As at the 2016 yearend, the reserve for the 2016 bonus payment for the Management Board Members was PLN 9.0 million.
Employment contracts provide for benefits for all Bank Management Board Members being sixfold of their monthly base remuneration calculated for the last six months prior to the employment contract termination, if their term of office expires and they are not appointed for the next term of office or they are dismissed.
The above does not apply should the employment relationship be terminated under Article 52 of the Polish Labour Code or if the employment contract is terminated following Management Board Member resignation or if a Management Board Member or the entire Management Board of the Bank has been suspended by the Polish Financial Supervision Authority under the Polish Banking Law.
Furthermore, Bank Management Board Members conclude non-competition agreements with the Bank to govern the rights and obligations of the parties to the agreement as regards competitive activities during and after the expiry of the employment contract, during 12 months from the employment contract termination date with the option of payout of the non-competition compensation being twelvefold of the gross base remuneration received by the Management Board Member during the term of the agreement.
Should the Management Board Member be recalled for the reasons substantiating termination of the employment relationship without termination notice (pursuant to Article 52 of the Labour Code) or should the Management Board Member or the entire Bank Management Board have been suspended by the Polish Financial Supervision Authority pursuant to the provisions of the Banking Law Act, the non-competition compensation equals 25% of the 12-month gross base salary for the last year preceding the termination of the employment contract.
In the event of employment relationship termination due to the resignation of the Management Board Member, the amount of the non-competition compensation is 50% of the 12-month gross base salary for the last year preceding the termination of the employment contract, with the proviso that the Supervisory Body authorises the Chairperson to increase the said compensation over that amount.
The Bank Management Board Members and other individuals employed by ING Bank Śląski S.A. receive neither compensation nor awards for holding functions in the governing bodies of subsidiaries or affiliates of the ING Bank Śląski S.A. Group.