Regulatory Alerts2015-04-28 | CD-SIBOIF-887-2-ABR28-2015Added · Updated
Resolution Reforming Article 4 of the Standard on Bonus Payments in Financial Institutions
The Superintendence of Banks and Other Financial Institutions amended Article 4 of the Standard on Bonus Payments to require that bonus policies be applied at the individual and financial group level. The reform prohibits bonuses for board members, mandates board approval for worker bonuses, and requires payments only after audited financial statements are completed. It also establishes specific criteria for performance evaluation, risk adjustment, deferral, and the prohibition of guaranteed bonuses.
Topics
Share