POC "Doverie" Български
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05/02/2015
"PensionsEurope deeply concerned with developments in Bulgaria"
Pressrelease of the organization PensionsEurope
26/01/2015
Declaration by the International Federation of Pension Fund Administrators (FIAP)
05/03/2015
"Doverie above all"
Daniela Petkova for the "Forbes" magazine
02/02/2013
Solidarity pension systems will not disappear, but will undergo serious reforms
Interview with Daniela Petkova, Chair of the Management Board of PAC Doverie, published in Capital Weekly
Press release Vienna Insurance Group
Unit values data for the day on the new site of PAC Doverie on https://www.poc-doverie.bg/bg
Remuneration Policy in Pension Insurance Company Doverie AD
 

Section I. Main principles

Art. 1. (1) This Remuneration Policy in Pension Insurance Company Doverie AD (hereinafter referred to as the "Policy") sets out the following basic principles of formation and payment of the remunerations by PAC Doverie AD.

  1. Promotion of the prudent and effective risk management and the avoiding of stimulation of risk-taking exceeding the acceptable level in the main activity of the company - management of supplementary pension insurance funds;
  2. Accordance with the business strategy of the Company as well as with the objectives, the values and the long-term interests in the management of the Universal Pension Fund Doverie, Professional Pension Fund Doverie and Voluntary Pension Fund Doverie;
  3. Avoidance of conflict of interest;
  4. Compliance with the good practices for protection of the interests of the insured persons in UPF Doverie, PPF Doverie and VPF Doverie;
  5. Disclosure to third parties of information on the Policy and of any subsequent amendment in it, in a clear and accessible manner, avoiding the disclosure of information that is legally protected.

(2) The Policy ensures that the fixed remuneration of each person under Art. 2, Item 3-7 represents a sufficiently high proportion of his/her total remuneration, so that it allows the implementation of flexible policy on the variable remuneration, incl. the possibility not to be paid.

Section II. Scope of the Policy

Art. 2. The Policy covers all the forms of remunerations, such as salaries and other financial and / or material incentives, including benefits related to a voluntary pension and / or health insurance for the following persons:

  1. Мembers of the Supervisory Board of the Company;
  2. Non-executive members of the Managing Board of the Company;
  3. Executive members of the Managing Board of the Company;
  4. Senior management positions, including:
    1. Chief Financial Officer;
    2. Financial Director;
    3. Director of the Marketing Directorate;
    4. Director of Information Technology Directorate;
    5. Head of the Legal Department;
  5. Employees whose activity is associated with a risk-taking, including:
    1. Members of the Investment Committee of the Company;
    2. Senior Financial Analyst;
    3. Risk Management Expert;
  6. Appointed Actuary;
  7. Head and staff of the specialized service "Internal Control".

Section III. Fixed and variable remuneration

Art. 3. (1) The objective of the fixed remuneration paid by PAC Doverie is to reward the employees for their work, skills and competencies necessary for the achievement of the expected results as well as for their individual contribution to the development of the Company and the managed by it supplementary pension insurance funds.

(2) The fixed remuneration of the persons under Art. 2, items 1-3 includes the basic salary, determined in their management agreements.

(3) The fixed remuneration of the persons under Art. 2, items 4-7 includes the basic salary and the additional compensation for length of service and professional background, determined in accordance with the current legislation and the internal Rules for the salary of PAC Doverie AD.

Art. 4 . In order to prevent a conflict of interest the members of the Supervisory Board and the non-executive members of the Managing Board of the Company receive only a fixed remuneration.

Art. 5 . (1) To the persons under Art . 2, items 3-7 can be paid a variable remuneration. The variable remuneration is a component of the total remuneration of these persons and may be in the form of premiums, bonuses, benefits related to the retirement and other material incentives except shares and options that the Company provides based on the mentioned below evaluation criteria.

(2) The persons under Art. 2, item 3 can receive:

1. Constant and variable remuneration, under conditions and in amount specified in their individual management contracts with the Company;

2. Lump sum and periodic variable remunerations set by the Supervisory Board.

(3) The persons under Art. 2, items 4-7 can receive only lump sum and periodic variable remunerations.

(4) The decisions on a payment of the remunerations under par. 3 and their amount are determined by the executive members of the Managing Board.

Art. 6. (1) The variable remuneration is linked to the results of the activity through a combination of:

1. assessment of the work of the person;

2. assessment of the work of the relevant structural unit and

3. assessment of the work of the Company and the funds managed by it as a whole.

(2) The variable remuneration of the persons under Art. 2, item 6 and 7 depends on the degree of achievement of the objectives linked to their functions and contribution and does not depend on the results of the Company or of the structural units of PAC Doverie controlled by them.

