5.1 Disclosure Requirements
Effective from Jan 05 2023 - May 31 2023
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| 54. | Banks shall disclose in the Bank’s Annual Financial Statements the aggregate quantitative information on remuneration paid to various categories of employees and their number with breakup of fixed and variable components and the forms of payment. The categorization of employees includes at a minimum senior management, employees engaged in control functions and outsourced employees. | |
| 55. | Banks shall disclose in its Annual Financial Statements the salient features of its Remuneration Policy and its implications on the bank’s risk profile as well as the composition and the mandate of the Nomination and Remuneration Committee. Such disclosure should also provide information on the overall design of remuneration system and the manner of its implementation, description of the manner of risk adjustment, linkage of remuneration with actual performance, deferral policy and vesting criteria, parameters for allocating cash versus other forms of remuneration, and achievement of the stated policy objectives. | |