On 16 July 2014, the European Banking Authority (EBA) published revised guidelines on (i) the data collection exercise regarding high earners and (ii) on the remuneration benchmarking exercise. The update ensures that the data collection is line with the amended provisions laid down in the Capital Requirements Directive (CRD IV).
Under the new requirements provided for in CRD IV, the EBA will collect data on the number of natural persons earning €1 million or more per financial year. The information will be broken down by institution and will include additional details about the job responsibilities or high earners.
Both data collections aim at ensuring a high level of transparency regarding the remuneration practices within the EU and will be used to benchmark remuneration trends and practices.
In both data collections competent authorities will collect from institutions information on the structure of remuneration, which will then be submitted to the EBA.