Regulatory Alerts2013-03-20
Ordinance No. 48 of 20.03.2013 on Requirements for Remuneration
The Financial Supervision Commission issued Ordinance No. 48 to establish principles and requirements for remuneration policies in insurance, reinsurance, supplementary social security, collective investment management companies, and public companies. The regulation mandates that remuneration structures promote sound risk management, align with long-term interests, and include mechanisms for deferral, clawback, and conflict of interest avoidance. It further requires transparent disclosure, periodic review, and shareholder approval of remuneration policies, particularly for members of supervisory and management bodies.
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