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Human Resources & Remuneration Committee

The Committee consists entirely of independent non-executive Directors.

The HRR Committee plays a key role in assisting the Board to fulfil its responsibilities in relation to the remuneration of executive Directors, Senior Management, other key personnel and the employee Remuneration policy.  It also reviews the structure of the remuneration for the Heads of the control functions.

The Committee is responsible to prepare decisions regarding remuneration, which are consistent with the risk appetite of the Group, prevent conflicts of interest and promote sound and effective risk management. 

It sets the over-arching principles and parameters of remuneration policy (details of the Remuneration Policy can be found in the Annual Corporate Governance Report across the Group and exercises oversight for remuneration issues.

The Committee also reviews at least annually the appropriate structure of the remuneration system and whether the total amount of variable compensation has been set in accordance to the Remuneration Framework of the Central Bank Directive on Governance.  In addition, it supports the Board in monitoring whether the internal control functions and other relevant Divisions are properly involved in the structuring of the remuneration system.

 

Terms of Reference

 

Human Resources & Remuneration Committee (HRRC)

Michael Spanos (Chairman)

Michael Heger