Application of disclosure provisions regarding remuneration data against the background of the data protection law

Article 450(1)(i) of the CRR merely requires disclosing the number of individuals being remunerated above specified levels. That number is broken down into pay bands. Conversely, the provision does not per se require disclosing the identity of individual persons receiving certain remuneration or pertaining to a certain pay band. Only in exceptional circumstances it may be possible to identify an individual "high earner" from the number of individuals being remunerated over specified levels. In such a case the disclosure of information required by Article 450(1)(i) of the CRR amounts to the disclosure of personal data within the meaning of Article 8 of the Charter of Fundamental Rights of the European Union and of Article 2(a) of Directive 95/46/EC on protection of individuals with regard to the processing of personal data and on the free movement of such data. Regarding the latter instrument, it should be stated from the outset that the fact that pursuant to Article 450(2) CRR institutions must comply with the requirements of Article 450 "without prejudice to Directive 95/46/EC" does not mean that the disclosure of information required under Article 450(1)(i) of the CRR is precluded where it amounts to the processing of personal data. As regards Article 8 of the Charter of Fundamental Rights of the European Union, it is recalled that under Article 52(1) of the Charter the interference with a fundamental right is only lawful if: it is provided for by law;  it respects the essence of the fundamental right at stake; the interference must pursue an objective of general interest recognised by the Union or the need to protect the rights and freedoms of others; and in line with principle of proportionality, any such interference must be appropriate in light of objectives pursued  and not go beyond what is necessary. In the present context the following elements should be considered: the disclosure requirement in question is laid down in a directly applicable provision of Union law; the disclosure requirements are easily foreseeable for the staff members concerned; as results from Recital 97 of the CRR, the disclosure requirement of Article 450(1)(i) serves the legitimate objective of general interest of contributing to sound remuneration policies, which are in turn important for the soundness and stability of financial institutions. Poorly designed remuneration policies have the capacity to increase to an unacceptable extent the risks for financial institutions. Furthermore, high earners have normally an important role to play in directing the business and in the long term performance of the same institutions. Therefore, transparency on their pay brackets allows stakeholders and citizens alike to regain trust in the financial institutions; Under Article 450(1)(i) of the CRR, the information to be disclosed is strictly limited to pay bands, without further details such as the precise amount of the remunerations or its different components. Therefore, to the extent that exceptionally the disclosure of information required under Article 450(1)(i) CRR amounts to the disclosure of "personal data" such interference with the fundamental right protected by Article 8 of the Charter of Fundamental Rights of the European Union is lawful. Disclaimer: This question goes beyond matters of consistent and effective application of the regulatory framework. A Directorate General of the Commission (DG Justice and Consumers) has prepared the answer, albeit only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. This is an unofficial opinion of that Directorate General, which the European Banking Authority publishes on its behalf. The answers are not binding on the European Commission as an institution. You should be aware that the European Commission could adopt a position different from the one expressed in such Q&As, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.