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ING Direct unveils APS-modified remuneration schemes

10 July 2014 4:27PM
ING Bank (Australia), trading as ING DIRECT Australia, has uploaded a set of remuneration disclosures modified to meet the public disclosure requirements of Australian Prudential Regulatory Authority's prudential standard APS 330.In 2013, the Committee reviewed minor wording changes to the Remuneration Sub-Policy for Identified Staff. These changes were made to reinforce APRA CPS510 requirements.This latest report, to 31 December 2013, applies to senior managers and "material risk takers" employed by Authorised Deposit-taking Institutions. ING Direct explained that "senior managers" in this context include the CEO, the executive committee and "Responsible Persons". There are currently 15 employees within this group.The bank's documents disclose that Senior Manager remuneration for year ended 31 December 2013 at ING Direct looked like this:  Cash-based (not deferred) $3,842,535; variable cash-based remuneration (not deferred) $678,833;  Deferred cash $385,849; Upfront shares (not deferred) 489,397; deferred  shares 385,849;  Performance shares (deferred) 85,000.

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