Annual report 2009 - Dexia.com

Human resourcesManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationTrainingDespite budget reductions associated with the impact of thefinancial crisis, Dexia continued to invest in the developmentof its managers and their members of staff, through obligatorytraining paths linked to career stages.In 2009, the principal objective of the Dexia Corporate Universitywas to assist the Group and its members of staff tomanage the change and the uncertainty associated with thecrisis, via specific actions launched within the Management& Leadership Faculty: introduction of new workshops andcourses dealing with change, uncertainty, burn-out and stress(Dealing with People Reactions, Communicating throughUncertainty, and so on) and the significant development ofindividual and team coaching.The Management and Leadership Faculty is the one whichwelcomed the largest number of participants in 2009 (morethan 51% of the total), up more than 17% on 2008.The year 2009 was also marked by the launch of a projectmanagement training path. This path is integrated into thefirst three levels of the Dexia Personal Training Path (Start,Grow and Lead). It also includes both technical training(“hard skills”) and management training (“soft skills”).Other technical training courses were introduced on an adhoc basis in order to respond to the needs of the Group’sbusiness lines: Advanced Corporate Valuation, the Art ofCredit Risk Modelling, and so on.Furthermore, in close collaboration with the Public andWholesale Banking business line, the Dexia Corporate Universityparticipated in the perfection and organisation of a rangeof training programmes intended for clients of the businessline in Belgium.The number of employees receiving training at the Dexia CorporateUniversity has been increasing constantly for severalyears and rose again by 11% in 2009.CompensationRecurrent projects continued in 2009. Indeed management ofthe exit from the 2004 share ownership plan enabled teamsto continue the work of informing members of staff of theterms linked to its maturity.Furthermore, the Dexia Group remuneration policy wasimpacted by new Belgian, French and even European regulations.The People Reward team took part in discussionswith the regulators and sector federations and prepared theappropriate amendments to Dexia policy to comply withthese issues.Regulatory aspects evolved strongly in 2009 and that trendis likely to continue throughout 2010 in order to continuealigning the sustainable development of the company and itsrisk profile with normal practices in terms of remuneration.Indeed, in accordance with the Circular from the Banking,Finance and Insurance Commission, in 2010 the Dexia Groupwill adopt a general remuneration policy following the guidelinesset by the G20 in Pittsburgh.The implementation of the transformation plan and thefocussing of Dexia on the main franchises resulted in themanagement of a large number of international movementsand necessitated the accompaniment of those movementsinternally by local Human Resources teams.Finally, questions of remuneration and the management ofaspects of remuneration associated with performance havebeen paid particular attention in order particularly to ensurethat such variable remuneration takes account on the onehand of the results of the entities concerned and of theGroup in its entirety and on the other hand of the performanceof members of staff.Social dialogueThe European Works Council (EWC) at Dexia is composedof 30 permanent members from 13 different entities of theGroup and from 4 countries. This social body is competentto discuss with management any major question of a transnationalnature.Considering the current situation and the information-consultationprocess of the transformation plan, the year wasparticularly busy and numerous meetings were organised(9 of the European Works Council, 15 of the EWC Board) toinform staff representatives and to answer their questions.The European Works Council gave its opinion on the Groupplan for transformation of the business lines and reorganisationof the support lines (Finance, Risks, Compliance, Legaland Tax, Human Resources, Communication and Brand,Operations and Information Systems, Audit).At a local level, social dialogue remained extremely activethroughout the year in the various entities of the Group.Social partners were involved in the local information-consultationprocesses of the transformation plan. Numerous localnegotiations took place on the implementation of measuresfor the reorientation or assistance of members of staff whoseposts were lost.This is illustrated by the number of meetings of Committeesand Works Councils more than doubling in the main entitiesin 2009: 35 of the Works Council of Dexia Crédit Localin France, 21 of the Works Council of Dexia Bank Belgium,15 of the Works Council of Dexia Insurance Belgium, 8 ofthe Mixed Works Council of Dexia Banque Internationale àLuxembourg. Numerous local negotiations also took place toimplement measures to reorient or to accompany membersof staff losing their jobs. The number of meetings with socialpartners was also significant in 2009: 24 for Dexia CréditLocal in France, some forty for Dexia Bank Belgium, 10 forDexia Insurance Belgium, 12 for Dexia Banque Internationaleà Luxembourg.52Dexia Annual report 2009