ING Direct 2015 Annual Report Download - page 141

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
2015
in EUR thousands
Executive
Board of
ING Groep
N.V.1
Manage-
ment Board
of ING
Bank1,2,3 Total
Fixed Compensation
–Base salary
3,990
3,505
7,495
–Collective fixed allowances5
1,115
1,045
2,160
–Pension costs
75
90
165
Variable compensation
–Upfront cash
390
390
–Upfront shares
254
466
720
–Deferred cash
585
585
–Deferred shares
382
698
1,080
–Other4
830
830
Total compensation
5,816
7,609
13,425
1 Includes their compensation earned in the capacity as Board members.
2 Excluding members that are also members of the Executive Board of ING Groep N.V.
3 In 2015 one new member joined.
4 In addition to compensation in the capacity as Board member, the new Management Board member received a ‘sign on award’ with a total value of EUR 830,000
at the grant date, consisting for 50% of a cash amount and for 50% of shares. The award vests in the years 2015 - 2018, of which EUR 332,000 in 2015 and
EUR 498,000 in the years 2016 - 2018.
5 The collective fixed allowances consist of two savings allowances applicable to employees in the Netherlands; an individual savings allowance of 3.5% and a
collective savings allowance to compensate for loss of pension benefits with respect to salary in excess of EUR 100,000.
2014
in EUR thousands
Executive
Board of
ING Groep
N.V.
1
Manage-
ment Board
of ING
Bank
1,2,3,4
Total
Fixed Compensation
–Base salary
2,814
3,480
6,294
–Pension costs
575
920
1,495
–Severance benefits
765
765
Variable compensation
–Upfront cash
544
544
–Upfront shares
544
544
–Deferred cash
816
816
–Deferred shares
816
816
Total compensation
3,389
7,885
11,274
1 Includes their compensation earned in the capacity as Board members.
2 Excluding members that are also members of the Executive Board of ING Groep N.V.
3 In 2014, two members stepped down from the Management Board of ING Bank and one new member joined.
4 Next to compensation in the capacity as a Board member, one new Management Board member received a ‘sign on award’ consisting of a cash amount and
shares with a total value of EUR 250,000 at the grant date. The awards vest in the years 2014 - 2017, of which EUR 100,000 in 2014 and EUR 150,000 in the years
2015 - 2017.
in EUR thousands
2015
2014
Total compensation
835
971
The table above shows the fixed remuneration, expense allowances and attendance fees for the Supervisory Board for 2015 and 2014.
Key management personnel compensation (Executive Board and Management Board)
Key management personnel compensation (Executive Board and Management Board)
Key management personnel compensation (Supervisory Board)
ING Bank Annual Report 2015 139