IMC ANNUALREPORT 2020 - Flipbook - Page 18
06 REMUNERATION REPORT
IMC ANNUAL REPORT 2020
REMUNERATION REPORT
IMC REWARDS ITS employees
through a fixed and variable
remuneration package in accordance
with industry standards.
The leading principle is a
discretionary profit-sharing
variable remuneration that
reflects and rewards the financial
and non-financial contributions
of employees to the firm’s
performance. The principles for
variable remuneration are described
in IMC’s Global Remuneration
Policy. This policy reflects the
relevant rules and regulations
on sound remuneration policies.
Offices of IMC located outside the
Netherlands may further specify the
principles of the Global Remuneration
Policy in their local employment
contracts or internal policies. These
local specifications will do justice to
and respect the local state of affairs
and will be leading in relation to the
local situation.
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The principles of IMC’s Global
Remuneration Policy reflect the size,
nature and risk profile of the firm.
IMC’s business scope is limited to
trading activities for its own account
and risk. IMC has no clients and
holds no client money or deposits.
Moreover, its trading horizon
is short, with limited overnight
positions, while potential risks reveal
before the end of a calendar year,
prior to the determination and
award of variable remuneration.
It is IMC’s view that, with these
principles, it has implemented a
robust and effective remuneration
framework to encourage employees
to act responsibly, and which allows
IMC to respond to significant
changes in circumstances. The IMC
Global Remuneration Policy was
determined by the Management
Board of IMC B.V., approved by its
Supervisory Board and shared with
DNB and the AFM.
Over the calendar year 2020, IMC
paid total variable remuneration of
€125,395,586 (2019: € 110,707,427)
to its employees. 25 employees
within IMC were eligible for total
(fixed and variable) remuneration
exceeding €1 million (2019: 25).
Variable remuneration paid in
2020 was awarded in 2018 and
2019. As from 2019, selected senior
managers of the Group invest a
fixed percentage (25%) of their
variable remuneration in depositary
receipts for shares of IMC B.V. These
depository receipts will be valued at
fair value by means of a net income
multiple approach using a fixed
multiplier, and have a minimum lockup period of three years.
Key principles of IMC’s Global
Remuneration Policy:
• Applicable to all employees within
the IMC Group of companies.
• Variable remuneration is
of a discretionary nature.
• Calculation of variable
remuneration is based on
IMC’s global financial results
on the one hand, and on the
other hand the performance of
individual employees reviewed
by management according to
previously determined, clear and
assessable criteria (including
integrity, adherence to risk
management and compliance
related policies, and compliance
with applicable rules and
regulations).
IMC has implemented
a robust and effective
remuneration framework
to encourage employees
to act responsibly, and
which allows IMC to
respond to significant
changes in circumstances.
in the event that the IMC Group is
not profitable.
• Variable remuneration is awarded
on a provisional basis. IMC has the
right to hold back, defer, reduce or
claw back all or part of the variable
remuneration under certain
circumstances.
• In principle, there is no guaranteed
variable remuneration. An
exception can be made for
guaranteed variable remuneration
over the first year of employment.
• Payment is deferred in two equal
annual installments (above a
certain threshold). Prior to the
payment of the second installment,
IMC will reassess payment
conditions on the basis of the
financial situation of the company
and individual entitlement of the
employee to the deferred payment.
• It is based on the principle
of profit sharing: no variable
remuneration is awarded or paid
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