Compensation policy
Bank Millennium sets its remuneration policy taking into account, in particular: best practices for developing remuneration systems, corporate governance requirements and the necessity to match the salary to the Group’s condition, scale of business and growth potential.
Regular salary and position reviews are conducted twice a year. Salary levels are reviewed taking into account the periodic assessment of performance and skills and are compared with salary information presented in salary studies on the financial markets.
The bonus systems and periodic evaluation criteria have been adapted to the specific nature of work performed by each employee. In addition to efficiency and quality criteria, the assessment consider the employee’s attitude to risk mitigation, in particular his/her reliable reporting of risks. An important part of this approach is a separate assessment for those in management positions, which encourages managers to pay special attention to the long-term welfare of the Bank and avoid excessive risk exposures.
Policy of variable remuneration components
Basic salary is the foundation of an employment contract; on average, it amounts to about 84% of the employee’s total salary. The bonus pool amount depends on overall results and on the general condition of the Bank. Bonuses are paid out monthly in the Bank’s sales network and other head office units involved in the customer service of retail clients or quarterly for employees of the Bank’s Head Office.