Clarification regarding the reference year for the purpose of the remuneration data to be collected by competent authorities

Article 75(1) of Directive 2013/36/EU (CRD) requires that competent authorities shall collect the information disclosed in accordance with the criteria for disclosure established in points (g), (h) and (i) of Article 450(1) of Regulation (EU) No 575/2013 (CRR) and shall use it to benchmark remuneration trends and practices. The competent authorities shall provide EBA with that information. Article 450 of the CRR concerns the disclosure requirements regarding the remuneration policy and practices. Article 450(1)(h)(i) of the  CRR requires the disclosure of the amounts of remuneration for the financial year, split into fixed and variable remuneration, and the number of beneficiaries. Paragraph 5.1 of the EBA/GL/2014/08 specifies that data reported should comprise fixed and variable remuneration awarded for performance during the performance year preceding the year of submission of the information. Therefore according to the paragraph 5.1 of the guidelines in line with Article 75(1) of the CRD and Article 450 of the CRR, the data submitted should comprise fixed remuneration awarded for and usually paid in the performance year preceding the year of submission of the information and variable remuneration for this preceding performance year which is usually awarded in the year of submission of the data: e.g., in the year 2015, for reporting entities with a December year-end, the fixed remuneration for 2014 and the variable remuneration related to performance in 2014, which is awarded in 2015, are to be submitted. The fixed remuneration should include the fixed remuneration paid in cash and any other monetary and non-monetary benefit that is considered to be fixed remuneration in line with the EBA guidelines. Such other benefits, including non-monetary benefits, should be reported as part of the cash component, except for the  other benefits awarded in instruments (shares, equivalent ownership rights or share link and equivalent instruments or instruments under the Commission Delegated Regulation (EU) No 527/2014 - RTS on instruments) which are  reported accordingly. The variable remuneration should include the variable remuneration awarded in cash, instruments and any other monetary and non-monetary benefit that are considered to be variable remuneration in line with the EBA guidelines on sound remuneration policies (EBA/GL/2015/22). Such other benefits, including non-monetary benefits, should be reported as part of the cash component, except for the other benefits awarded in instruments (shares, equivalent ownership rights or share link and equivalent instruments or instruments under the RTS on instruments) which are reported accordingly. The total variable remuneration reported should include the total amount of guaranteed variable remuneration, severance payments, discretionary pension benefits and the total amount for the full accrual period of variable remuneration awarded for multi- year periods under programmes which are not revolved annually. All these specific remuneration components are reported also with the amount included in the total variable remuneration within the additional information on variable remuneration. The same applies for the disclosure requirements. Where the financial year is not the calendar year the same principle applies.