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Erschienen in:
Aims and Approach to Examining the Governance of Banks in the Global Financial Crisis and Beyond to the Australian Banking Royal Commission Inquiry into Banking Misconduct in Stage 2 Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

13. FSB Principles for Sound Compensation Practices (FSBP) and FSB Implementation Standards (FSBIS)

verfasst von : Francesco de Zwart

Erschienen in: The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Verlag: Springer Nature Singapore

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Abstract

Chapter 13 examines the FSB Principles for Sound Compensation Practices (FSBP) and the FSB Implementation Standards (FSBIS).
For the FSBP, FSB principles and standards 1–3 are for effective governance of compensation, FSB principles and standards 4–7 are for effective alignment of compensation with prudent risk-taking and FSB principles and standards 8–9 cover effective oversight and engagement by stakeholders.
Moving then to the FSBIS, FSBIS 1 and 2 relate to the Compensation/Remuneration Committee structure and governance while FSBIS 3 covers compensation and capital. FSBIS 4–14 set out governance variables for pay structure and risk alignment. The chapter concludes with FSBIS 15 which governs disclosure.

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Vorheriges Kapitel Government and Market Reform Report Recommendations for Compensation or Remiuneration
Nächstes Kapitel NAB Self-Assessment 2018 Recommendations and Commentary on Remuneration
Fußnoten
1
Financial Stability Board, FSB Principles for Sound Compensation Practices, 2 April 2009 accessed 28 February 2019, available at http://​www.​fsb.​org/​wp-content/​uploads/​r_​0904b.​pdf (‘FSBP’).
 
2
Financial Stability Board, FSB Principles for Sound Compensation Practices Implementation Standards, 25 September 2009, accessed 28 February 2019, available at http://​www.​fsb.​org/​wp-content/​uploads/​r_​090925c.​pdf (‘FSBIS’).
 
3
Financial Stability Board, Supplementary Guidance to the FSB Principles and Standards on Sound Compensation Practices, The use of compensation tools to address misconduct risk, 9 March 2018, accessed 28 February 2019, available at http://​www.​fsb.​org/​wp-content/​uploads/​P090318-1.​pdf (‘FSBSupp’).
 
4
FSBP, above n 1, p 1.
 
5
Ibid, Commentary on the Principles, p 5.
 
6
Francesco de Zwart, Enhancing Firm Sustainability Through Governance, The Relational Corporate Governance Approach, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, Corporations, Globalisation and the Law Series, July 2015, (‘Stage 1’).
For Stage 1, see also, Francesco de Zwart, “Enhancing firm sustainability through governance – Part 1: The challenge of corporate governance” (2018) 33(2) Aust Jnl of Corp Law 144 and Francesco de Zwart, “Enhancing firm sustainability through governance – Part 2: The framework of the relational corporate governance approach” (2019) 34(1) Aust Jnl of Corp Law 27.
 
