saxo-bank-annual-report-2015

NOTES – SAXO BANK A/S
Note (DKK 1,000) 2015 2014
8 Staff costs and administrative expenses
Staff costs (687,336) (661,135)
Administrative expenses (839,805) (662,474)
Total staff costs and adminstratives expenses (1,527,141) (1,323,609)
Staff costs
Salaries (681,331) (672,252)
Share-based payment (7,483) (13,028)
Defined contribution plans (52,992) (54,241)
Social security expenses and financial services employer tax (76,752) (73,725)
Staff cost transferred to software under development 131,222 152,111
Total staff costs (687,336) (661,135)
Average number of employees (converted into full-time equivalents) 647 687
Remuneration to Board of Directors and the Board of Management is disclosed in note 9 Staff costs and administrative expenses in the
consolidated financial statements.
Share-based payments are described in note 11 Share-based payments in the consolidated financial statements.
Disclosures on remuneration in according to article 450 in Regulation (EU) No 575/2013 of the European Parliament and of the Council
of 26 June 2013 (CRR) are included in the Group’s Remuneration Report 2014 available at www.saxobank.com/investor-relations. The
disclosures are not covered by the statutory audit.
Significant risk takers
Total remuneration to significant risk takers included in Staff costs amounts to DKK 61.9 million (2014: DKK 70.7 million). Saxo Bank
A/S has 23 employees (2014: 26) with significant influence on the Bank’s risk profile. Employees, who are board member in several
subsidiaries, are included once. Remuneration to the 23 significant risk takers (2014: 26) consist of fixed remuneration DKK 53.3 million
(2014: DKK 68.3 million) and variable remuneration DKK 8.6 million (2014: DKK 2.4 million). Saxo Bank A/S has no pension obligations
towards significant risk takers as their pension schemes are defined contribution plans. Variable remuneration is determined according
to the Bank’s remuneration policy and is based on the performance of the individual person. Risk takers in controlling functions do not
receive variable remuneration. Some of the significant risk takers participate in the warrant programme described in note 11 Sharebased
payments.
Disclosures according to the Danish executive order on remuneration policy and disclosure requirements on remuneration for financial
undertakings and financial groups are available at the Group’s website www.saxobank.com\investor-relations. The disclosures are not
covered by the statutory audit.
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