ourexpertise - Crédit Agricole CIB

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1PRESENTATION OF CRÉDIT AGRICOLE CIBCompensation PolicyThe Group strives to offer competitive compensation packagesand incentives to motivate its staff, while taking into account thespecifi c characteristics of its business lines, legal entities and locallaws.The compensation policy is designed to reward both individualand team performance, in keeping with the values of fairness,humanism and merit on which the Group has built its success.Skills and responsibility level are rewarded by basic salary in linewith each business’s specifi c conditions and local market, with aview to offering competitive and attractive compensation in eachof the markets in which the Group operates.Within Crédit Agricole CIB, variable compensation plans tied toindividual and collective performance are applied on the basis ofperformance targets and the entity’s results.Bases for variable compensation are set taking into account activities’risk profi le and all costs including the costs of risk, liquidityand cost of capital. Variable compensation is thus based on thedetermination of budgets by activity and its individual distributionto employees is decided by the managerial line depending on anoverall assessment of individual and collective performances thatis consistent with the fi nancial and non-fi nancial objectives thathave been defi ned individually and collectively.• Incorporation of the European CapitalRequirements Directive III (CRD III)The mechanisms for the attribution and acquisition of variablecompensation by risk-taking employees, control functions andmembers of executive bodies comply with the provisions ofCRBF regulation 97-02 as amended by the decree of 13 December2010 which transposes into French law the European CapitalRequirements Directive III (CRD III).This directive refl ects the recommendations of the Financial StabilityCouncil adopted by the G20 member governments at thePittsburgh summit meeting in September 2009 and the commitmentsmade by the banking profession during the 25 August2009 meeting with the French president, which included the activeparticipation of Crédit Agricole S.A. representatives.The variable compensation of these employees is partly deferredfor several years and is not fully vested until performance conditionshave been met. At least 50% of this variable compensationis paid in Crédit Agricole S.A. shares or equivalent instruments.Crédit Agricole CIB has extended this deferral mechanism to employeesnot covered by the above-mentioned provisions of CRBFregulation 97-02 in order to ensure cohesiveness and alignmentwith the company’s overall performance.Note that the terms of the conditional deferred variable compensationprogramme put into place in 2010 in compliance with theprofessional standards of 5 November 2009 remain unchanged.Crédit Agricole Corporate and Investment Bank’s Loyalty programmehas not been renewed since 2010. The balance of thebonuses granted in 2008 and 2009 and whose initial paymentwas planned for 2011 and 2012 will be paid in full to benefi ciariesin 2011.The quantitative and qualitative information for the staff referred toby regulation 97-02 will be detailed in a dedicated report in accordancewith article 43.2 of this regulation, and published before the2011 Shareholders’ Meeting called to approve the 2010 fi nancialstatements.• Compensation policy governanceCrédit Agricole CIB’s Compensation Committee ensures theapplication within its activities of the principles defi ned by CréditAgricole S.A.’s Compensation Committee:Like the compensation policy governance structure establishedat the level of Crédit Agricole S.A., Crédit Agricole CIB’s CompensationCommittee is therefore responsible for the following tasks:• It establishes the proposals submitted to the decision of theBoard of Directors relative to compensation policy within theframework of the principles laid down by Crédit Agricole S.A.More specifi cally in determining variable compensation packages(amounts, allocation) it makes certain that the impact ofrisks and capital requirements inherent in the activities concernedis taken into account.• It ensures compliance with regulatory rules and professionalstandards and in particular those concerning employees subjectto regulation 97.02.• In addition to the compensation of corporate offi cers, it examinesindividual situations with respect to employees’ variablecompensation for the highest amounts (€1 million or more).• Compensation of senior executivesFollowing a review in 2009, at its meeting of 9 December 2009,the Board of Directors of CA S.A. adopted a new compensationpolicy for the Group’s senior executives.The policy aims to reconcile the demands of an increasingly competitivemarket with the expectations of shareholders, employeesand customers, and to be consistent with the Group’s statureas a leading operator in the banking sector both nationally andinternationally.Direct compensation of Group executives consists of a fi xed salaryand variable compensation in the form of an annual bonus,half of which is based on fi nancial targets, and the other half onnon-fi nancial criteria (managerial, customer satisfaction and socialvalue creation targets).24SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010
PRESENTATION OF CRÉDIT AGRICOLE CIB 1• Individual salaries in FranceAverage base monthly salaries for active permanent employees at end of December in Francein €2010 2009Men Women Total Men Women TotalManagerial 6,274 4,660 5,618 6,071 4,509 5,429Non-managerial 2,729 2,708 2,714 2,662 2,610 2,625Total 5,923 4,115 5,088 5,706 3,936 4,872% of business scope in France 93% 96%Annual fixed remuneration at end-December 2010 for employees in FranceoverMen, managerialMen, non-managerialWomen, managerialWomen, non-managerialinferior to% of business scope in France: 93%The wages presented here are the result of weighted averages takinginto account staff structures in 2009 and 2010. They includeboth joiners and leavers and annual salary reviews.32% of employees in France received a collective pay rise.Note that in France in 2010 1,916 employees benefi ted from individualpay rises.• Collective variable compensation policies: incentive plan and profi t-sharing• Amendments to the Crédit Agricole CIB profi t-sharing agreementupdating the provisions of the profi t-sharing agreementof 30 June 2004 pursuant to the entry into effect of law no.2008-1258 of 3 December 2008 in favour of work income andof decree no. 2009-350 of 30 March 2009 relative to methodsof informing benefi ciaries• Incentive plan agreement for 2010, 2011 and 2012.Collective variable compensation paid in France in respect of the previous year’s resultsGrossamount paid(in ‘000 €)2010 2009NumberofbeneficiariesAverageamount(in €)Grossamount paid(in ‘000 €)NumberofbeneficiariesAverageamount(in €)Profi t-sharingIncentive plan 2,443 4,720 518Employee savings plan top-up 4,151 2,867 1,448 4,822 3,897 1,237Total 4,151 7,265% of business scope in France 93% 96%SHELF-REGISTRATION DOCUMENT CRÉDIT AGRICOLE CIB 2010 25
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