted and risks have been adequately accounted for.

关键信息

1. 增强FSB一致性通过比例性

• 风险调整：FSB principles recommend adjusting bonus pools for risk and cost of capital upfront.
• 尾端风险：当风险无法在事前调整时，应通过事后的延迟支付来应对尾端风险。
• 多期评估：若机构使用多期评估（如三年期）并已充分考虑风险，则延迟支付可能不再必要。
• 比例性应用：建议在指南中加入比例性条款，允许在特定情况下减少延迟支付的适用范围，仅适用于高管和高级管理层。

2. 实践中的复杂问题

• 实施时间：建议采取分阶段实施方式，以减轻对大型机构的冲击，并确保公平性。
• 延迟与保留期：保留期与延迟期并存可能增加企业负担，建议允许使用延迟支付替代保留期以避免税务问题。
• 股权类工具：虽然股权类工具在会计上有优势，但其作为损失吸收缓冲的潜力较低，且会引入市场风险，影响员工行为。
• 现金延迟支付：建议引入现金延迟支付机制，与股权延迟支付具有相同激励效果，但能更有效地支持损失吸收能力，并减少市场波动对薪酬的影响。
• 识别员工分类：
  • 高管与高级管理层：应继续使用股权激励，以符合股东利益。
  • 控制职能员工：应主要基于独立性进行薪酬设计，避免与财务表现挂钩。
  • 其他风险承担者：建议降低延迟比例，强调事前风险调整，避免短期行为对长期盈利能力的损害。

总结

McLagan's response highlights the need for a more nuanced and proportionate approach to remuneration policies, particularly in the context of multi-year performance assessments and the use of cash-based deferrals. The firm advocates for clearer guidelines that reflect the complexity of modern financial institutions while ensuring alignment with FSB principles and the interests of stakeholders.