The EBA has issued two sets of guidelines (i) Guidelines on the Remuneration Benchmarking Exercise and (ii) Guidelines on the data collection exercise regarding high earners.
The objective of the Guidelines is to streamline the data collection and increase the consistency and comparability of the information collected by national competent authorities.
In relation to the Remuneration Guidelines, in order to comply with obligations under CRD III (Directive 2010/76) (which mandates national competent authorities to collect information on remuneration practices of credit institutions and investment firms to benchmark remuneration trends), the EBA proposed guidelines and published a consultation paper. The EBA has now published these final Guidelines which are to be applied by competent authorities as soon as possible but in any case, no later than two months following publication. The first data should be submitted by the competent authorities to EBA by the end of December 2012. They should relate to fixed and variable remuneration awarded for the 2010 and 2011 performance years. The EBA guidelines on the data collection exercise regarding high earners are meant to increase the consistency of information collected on the number of individuals per credit institution in pay brackets of at least 1 million euros.