(3) The assessment of the work of the persons is spread over several years, so that the evaluation process is based on long-term performance of the business and the payment of variable remunerations is spread over a period which takes into account the economic cycle and the risks assumed by the Company and the managed funds.

(4) The assessment of the activity results used in the formation of the variable remunerations and their distribution must take into account all current and future risks, the cost of the capital and the adequate liquidity.

(5) The criteria for assessment of the persons under Art. 2, Item 3-7 include financial and non-financial measures in accordance with their position and are determined by the relevant competent authority of the Company under Art. 5, par. 2 or 4 which define the procedure and the way of assessment of the persons under Art. 2, items 3-7.

Art. 7. (1) The variable remuneration is formed in a manner that encourages the prudent risk management and does not encourage the excessive intake of such risks, which is provided by:

  1. The determination of the optimal ratio between the fixed and the variable remuneration;
  2. The fixed remuneration is a significantly greater proportion of the total remuneration in order to ensure the implementation of a flexible policy on the variable remuneration, including the possibility of not paying it when the criteria and the indicators for its determination are not met or when there is a significant deterioration in the financial condition of the Company and the managed supplementary pension insurance funds, particularly in cases when the expected result of this deterioration could be a cessation of activities;
  3. The amount of the variable remuneration takes into account all the risks assumed to achieve the reported result;

Art. 8. (1) If within a period of one year to a person under Art. 2, items 3-7 is paid a variable remuneration that exceeds one third of his/her gross annual salary, not less than 40% of the variable remuneration is deferred for a period of three years, depending on the economic cycle, the subject of activity of PAC Doverie and the attendant risks, as well as on the position of the person under Art. 2, items 3-7.

(2) The amount of the variable remuneration that will be deferred, the period and the method of rescheduling (through a proportional or a progressive increase), the criteria for assessment of the future results that the deferred portion is related to, the conditions under which the amount of the remuneration may be corrected and all the other issues associated with the amount of the variable remuneration, its deferral and eventual return are determined by the competent authority of the Company under Art. 5, par. 2 or 4.

Art. 9. For each category of persons under Art.2, items3-7 is defined a ratio between the fixed and the variable remuneration and a maximum upper limit of the variable remuneration as follows:

  1. for the persons under Art. 2, item 3 the ratio is two thirds fixed remuneration to one third variable remuneration, which is also the maximum upper limit of the variable remuneration;
  2. for the persons under Art., 2 item 4-7 the ratio is two thirds fixed remuneration to one third variable remuneration, which is also the maximum upper limit of the variable remuneration.

Art. 10. When it is found that the variable remuneration is paid on the grounds of data that later are proved as false or misleading, the persons under Art. 2, items 3-7 are required to repay all of the amount or a part of it, including in their contracts provisions that guarantee the return of the variable remuneration.

Art. 11. In cases when the Company pays compensations related to an early termination of a contract, the amount of the compensation should reflect the results achieved over time by the relevant persons and should be set so that it does not reward a failure.

Section IV. Development, approval and control over the Policy implementation.

Art. 12. This policy is developed by the Managing Board of the Company in collaboration with the specialized service "Internal Control". If necessary, can be used experts in the field of the human resources, who are functionally independent and have appropriate qualifications, in order to be ensured an unbiased evaluation of the appropriateness of the Policy, including the consequences for the risk and the risk management.

Art. 13. (1) The Policy and its amendments shall be adopted by the Supervisory Board, which is responsible for its implementation and periodic review.

(2) The implementation of this Policy is subject to an essential and independent internal review at least once a year by the specialized office "Internal Control" of PAC Doverie AD.

(3) The compliance with the Policy in respect of the persons under Art. 2, items 6 and 7 is directly observed by the Supervisory Board of the PAC Doverie AD.

Section V. Disclosure of the Policy and notification of the persons to whom it applies.

Art. 14. PAC Doverie AD informs the persons under Art. 2 about the implementation of this Policy at the conclusion of their contracts.

Art. 15. (1) PAC Doverie AD discloses information on the Policy and on each subsequent amendment to it in a clear and accessible manner, not disclosing the information that is legally protected.

(2) By the publication on the website of the Company shall be disclosed the information referred to in Art. 9, par. 3 of Ordinance № 48 of 20.03.2013 of the Commission for Financial Supervision.

Section VI. Final provisions

Art. 16. This Policy was adopted by decision of the Supervisory Board of PAC Doverie AD stated in Minutes № 87 of 24.09.2013, in accordance with the requirements of Ordinance № 48 of 20.03.2013 of the Commission for Financial Supervision.

 


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