4:110 According to Article 39(9) IFD, the EBA must issue guidelines on sound remuneration policies which comply with the principles set out in Articles 30 to 33 IFD. The latest version of these guidelines was published on 22 November 2021. This manual transposes EBA/GL/2021/13 into Belgian law.

4:111 These guidelines will assist the NBB in its monitoring of firms’ remuneration policies and practices.^[1] They complete and clarify the regulatory framework to be complied with by stockbroking firms.

4:112 New aspects of EBA/GL/2021/13 include transparency to stakeholders, proportionality, the need for a gender-neutral remuneration policy and monitoring of the gender pay gap.

^{[1] The entry into force of the CAC had very limited impact on the remuneration rules. Listed institutions must now ensure that their remuneration policies comply with Article 7:92, fourth paragraph, last sentence of the CAC, which stipulates that no variable remuneration may be awarded to an independent director.  In addition, the CAC provides for the possibility for the general meeting to grant a notice period and severance pay to directors, as the principle that directors may be removed “at will” is no longer mandatory.}