7
FSBP, above n 1, Principle 1, p 2
 
8
Ibid.
 
9
Ibid.
 
10
Ibid.
 
11
Ibid, Principle 2, p 2.
 
12
Ibid.
 
13
Ibid.
 
14
Ibid, Commentary on the Principles, p 7.
 
15
Ibid.
 
16
Ibid, Commentary on the Principles, p 7.
 
17
Ibid, Principle 3, p 2.
 
18
Ibid.
 
19
Ibid, Commentary on the Principles, p 7.
 
20
Ibid.
 
21
Ibid.
 
22
Ibid.
 
23
Ibid.
 
24
Ibid.
 
25
Ibid.
 
26
Ibid.
 
27
Ibid, Principle 4, p 2.
 
28
Ibid.
 
29
Ibid.
 
30
Ibid.
 
31
Ibid.
 
32
Ibid.
 
33
Ibid, Commentary on Principles, p 8.
 
34
Ibid, Principle 5, p 3.
 
35
Ibid.
 
36
Ibid.
 
37
Ibid.
 
38
Ibid.
 
39
Ibid, Commentary on Principles, p 11.
 
40
Ibid, Principle 6, p 3.
 
41
Ibid.
 
42
Ibid.
 
43
Ibid.
 
44
Ibid.
 
45
Ibid, Commentary on Principles, p 12.
 
46
Ibid (footnote omitted).
 
47
Ibid, Principle 7, p 3.
 
48
Ibid.
 
49
Ibid, Commentary on Principles, p 8.
 
50
Ibid.
 
51
Ibid, p 11.
 
52
Ibid, Principle 8, p 3.
 
53
Ibid.
 
54
Ibid, Principle 9, p 3.
 
55
Ibid.
 
56
Ibid, Commentary on Principles, p 14.
 
57
Ibid.
 
58
Ibid.
 
59
Ibid.
 
60
Ibid.
 
61
Ibid.
 
62
Ibid, Principle 9, p 3.
 
63
Transparency and timing of Reporting – Monitoring Effect. See discussion in section 9.1.2.1 of Stage 1, above n 6, pp 262–263.
 
64
See discussion in section 2.6.5 of Stage 1, above n 6, pp 47–51.
 
65
See discussion in section 2.6.7 of Stage 1, above n 6, pp 51–58.
 
66
Board – Director Skills ‘Mix’ – see Figure 7.2 and discussion in section 7.3.1.2.1 of Stage 1, above n 6, pp 198–201.
 
67
Board Independent Director: Executive Director Proportion – Monitoring Effect – see discussion in sections 7.3.2.1.1–7.3.2.1.2 of Stage 1, above 6, pp 208–212.
 
68
See discussion in section 2.6.2 of Stage 1, above n 6, pp 41–43.
 
69
FSBP, above n 1, Commentary on Principles, p 14.
 
70
FSBIS, above n 2, Governance IS 1, p 2.
 
71
Ibid.
 
72
Ibid.
 
73
Ibid.
 
74
Ibid.
 
75
Ibid, Governance IS 2, p 2.
 
76
Ibid.
 
77
Ibid.
 
78
Ibid.
 
79
Ibid, Compensation and Capital IS 3, p 2.
 
80
Ibid.
 
81
Ibid, Pay Structure and Risk Alignment IS 4, p 3.
 
82
Ibid.
 
83
Ibid, Pay Structure and Risk Alignment IS 5, p 3.
 
84
Ibid.
 
85
Ibid, Pay Structure and Risk Alignment IS 5, p 3.
 
86
Ibid.
 
87
Ibid.
 
88
Ibid.
 
89
Ibid, Pay Structure and Risk Alignment IS 7, p 3.
 
90
Ibid.
 
91
Ibid, Pay Structure and Risk Alignment IS 8, p 3.
 
92
Ibid.
 
93
Ibid.
 
94
Ibid, Pay Structure and Risk Alignment IS 9, p 3.
 
95
Ibid.
 
96
Ibid.
 
97
Ibid, Pay Structure and Risk Alignment IS 10, p 4.
 
98
Ibid.
 
99
Ibid, Pay Structure and Risk Alignment IS 11, p 4.
 
100
Ibid.
 
101
Ibid, Pay Structure and Risk Alignment IS 12, p 4.
 
102
Ibid.
 
103
Ibid, Pay Structure and Risk Alignment IS 13, p 4.
 
104
Ibid.
 
105
Ibid, Pay Structure and Risk Alignment IS 14, p 4.
 
106
Ibid, Disclosure IS 15, pp 4–5.
 
107
Ibid.
 
108
Ibid.
 
109
Ibid.
 
110
Ibid, Supervisory Oversight IS 16–19, p 5.
 
Metadaten
Titel
FSB Principles for Sound Compensation Practices (FSBP) and FSB Implementation Standards (FSBIS)
verfasst von
Francesco de Zwart
Copyright-Jahr
2022
Verlag
Springer Nature Singapore
Buch
The Key Code and Advanced Handbook for the Governance and Supervision of Banks in Australia

Print ISBN: 978-981-16-1709-6

Electronic ISBN: 978-981-16-1710-2

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-981-16-1710-2_13