50 APPENDIX 1 Codemonétaire et financier (Monetary and financial code) Article L511-71 Version in force since 29 December 2020 Legislative part (Articles L111-1 to L736-7) Book V: Service providers (Articles L500-1 to L574-6) Title 1: Banking services providers (Articles L511-1 to L519-10) Chapter 1: General provisions (Articles L511-1 to L511-105) Section 8: Governing body of credit institutions and finance companies (Articles L511-51 to L511-103) Sub-section 3: Remuneration policy and practices (Articles L511-71 to L511-88) Article L511-71 Version in force since 29 December 2020 The overall remuneration policy, including salaries and discretionary pension benefits as defined in Article 4(1) 73 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, of credit institutions and finance companies shall apply to those categories of staff whose professional activities have a significant impact on the risk profile of the undertaking or group. This policy shall be consistent with the economic strategy, objectives, values and long-term interests of the credit institution or finance company. It includes measures to avoid conflicts of interest. It is designed to promote sound and effective risk management. It does not encourage risk-taking in excess of the level of risk defined by the credit institution or finance company. Remuneration policy and practice is based on the principle of equal pay formale and femaleworkers for the same work or work of equal value. The categories of staff whose professional activities have a significant impact on the risk profile of the institution, as referred to in the first paragraph, shall include at least: 1° All members of the board of directors, the supervisory board or any other body exercising equivalent functions as well as the persons mentioned in Article L. 511-13; 2° Members of staff who are responsible for directing the supervisory functions of the institution or significant business units and who report directly to the board of directors, the supervisory board or any other body exercising equivalent supervisory functions or to any person mentioned in 1; 3° Members of staff who were entitled to significant remuneration during the previous financial year, if the following two conditions are met: a) This remuneration is greater than or equal to five hundred thousand euros and is greater than or equal to the average remuneration granted to members of the board of directors, the supervisory board or any other body exercising equivalent functions as well as to the persons mentioned in Article L. 511-13 of the credit institution or finance company mentioned in 1; (b) They carry out their professional activities in a significant business unit and these activities are likely to have a significant impact on the risk profile of the business unit in question.
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