On November the 22nd 2022, Iberclear’s Board of Directors adopted the remuneration policy of SIX Group.
SIX Group remuneration policy, adopted by Iberclear as its own policy, is devised to ensure a consistent framework for compensation across the organization.
The SIX compensation framework supports the company’s vision of aligning the interests of its employees with those of the company, its customers, and the community, in line with sustainable corporate development and appropriate risk management practices.
The compensation strategy is based on the following principles:
SIX follows a total compensation approach. Total target compensation at SIX comprises of a base salary and may include a target STI (shortterm incentive) amount or a sales bonus/commission. For selected employees, total target compensation may also include an LTI award (long-term incentive).
The principal factors determining the base salary amount are the responsibilities, experience, skills, and competencies, as well as the hierarchical level and country of employment of the employee concerned. Base salaries are defined as annual amounts which are paid regularly.
The STI plan constitutes a short-term variable compensation element that recognizes for a given fiscal year both the company’s performance (at payout) and the employee’s individual contributions (through individual target setting).
The objective of the STI is to strengthen the focus on and reward eligible employees for their contribution towards the SIX group performance, as well as to promote collaboration through knowledge sharing and ideas beyond organizational boundaries.
In principle, all employees employed by SIX are eligible to participate in the STI plan, irrespective of their function and their hierarchical level, except the following categories of employees:
Some of the employees holding sales roles receive a sales bonus and/or commission that are set out in separate plan documents. The sales and commission plans regulate the payout cycles and the details such as target amount and payout ratios in relation to sales transactions and goals.
The purpose of the LTI plan is to allow selected senior employees to participate in the longer-term company's success.
In the SIX Group policy framework, BME includes social benefits for all its employees as part of their remuneration package some of these social benefits are considered payment in kind for tax purposes. Its regulation and scope are regulated in the collective agreement.
To avoid potential conflicts of interest, the variable compensation for employees in a control function (such as Audit, Risk, Exchange Regulation, etc.) is limited in terms of their total target cash compensation (i.e. base salary and target STI). Potential nomination to the LTI participation is at the full discretion of the NCC, as part of the same process as for other employees.
To ensure that competent and experienced professionals can be attracted to work with SIX and retained, the total cash compensation of these functions shall be set at sufficient levels.