A well-functioning, competitive remuneration culture is an important element of stability and sound risk taking in the bank and to attract employees with the right skills.
Remuneration at Swedbank should be designed to attract employees with the competence needed to achieve the bank’s purpose within established cost limits. Our view is that remuneration should be individually based as far as possible to inspire employees to live up to Swedbank’s goals, strategy and vision. Remuneration should also encourage them to live our values.
In 2011 Swedbank introduced a new harmonised structure for variable pay in the form of a general programme and an individual programme. The general programme, Eken, comprises most of Swedbank employees while the individual programme is limited to some specialists and managers. Eken, offers a long-term performance incentive and harmonises the interests of the employees with those of shareholders by making all employees shareholders as well.
Swedbank’s remuneration programme is in line with Swedish Financial Supervisory Authority (Finansinspektionen) new remuneration regulations FFFS 2011:1 and amendment FFFS 2014:22.